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Feldman Plans Upgrades

GREAT NECK, NY-The REIT launches redevelopment plans at a number of recently acquired properties. The company signs an agreement with Century for a movie theater addition at Stratford Square Mall.

By Barbara Jarvie | Updated on May 15, 2005

For more retail coverage, click GlobeSt.com/RETAIL.

GREAT NECK, NY-Larry Feldman, chairman and CEO of Feldman Mall Properties, said during a conference call that the locally based public company intends to “be a profitable niche player in mall renovation. We’re not trying to be a mega-mall owner.” To that end, the company is planning some upgrades at some of its properties. “There is nothing on radar on acquisitions. We filled our target and the company will focus exclusively on redevelopment.”

The REIT’s recent purchases include Northgate Mall in Cincinnati for $110 million, Tallahassee (FL) Mall for $61.5 million and the Colonie Center in Albany for $82.2 million. Northgate and Tallahassee are expected to close after June 30. If all goes as planned, the company’s portfolio, including non-owned anchor tenants, will consist of six regional malls aggregating approximately 6.2 million sf.

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