Dillard's, J.C. Penney, Macy's and Sears anchor the center, which has sales per sf of $300 and an overall occupancy of 93%. To increase sales, executives say, they will add one to two entertainment tenants, restaurants and additional specialty stores to the mall. "FMP management intends to invigorate shopper interest and sales at Northgate through targeted capital expenditures designed to increase mall traffic," said Larry Feldman, chairman and CEO of FMP, when the deal was first announced in May.
The acquisition brings FMP's portfolio to six regional malls totaling 6.2 million sf. Last month, the company bought the 963,000-sf Tallahassee (FL) Mall from Tallahassee Mall Partners for $61.4 million.
FMP's strategy is to acquire class B malls and convert them into class A properties. At its peak, FMP will own 10 to 12 properties at a time and have six to seven redevelopments under way simultaneously, company executives have predicted.
The firm is launching a redevelopment plan at Colonie Center in Albany, NY at a projected cost of $30 million. The effort includes upgrading the interiors and exteriors, improving signage and adding a multiplex. Feldman has said the company is currently negotiating with a number of big-box tenants.
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