GlobeSt.com UPDATE: Feldman Closes $110M Mall Deal

Ian Ritter is national online editor for GlobeSt.com/RETAIL.

COLERAIN TOWNSHIP, OH-Feldman Mall Properties has closed on its $110-million acquisition of the 1.1-million-sf Northgate Mall here from Owensboro, KY-based David Hocker & Associates. Great Neck, NY-based FMP financed the deal by assuming a $79.6-million mortgage loan and paying $30.4 million in cash.

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.