Feldman Looks for JV Partner on Colonie Center

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GREAT NECK, NY-In order to complete what Feldman Mall Properties chairman and chief executive officer Larry Feldman calls a $45-million “revamping of the mall from end to end,” the locally based REIT is looking for a joint venture partner for its Colonie Center in Albany. Expecting to have one in place within the next 30 to 60 days, Feldman said he sees a “voracious appetite” from potential partners, adding that the REIT feels it would be too large of a capital commitment to take on by itself. Feldman said it would be a 75/25 partnership with Feldman holding the 25% stake.

Feldman, speaking during the company’s second-quarter results conference call, estimated a quarter of the funds will go toward capital improvements at the 1.2-million-sf mall, which it purchased earlier this year in an all-cash deal totaling $82.2 million. In the first phase of redevelopment, the REIT already has leases out for 100,000 sf. Regal Entertainment will house a 14-screen cinema, while an unnamed retailer will take 33,000 sf and an upscale restaurant chain will account for the rest.