One property under redevelopment that Feldman is particularly hopeful about is the Colonie Center Mall in Albany, NY. "Colonie has the potential to be the most successful mall we've ever been involved in." As mentioned in the company's second-quarter call, Feldman says the firm is still searching for a joint venture partner on the redevelopment. "It makes sense due to the sheer magnitude."

Colonie, which Feldman acquired in February 2005, is undergoing a "massive" transformation Feldman pointed out, adding that a strong national retailer is expected to sign on for 30,000 sf within the next 30 days. He added that two "major draw" restaurants are each expected to take 30,000 sf within the next 45 days. The redevelopment effort is estimated to cost $30 million.

Shop occupancy, excluding temporary tenants and anchor tenants, was 74.8% at Sept. 30. Including temporary tenants, shop occupancy was 86.2%. Average shop sales for shop tenants with less than 10,000 sf, were $297 per sf. Average shop rents, excluding temporary tenants, were $19.59 per sf. Feldman anticipates that average shop sales figure will raise "sharply" due to the incoming tenant base and the redevelopment effort.