The Great Neck, NY-based mall REIT paid $93.1 million for the 500,000 sf of non-anchor retail space, and embarked on a $20-million renovation program. Most recently, occupancy in Feldman Mall Properties' owned space stands at about 68.7% with sales of $271 per sf.

"Century Theatres is guaranteed to add more than just excitement, it will bring a level of luxury that Stratford Square Mall goers have been craving," adds Feldman, whose company lands a replacement for an existing four-screen theater. "The theater will also have a prominent storefront featuring the Century Theatres marquee visible from all levels within the mall."

Also in the renovation plans is adding sit-down restaurants. Smaller anchor tenants also are being sought to augment Kohl's, Sears, Carson Pirie Scott, Marshall Fields, J.C. Penney and Burlington Coat Factory.