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Feldman Buying $40M TX Mall

DENTON, TX-Feldman Mall Properties targets the Simon-owned, 765,000-sf Golden Triangle Mall in North Texas.

By Connie Gore | Updated on March 14, 2006

DENTON, TX-Feldman Mall Properties Inc. will spend $40 million or $135 per sf to take control of the 765,000-sf Golden Triangle Mall from Simon Property Group. The buyer plans to use part of its $39-million gain from an upcoming sale in Phoenix to acquire the retail stronghold in the two-university town in North Texas.

Feldman issued a press release this morning about the pending sale. A Feldman spokeswoman tells GlobeSt.com that the deal will close in the second quarter.

The New York City-based investment group is getting 88%-leased space, totaling 265,000 sf, at 2201 S. Interstate 35E. About 470,000 sf of the mall is corporate-owned by its anchors: Foley’s, which will be re-flagged in the fall as a Macy’s, JCPenney, Sears, DSW, Dillard’s and its Dillard’s Men specialty store. The targeted acquisition has more than 90 tenants on the roster, which Feldman projects will return an initial un-leveraged yield of about 7.5% based on this year’s anticipated operating income. National retailers in leased space include Barnes & Noble, Victoria’s Secret, American Eagle Outfitters, Pacific Coast Sun Wear and Bath & Body Works.

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