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Feldman Buys J.C. Penney Store at Stratford Square

BLOOMINGDALE, IL-Buying the 144,000-sf anchor for $46 per sf gives the Great Neck, NY-based REIT greater control over the mall, where it already owns 500,000 sf of non-anchor space. Feldman Mall Properties is investing $30 million in renovations on Stratford Square, bought in early 2005 for $93.1 million.

By Mark Ruda | Updated on April 07, 2006

BLOOMINGDALE, IL-Already spending $30 million to renovate the 500,000 sf of non-anchor space at Stratford Square Mall, Feldman Mall Properties is increasing its investment here. The Great Neck, NY-based REIT has picked up the 144,000-sf J.C. Penney store for $6.7 million, or $46 per sf.

Feldman Mall Properties paid $93.1 million in January 2005 for the non-anchor space at the mall at Army Trail Road and Gary Avenue, and has since landed Century Theatres Inc. as a new tenant. The 16-screen theater is the lynchpin of a repositioning effort focusing on adding entertainment and restaurant venues at the property.

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