(Ian Ritter is national online editor for GlobeSt.com/RETAIL.)

GREAT NECK, NY-Feldman Mall Properties has entered a $101.5-million joint venture with real estate investment-management firm Heitman, executives announced during their second-quarter earnings call. The deal is structured around Feldman's Colonie Center, a 1.3-million-sf, two-level mall in Albany.

Feldman is selling the mall to the joint venture for the $101.5 million, and it will retain a 25% ownership in the asset as well as perform the leasing and management of the center. Funds will be used to recapitalize a $50.7-million bridge loan on the asset and secure a $108-million construction loan. Feldman will also receive $38 million in cash as part of the transaction.

Feldman acquired Colonie Center in February of last year for $82 million. Boscov's, Christmas Tree Shops, Steve & Barry's and Sears anchor the mall. The property is undergoing a renovation that has included a new interior and junior-anchor tenants such as Barnes & Noble and Regal Cinemas.