Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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

COLERAIN TOWNSHIP, OH-Feldman Mall Properties is buying Northgate Mall, a 1.1-million-sf center here for $110 million. The Great Neck, NY-based company is acquiring the center from Owensboro, KY-based David Hocker & Associates, by assuming a $79.6-million mortgage loan and paying $30.4 million in cash.

Dillard’s, J.C. Penney, Macy’s and Sears anchor the center, which has sales per sf of $300 and an overall occupancy of 93%. To increase sales, executives say, they will add one to two entertainment tenant, restaurants and additional specialty stores to the mall. “FMP management intends to invigorate shopper interest and sales at Northgate through targeted capital expenditures designed to increase mall traffic,” says Larry Feldman, chairman and CEO of FMP.

Feldman has been busy on the acquisition front so far this year. In January it bought the 1.3-million-sf Stratford Square Mall, in Bloomingdale, IL, for $93.1 million. The company purchased the 1.2-million-sf Colonie Center, in Albany, for $82.2 million. Feldman executives are also in talks to acquire the Tallahassee (FL) Mall for $65 million from Tallahassee Mall Partners. If it is able to close that deal, and the Northgate transaction, Feldman will own six malls totaling 6.2 million sf.

Feldman completed its IPO last year. The company was formed from Phoenix-based commercial development firm Feldman Equities.

David Hocker & Associates leases and manages about 4.5 million sf of retail real estate. Included in its portfolio are the 959,751-million-sf Oxmoor Center, in Louisville, NY, and the 700,000-sf Mall at Barnes Crossing, in Tupelo, MS. The company has under development the 350,000-sf Vanderbilt Collection, an open-air center in Naples, FL.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.