Thank you for sharing!

Your article was successfully shared with the contacts you provided.

COLERAIN TOWNSHIP, OH-Feldman Mall Properties has closed on its $110-million acquisition of the 1.1-million-sf Northgate Mall here from Owensboro, KY-based David Hocker & Associates. Great Neck, NY-based FMP financed the deal 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 tenants, 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,” said Larry Feldman, chairman and CEO of FMP, when the deal was first announced in May.

The acquisition brings FMP’s portfolio to six regional malls totaling 6.2 million sf. Last month, the company bought the 963,000-sf Tallahassee (FL) Mall from Tallahassee Mall Partners for $61.4 million.

FMP’s strategy is to acquire class B malls and convert them into class A properties. At its peak, FMP will own 10 to 12 properties at a time and have six to seven redevelopments under way simultaneously, company executives have predicted.

The firm is launching a redevelopment plan at Colonie Center in Albany, NY at a projected cost of $30 million. The effort includes upgrading the interiors and exteriors, improving signage and adding a multiplex. Feldman has said the company is currently negotiating with a number of big-box tenants.

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?

Dig Deeper

GlobeSt. NET LEASE Fall 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.