(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-managementfirm Heitman, executives announced during their second-quarterearnings call. The deal is structured around Feldman's ColonieCenter, a 1.3-million-sf, two-level mall in Albany.
Feldman is selling the mall to the joint venture for the $101.5million, and it will retain a 25% ownership in the asset as well asperform the leasing and management of the center. Funds will beused to recapitalize a $50.7-million bridge loan on the asset andsecure a $108-million construction loan. Feldman will also receive$38 million in cash as part of the transaction.
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