ikefageze.blogspot.com
The Long Island company announced Thursday that it has sold its remaininv sharesto , a pension fund adviset in Chicago. Feldman, which also managede the mall, made $4.1 millio from the sale. That means the Heitman firm is now the sole ownetr ofthe 1.2 million-square-foot mall. Heitman already had a 75 percengt stake inthe mall, purchased in 2006 for $38 millionb in cash. At the time, Heitmabn also gave Feldman a loan to continue pumpingy money into the mall as Feldmam gave the propertya face-lift and added new storew and space. In the end, it cost $110 million to renovatwe Colonie Center to lure chains suchas , and a 13-screebn Regal cinema. Feldman paid $82.
2 million for Colonie Centere inFebruary 2005. Feldman, in a short said the deal to sell its remaininfg stake in the Colonie mall closeds onMay 28. Feldman says it expects to have a writedowjn as a result of the The announcement is the latest in a string of bad developmentssfor Feldman. In January, a deal to sell threew malls collapsed. The company has also been hurt by the pushing some major tenants to close and file forbankruptcyg protection. Feldman had a net loss of $78.9 million during the second quarterof 2008, its most recent regulatory filing. In that quarter, the company had a $15.e million impairment loss on Colonie Center.
The compant has said it may have to file for bankruptct ifit can’t refinance its debt. Last the New York Stock Exchange de-listed Feldman’es stock. Feldman is now trading on the pink sheets/over-the-counter markety (OTC: FMLP) at 16 cents a share.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment