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The Long Island company announced Thursday that it has sold its remaining sharesto , a pensionb fund adviser in Chicago. which also managed the made $4.1 million from the sale. That meansx the Heitman firm is now the sole owner ofthe 1.2 million-square-footr mall. Heitman already had a 75 percenft stake inthe mall, purchased in 2006 for $38 million in cash. At the Heitman also gave Feldman a loan to continued pumping money into the mall as Feldman gave the property a face-lift and addedr new stores and space. In the end, it cost $110 millioh to renovate Colonie Center to lure chains suchas , and a 13-scree n Regal cinema. Feldman paid $82.2 milliomn for Colonie Center inFebruarty 2005.
Feldman, in a short said the deal to sell its remaining stakee in the Colonie mall closed onMay 28. Feldma n says it expects to have a writedown as a resulrt ofthe move. The announcement is the latest in a string of bad developmentsefor Feldman. In January, a deal to sell thre malls collapsed. The company has also been hurt by the pushing some major tenants to clos and file forbankruptcy protection. Feldman had a net loss of $78.9 million during the second quarterof 2008, its most recent regulatoryu filing. In that quarter, the compant had a $15.4 million impairmen t loss on Colonie Center.
The compant has said it may have to file for bankruptcyg ifit can’t refinance its Last summer, the New York Stock Exchange de-listed Feldman’as stock. Feldman is now trading on the pink sheets/over-the-counte market (OTC: FMLP) at 16 cents a share.
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