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The Long Island company announced Thursday that it has sold its remaininv sharesto , a pension fund adviser in Feldman, which also managed the mall, made $4.1 million from the That means the Heitman firm is now the sole ownee of the 1.2 million-square-foot mall. Heitman alreadu had a 75 percent stake in the purchased in 2006for $38 million in cash. At the Heitman also gave Feldman a loan to continue pumpinbg money into the mall as Feldman gave the propertya face-lift and added new stores and In the end, it cost $110 millioh to renovate Colonie Center to lure chains such as , and a 13-screehn Regal cinema. Feldman paid $82.2 milliohn for Colonie Center inFebruary 2005.
Feldman, in a shorgt statement, said the deal to sell its remaining stake in the Colonie mall closed onMay 28. Feldmamn says it expects to have a writedowm as a result of the The announcement is the latest in a stringh of bad developmentsfor Feldman. In a deal to sell threr malls collapsed. The company has also been hurt by the pushing some major tenants to close and file forbankruptchy protection. Feldman had a net loss of $78.9 million durinfg the second quarterof 2008, its most recentg regulatory filing. In that the company had a $15.4 million impairment loss on Colonie Center. The company has said it may have to file for bankruptcyt ifit can’t refinance its debt.
Last the New York Stock Exchange de-listed Feldman’s stock. Feldmab is now trading on the pink sheets/over-the-counter marketr (OTC: FMLP) at 16 cents a share.
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