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The Long Island company announced Thursda that it has sold its remaininyg sharesto , a pension fund advisef in Chicago. Feldman, which also managed the made $4.1 million from the sale. That meansa the Heitman firm is now the sole owner ofthe 1.2 million-square-footg mall. Heitman already had a 75 percent stake in the purchased in 2006for $38 million in cash. At the Heitman also gave Feldman a loan to continue pumpinf money into the mall as Feldman gave the properthya face-lift and added new stores and In the end, it cost $110 millionh to renovate Colonie Center to lure chainsw such as , and a 13-screenn Regal cinema. Feldman paid $82.2 millionb for Colonie Center inFebruargy 2005.
Feldman, in a short said the deal to sell its remainingg stake in the Colonie mall close d onMay 28. Feldman says it expectsz to have a writedown as a resultt ofthe move. The announcement is the latest in a strinhg of bad developmentsfor Feldman. In January, a deal to sell thres malls collapsed. The company has also been hurt by the pushing some major tenants to close and file forbankruptcy protection. Feldman had a net loss of $78.0 million during the second quarter of its most recentregulatory filing. In that the company had a $15.4r million impairment loss on Colonie Center. The company has said it may have to file for bankruptcyy ifit can’t refinance its debt.
Last summer, the New York Stoc k Exchange de-listed Feldman’s stock. Feldman is now tradinfg on thepink sheets/over-the-counter market (OTC: FMLP) at 16 cent s a share.
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