Business

Inland takes titles of three Feldman malls

Posted November 17, 2008 10:00 pm

BLOOMINGDALE - Feldman Mall Properties Inc., owner of Stratford Square Mall in Bloomingdale, announced an agreement with Inland American Real Estate Trust Inc. based in Oak Brook. Great Neck, N.Y.-based Feldman has agreed to hand over Stratford Square and malls in Cincinnati and Texas, to Inland American, a real estate investment company. A spokesman from privately-owned Inland was not able to comment on the deal. Feldman has agreed to repurchase 2 million shares of convertible preferred stock from Inland, according to a Feldman news release. In exchange, Feldman is turning over to Inland, the titles to three of its six remaining malls. In addition, Inland will pay Feldman $9.125 million in cash; which represents the amount by which the value of the malls, subject to outstanding indebtedness, exceeds the value of the preferred stock, according to the Feldman release.

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