GREAT NECK, N.Y., April 30 /PRNewswire-FirstCall/ -- Feldman Mall Properties, Inc. announced today that the Company has signed a new lease with Barnes & Noble for a store of approximately 30,000 square feet at its Harrisburg Mall at the intersection of I-83 and Paxton Street, three miles east of the state capital of Harrisburg, PA.
Construction of the new Barnes & Noble, which will flank the mall's main entrance and include a Starbucks cafe, is expected to begin in the next few months, with an initial completion projection set for the first half of 2008. The new Barnes & Noble lease at Harrisburg Mall is Feldman Mall Properties' fifth lease with Barnes & Noble at its seven malls nationwide. "This is the cornerstone element of several tenants that will make up the streetscape we are creating in front of the mall," said Larry Feldman, chief executive officer of Feldman Mall Properties. "We are delighted to have executed another lease with Barnes & Noble, which is widely known for its affluent and well-educated customer base. These customers significantly enhance both the quantity and quality of the shoppers at our malls."
In addition, Barnes & Noble will complement a growing, powerful line-up of tenants at Harrisburg Mall including Macy's, Bass Pro Shops (the largest Bass Pro store in the U.S., other than the headquarters store), Great Escape Movie Theaters (a new state of the art 14-screen multiplex that is nearing completion), Boscov's, Victoria Secret, American Eagle and the Limited. The Company expects to make several other significant lease announcements in connection with its Harrisburg Mall in the near future.
In addition to the massive interior upgrades that were recently made to the interiors of the two new anchor stores that arrived at the Harrisburg Mall, Feldman Mall Properties has also completed major upgrades to the mall, including a completely new façade, all new entrances, new parking lot lighting, new parking lot paving, multiple interior upgrades, a new play area and new signage.
About Barnes & Noble, Inc.
Barnes & Noble, Inc. , the world's largest bookseller and a Fortune 500 company, operates 793 bookstores in 50 states. For the fifth year in a row, the company is the nation's top retail brand for quality, according to the EquiTrend(R) Brand Study by Harris Interactive(R). Barnes & Noble conducts its online business through Barnes & Noble.com (http://www.bn.com/), one of the Web's largest e-commerce sites and the number one online bookseller for quality among e-commerce companies, according to the latest EquiTrend survey.
About Feldman Mall Properties
Feldman Mall Properties, Inc. is a real estate investment trust, or REIT, that acquires, owns and repositions enclosed regional shopping malls. The Company's portfolio consists of seven regional malls aggregating approximately seven million square feet. Feldman Mall Properties, Inc. is the only publicly held REIT that specializes exclusively in the renovation and repositioning of enclosed regional shopping malls. Feldman Mall Properties' investment strategy is to opportunistically acquire underperforming malls. The Company's goal is to transform all of its malls into physically attractive and profitable Class A malls through comprehensive renovation and re-tenanting efforts aimed at increasing shopper traffic and tenant sales. For more information regarding Feldman Mall Properties, Inc., visit the Company's website at http://www.feldmanmall.com/.
Forward-Looking Information
This press release contains forward-looking statements that involve risks and uncertainties regarding various matters, including without limitation the success of our business strategy, including our acquisition, renovation and repositioning plans; our ability to close pending acquisitions and the timing of those acquisitions; our ability to obtain required financing; our understanding of our competition; market trends; our ability to implement our repositioning plans on time and within our budgets; projected capital and renovation expenditures; demand for shop space and the success of our lease-up plans; availability and creditworthiness of current and prospective tenants; and lease rates and terms. The forward-looking statements are based on our assumptions and current expectations of future performance. These assumptions and expectations may be inaccurate or may change as a result of many possible events or factors, not all of which are known to us. If there is any inaccuracy or change, actual results may vary materially from our forward-looking statements.
