Feldman Foothills Mall LP (et al) purchased the Foothills Mall located at the intersection of La Cholla Blvd. and Ina Road in Tucson, AZ. FHM Development LLP, a joint venture between Hillwood Development Corp. and GE Capital Corp., sold the 495,938-square-foot retail center for $54 million, nearly $109 per square foot. The sale also included business interests, management operations, and vacant land parcels adjacent to the mall. The mall was 95% occupied at the time of sale and sold at a 10.55% cap rate. The new owner intends to invest an additional $4.5 million for the costs of the transaction including renovating, promoting, and expanding portions of the mall. Feldman Equities Inc., a company active in commercial real estate development, management and ownership throughout the United States, is the general partner of the new owner. Together with Paul Ash Management Co. LLC, a multi-family and commercial real estate company with 40 years of experience throughout southern Arizona, and other investors, it formed Feldman Foothills Mall LP. With the acquisition, Feldman Equities now owns, manages, or has interests in 1.4 million square feet of office and retail space in Arizona and Florida. Larry Feldman, president and CEO of Feldman Equities, was the founder of Tower Realty Trust, a leading publicly traded REIT. The purchase is a continuation of an aggressive program to add to the Feldman Equities portfolio in the Tucson and Phoenix markets. Jan Fincham and Patrick Dempsey of Lee & Associates represented both parties in the deal.