Irvine, CA (July 27, 2018) – Faris Lee Investments, a leading retail advisory and investment sales firm, closed on the sale of Janesville Mall, a 600,650 square foot regional mall located in Janesville, WI for $18 Million.
Janesville Mall, a primary destination regional shopping center, sits along a main retail corridor and is anchored by Dick’s Sporting Goods, Kohl’s, ULTA, Boston Store (Aug-18 closing) and a Sear’s ground lease. The center was recently remodeled in 2015 and is situated on 42.07 acres of land on Milton Avenue, the main north-south thoroughfare in Janesville. Leasing momentum has proven to be strong, as Dick’s Sporting Goods and Ulta Beauty recently replaced the former JC Penney space in the mall.
Don MacLellan, Senior Managing Director and Rick Chichester, President and CEO at Faris Lee Investments, represented the Seller, CBL Properties (CBL), a publicly traded Mall REIT headquartered in Chattanooga, TN and the Buyer, RockStep Capital, a private investment and operating company headquartered in Houston, TX who plans to reposition the asset.
“The key today in marketing regional malls is to focus on the economic & market drivers within the specific trade area. In this, we showcased the strong industrial job growth, top school system, and new retailer presence in Janesville which bodes well for the future of the mall. This strategic custom marketing resulted in strong offer activity,” said MacLellan.
While in escrow, FLI was able to overcome the challenge of the anchor tenant, Boston Store (16% of GLA) and parent company, Bon-Ton, filing for Chapter 7 bankruptcy which resulted in the closing of over 40+ stores including Janesville Mall.
“The other key was our in depth qualification process in order to choose the best buyer profile. In this case, we felt with Rockstep’s track record and their ability to work through issues in their previous closings, was a deciding factor in moving forward with them initially,” said Chichester.
About Faris Lee Investments: Faris Lee Investments is a leading retail advisory and investment sales firm. The company’s high-level retail investment advisors and sophisticated financing experts develop forward-thinking strategies for all retail acquisitions and dispositions and guide clients through complex transactions. Cumulatively, Faris Lee’s leadership has been involved in more than $20 billion of transactions. Faris Lee’s senior advisors are skilled in disposition and acquisition strategies, asset positioning and valuation, marketing, debt and equity structuring, strategic workout and REO solutions and execution. For more information, visit www.farislee.com.
Faris Lee is also a strategic partner with X Team Retail Advisors, an integrated platform of retail real estate specialists that offers coverage in 40 major markets across the United States and Canada encompassing more than 265 professionals. X Team provides specialty expertise in tenant, property and developer/landlord representation, property dispositions and retail investments.