JANESVILLE MALL

JANESVILLE, WI

$18,000,000

600,600 SQ FT.

Janesville

AT A GLANCE

  • Property is anchored by Dick’s Sporting Goods, Kohl’s, and Sears.

  • Faris Lee Investments generated more than 8 offers on the property

  • Buyer acquired the property with a 60% LTV loan

CHALLENGES

  • Property type is the most challenged retail product type in the market today.

  • The Bon Ton filed for bankruptcy and closed during middle of escrow

  • Potential co-tenancy adjustments to Notice of Intent are significant if Sears also closes.

MARKETING STRATEGY

  • Marketed broadly to company’s investor database.

  • Met with investors in person to overcome objections and emphasize attention to Janesville Mall, and explain features and benefits.

  • Emphasized key strengths of being the only mall within 30 miles.

RESULTS

  • Sourced more than 8 offers.

  • Sourced 60% LTV financing for closing.

  • RockStep Capital had a reputation for resolving problems and closings on challenged assets including enclosed malls.