August 7, 2018
Faris Lee Investments has closed on the sale of Janesville Mall, a 600,650-square-foot regional center in Janesville, WI for $18 million. The firm’s Don MacLellan, senior managing director, and Rick Chichester, president and CEO, represented seller CBL Properties and the buyer, Rockstep Capital, which plans to reposition the property.
“The key today in marketing regional malls is to focus on the economic and market drivers within the specific trade area,” said MacLellan. “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.”
Noting that anchor tenant Boston Store filed for bankruptcy during the sale process, Chichester said, “We felt that 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.”