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Regional Mall Trades for $18M in Janesville

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.”


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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