CBL Properties, owner of Northpark Mall in Joplin, today announced that it closed on the sale of Janesville Mall in Janesville, WI, for $18.0 million in cash to RockStep Capital. Proceeds from the sale were used to reduce outstanding balances on the Company’s lines of credit.
“We are pleased to complete the sale of Janesville Mall,” said Stephen Lebovitz, chief executive officer. “Selectively disposing of assets like this that no longer fit our strategy allows us to improve the quality of our overall portfolio and focus our redevelopment capital on growth assets. Proceeds from the sale also provide a source to supplement our significant free cash flow and fund these redevelopments and other capital improvements as well as debt reduction.”
Janesville Mall is a 600,000-square-foot Tier 3 mall (2017 sales of $243 psf) located in Janesville, WI. It is anchored by Boston Store (closing in August), Dick’s Sporting Goods, Kohl’s and Sears, along with a selection of shops and eateries.