CBL & Associates Properties to Sell Janesville Mall at Steep Discount
CBL & Associates Properties Inc. has struck a deal to sell the Janesville Mall at a steep discount to CBL’s purchase price of 20 years ago.
RockStep Capital, of Houston, Texas, has contracted to buy the 600,000-square-foot enclosed shopping center for $18 million, CBL said last week as it announced its latest financial results.
CBL bought the mall in 1998 for $34 million. Since then, many shopping malls nationwide have struggled amid the rise of online commerce and changing consumer patterns, and Janesville specifically was hit by the loss of thousands of jobs as the General Motors assembly plant there closed.