Mall of the Bluffs

Council Bluffs, IA

Challenge

  • Over 1M SF mall located in a secondary market within the US.
  • Shops sales less than $300PSF and seen as a Class C Mall.
  • Institutional owner with high level of certainty of execution needed.
  • Mall assets are out of favor and pricing has dropped significantly.
  • Occupancy less than 80%.

Strategy

  • Create a potential break up strategy of the pads and the Hyvee anchored portion of the property.
  • Bring in a local Colliers team to help tell the local story.
  • Prospect national mall buyers to drive value and certainty of execution.
  • Work with the city to get needed redevelopment approvals.

Results

  • Colliers generated multiple offers.
  • Found a local group to compete with a New York based firm.
  • Sold an extremely challenging asset for a major institution.
  • Closed escrow with the one buyer without any re-trades.