Mall of the Bluffs
Council Bluffs, IA
- 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%.
- 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.
- 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.
Key Colliers Services
- Colliers Institutional Services
- Colliers Private Capital Services
- Colliers Single Tenant & Portfolio Disposition Services
- Colliers Retail Leasing Services
- Colliers Property Management Services
- Colliers Debt & Equity Services
- Colliers Valuation & Appraisal Services
- Colliers Marketing & Client Services
More Success Stories
Institutional Seller with strong expectations. Not main and main within the market. Restrictions on fully marketing the asset. Short timing to sell the property. Record cap rate for the Pacific Northwest. Sold to an exchange buyer off market that was based in Beverly Hills. Delivered again for one of our top clients. Help us take the top spot for grocery sales in 2020.
Top performing Kroger grocery store coupled with Kmart anchor on eve of bankruptcy. Underperforming shop tenant performance and new development competition. Northward market migration and residential growth. How to get value for Kmart space with limited prospects to backfill 100,000 SF. Kroger controlled redevelopment via site plan modification approvals.
High seller expectations for REO asset at excellent location near high-performing regional mall. Second generation replacement anchors HH Greg & Gander Mountain lacked credit. Functional obsolescence of enclosed mall shops resulted in under-performance. Outdated movie theater lacked credit, but required significant LL renovation contribution. High expectations based on quality of location but encumbered by current leases. Vintage physical plant was dated with deferred maintenance.
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