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.
