RockStep Capital, LLC completed the acquisition of Janesville Mall in Janesville from CBL & Associates Properties, Inc.
July 26, 2018
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RockStep Capital, LLC entered into a binding contract to acquire Janesville Mall in Janesville from CBL & Associates Properties, Inc (NYSE:CBL) for $18 million in quarter ended March 31, 2018. Concurrent with the transaction, RockStep has posted a significant non-refundable deposit. The transaction is subject to due diligence and customary closing conditions and is expected to close in the summer of 2018. Faris Lee Investments brokered the sale for CBL.
RockStep Capital, LLC completed the acquisition of Janesville Mall in Janesville from CBL & Associates Properties, Inc (NYSE:CBL) on July 27, 2018. Proceeds from the sale were used to reduce outstanding balances on the CBL's lines of credit. Proceeds from the sale also provide a source to supplement CBL's significant free cash flow and fund these redevelopments and other capital improvements as well as debt reduction.
CBL & Associates Properties, Inc. is a self-managed, self-administered, fully integrated real estate investment trust (REIT). The Company owns, develops, acquires, leases, manages, and operates various properties. Its segments include Malls and All Other. The Malls segment includes malls, lifestyle centers and outlet centers. The All Other segment includes open-air centers, outparcels, office buildings, hotels, self-storage facilities, corporate-level debt and the Management Company. The Company primarily conducts its business through CBL & Associates Limited Partnership (the Operating Partnership), which is a variable interest entity. It owns two qualified REIT subsidiaries: CBL Holdings I, Inc. and CBL Holdings II, Inc. It owns and manages a portfolio, which is comprised of approximately 94 properties totaling 58.5 million square feet across 22 states, including 56 enclosed malls, outlet centers and lifestyle retail centers as well as more than 30 open-air centers and other assets.
CBL & ASSOCIATES PROPERTIES, INC. 
