• Development Case Study: Village Mall

 

Property History
The Village Mall, Waunakee fell into bankruptcy as part of the Gary Divall restructuring. WMC Realty Advisors II took over as the replacement general partner in 1993 when the property was placed in bankruptcy and restructured the debt. Wisconsin Management renegotiated the debt of the 1st and 2nd mortgage.

On July 1, 2000, WMC Realty Advisors II refinanced and bought out the limited partnership. Wisconsin Management Company coordinated the staged $500,000.00 rehabilitation. The improvements include a new marquee, the exterior was completely redone complete with a new light tower, and the exterior was repainted. The color scheme of the building was changed and updated. The signage of each tenant was made consistent.

 

Project Highlights:
  • Bankruptcy—renegotiate debt
  • Cash flow increased
  • Sale by limited partners to new entity
  • Property leased up
  • More new leases
  • Mall received face lift
Property Type
  • 62,000 Gross Leased Area
  • 15 commercial spaces
General Partner Principals
  • Russ Endres
  • Carl Van Rooy
  • John Watson
Development Team:
  • Wisconsin Realty Advisors II
  • Wisconsin Management Company
Tenants:
  • Ace Hardware
  • Subway
  • Edward D. Jones & Co.
  • Great Clips
  • Quality Cellular
  • Waun-A-Wash
  • Spring Garden Restaurant

Financing
First Federal was the original lender. They worked with Wisconsin Management Company to reorganize the bankruptcy. They also worked with us on the rehabilitation of the property. First Federal is also currently a tenant of the Village Mall.