Kohan Retail Investment Group Acquires Rimrock Mall In Billings For $27.99M From Wells Fargo

The property asset involved in this transaction is Rimrock Mall, located at 300 South 24th Street West in Billings, MT. The sale price for the retail asset was $27,990,000. The mall was acquired at a significantly lower price compared to its appraisal value of $112,000,000 from 2013, following a deed-in-lieu of foreclosure by Wells Fargo's Commercial Mortgage-Backed Securities (CMBS) trust.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $27,990,000
• Buyer: Kohan Retail Investment Group
• Seller: Wells Fargo Commercial Mortgage Trust
• Transaction Date: 11/19/2024
• Address: 300 South 24th Street West
• Market: Billings, MT

Kohan Retail Investment Group successfully acquired the mall from Wells Fargo Commercial Mortgage Trust, which managed the property through its CMBS trust after the deed-in-lieu of foreclosure. The transaction resulted in Kohan obtaining the asset under market conditions significantly more favorable than the previous appraisal value.