By the end of 2017, it appeared as if the American shopping mall, once an integral part of suburban life, was facing certain demise. With rent rolls suffocated by anchor bankruptcies and closures, the outlook of the once beloved asset class seemed glume. Malls anchored by one of the big four: Sears, J.C. Penney, Macy’s or Kohl’s were sure to realize bankruptcy or closure sooner than those with the foresight and resources to swap out the big box risk for “experience” tenants such as restaurants and grocery stores. Over the last several years, the market has witnessed enclosed malls trade at a 20% cap rate, or even higher in certain instances. Were we witnessing the death of what was once a vibrant asset class or a very painful adjustment that ultimately would make the mall an investment-worthy asset once again?