.

Report: Lakeforest Mall Sold For Nearly $100M

Five Mile Capital Partners, an asset management firm based in Stamford, Conn., acquires Mall for nearly $100 million, The Washington Post reports.

, Lakeforest Mall is off the market.

Five Mile Capital Partners, an asset management firm based in Stamford, Conn., acquired last week for nearly $100 million after its previous owners defaulted on loan payments, The Washington Post reported.

FMCP plans to add $20 million in improvements to reposition the mall and possibly add big-box stores to the parking lot areas, according to the report.

Lakeforest, which had been 25 percent owned by Simon Property Group and 75 percent by General Motors Asset Management, was opened in 1978, but has seen a decline in recent years.

There are more than 100 shops in the 1 million-square-foot mall, including the four anchor stores, Macy's, JC Penney, Sears, and Lord & Taylor.

The anchors— which own their own space— would need to approve any major redevelopment of the mall or its land, Gaithersburg Acting City Manager Tony Tomasello told the Post.

With new ownership in place, The Washington Post reported Urban Retail Properties is also set to take over management of the mall from Simon Property.

Read the full report on the sale of Lakeforest Mall on The Washington Post.

SPEAK OUT: Are you excited for the sale and potential redevelopment of the Lakeforest Mall? Tell us in the comments!

Sharon December 28, 2012 at 04:13 PM
Not sure what 'decade' that photo was taken actually showing parking lot decked with actual customers and photos of automobiles other than a parking lot that has been utilized for years as 'Car Dealership'. But it certainly did not portray Lake Forest as it actually exists! A reality photo and check would have been more honest when writing this article!! Should have taken it from the angle of Lost Knife and the notorious Transit Center...party room for thugs who prey on customers & law-abiding citizens of G'burg and Montgomery Village. Now that would have been reality of faltering LakeForest and surrounding area!
Sharon December 31, 2012 at 04:49 PM
"An armed robbery was reported to have occurred in the parking in the parking lot between Lakeforest Mall and the Transit Center on Lost Knife Road on Thursday, Dec. 13, sometime between 11:15 a.m. and noon. The suspect assaulted the victim and obtained property." When will an editor take time for statistical research and actually print for public viewing/information the crime that has taken place at that location for at least time period of past 10 years??!!!! And when will the City and County Council focus on & address this area of growing criminal activity!!! Rhetorical!
Sharon December 31, 2012 at 06:35 PM
"An attempted residential burglary occurred in the 18400 block of Lost Knife Circle on Saturday, Dec. 15, just before 3 a.m." Notorious Lost Knife! On and on and on!
Teresa Baines January 29, 2013 at 04:45 PM
The Lost Knife area has figured prominently in the local police reports for years. It may not be easy to transform the mall/parking areas into a place where people feel "safe."
Lois April 04, 2013 at 04:43 PM
Possibly this new mngmt company plans to use this mall as a tax write-off, as the Montgomery Village mall is used as. No improvements from WRIT, therefore no hope for MV. I'm hoping this new company will NOT 'use us' for that same purpose. Promises, promises. I'm watching the Village deteriorate very quickly. If this new company plans on big box stores, we HAVE them nearby. We happily travel to them to leave MV. This has become a sad story with a sad ending.

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »