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Lakeforest Mall Up For Sale

The sale is part of a larger trend of malls struggling in this difficult economy.

Lakeforest Mall has been put up for sale after falling behind on their loan payment, according to the Washington Post.

The shopping center, which is 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, according to the Post.

The Wall Street Journal reports that when the mortgage came due in July, 2011, the owners "opted against using the one-year extension option it had available to it, according to a real-estate research division of Morningstar Inc."

The mall was appraised for $120 million in July, the Journal reports.

Les Morris, director of corporate public relations for Simon Property, said it was policy not to comment on any sales or acquisitions.

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

The anchors owns their own space, the Post reports, and therefore don't pay any rent.

Lakeforest has struggled recently with cash flow problems, the Post reported in 2010.

The mall property, as well as the County Fairgrounds, has come up as a major factor in discussions by Gaithersburg City planners about redevelopment plans for the Frederick Avenue corridor.

Cat February 29, 2012 at 06:34 PM
Last I heard, this plan referred to the redevelopment of the Dalamar Apartments back there, which is a large sort of projecty group of apartments tucked between the fairgrounds and 355.
Sharon March 01, 2012 at 09:58 PM
"A strong-arm robbery occurred in the parking lot of the Lakeforest Transit Center, 9650 Lost Knife Road in Gaithersburg, at around 10:45am on Tuesday, Feb. 14. On Feb. 21, police arrested Tyrone Eugene Douglas, 29, of the 18300 block of Streamside Drive in Gaithersburg and charged him with one count each of robbery, second-degree assault and theft less than $1,000."
Sharon March 01, 2012 at 10:02 PM
"A residential burglary occurred in the 18400 block of Lost Knife Circle—in the Cider Mill Apartments—between noon and 3 pm on Tuesday, Feb. 14. No forced entry; property taken." Can one imagine how eye popping it would be to see these reports listed one by one in this area for the past 3-5 years when just within the month of February there was enough 'action'! Rhetorical! Lost Knife is a 'war zone'!
MBakesCakes March 02, 2012 at 01:35 AM
It seems like you already have all the answers, so why go out of the way to post the facts? When the assumption is already made by people that an area is "bad" and "full of crime" does it really make a difference to post an article with the "criminal facts?" If the crime rate wasn't high enough, perhaps comments would be made that the press is just trying to cover up the "facts." And for the record, I live close to Asbury, and it is really not as bad as you think.
I Batman January 27, 2013 at 10:34 PM
I am from Chicago and years back in 2002-2004 I lived near the mall when it was a good area. I had federal projects and many friends. I am very saddened to hear of the mall's demise but that is an issue with many of them across the country unfortunately. Visiting the area recently I saw the blight and the riff-raff taking hold around the area. It seems the only decent shopping centers are at Montgomery, Tysons Corner and Pentagon City.

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