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