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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!

Mary September 04, 2012 at 04:40 PM
Lakeforest Mall has gone to hell in the last 10 years. I hope the new mgmt organization can rescue it.
jnrentz1 September 04, 2012 at 06:16 PM
I too hope there will be improvements.
Bob September 04, 2012 at 06:30 PM
It would be nice to get rid of the gangs and the foul language there.
Kim September 04, 2012 at 06:34 PM
It's a scary place to shop. I go mainly to JC Penney and then leave immediately. I wish there was a Penney's at Montgomery Mall.
Upcounty Citizen September 04, 2012 at 10:16 PM
The renovations and additional stores should help bring shoppers back to Lakeforest. Traffic is a concern as it took me three light changes to cross 355 going west on Montgomery Village Ave yesterday at 4pm. Infrastructure improvements need to be expedited and M-83 needs to be built on the Master Plan route ASAP.
Jeff Banagan September 05, 2012 at 12:11 AM
I don't expect much from the repositioning of the mall along with the additional big-box stores they have planned. What the City of Gaithersburg needs to do is to clean up the area surrounding it. That is the main issue. Only then will the Lakeforest area appeal to shoppers. Take from the example of transforming the White Flint area into a transit-oriented community or even the Western Portion of Gaithersburg that's embracing "New Urbanism" and has development already under construction (Crown Farm & Watkins Mill Town Center). It's disappointing that this area is supposed to be Gaithersburg's "Downtown Core," but the area is filled with strip malls and a failing shopping center that don't show any signs of change in the long run. Overall, without improving the demographics of the surrounding area, I don't see much change happening to Lakeforest. M-83 is an essential to upcounty residents, however, the County needs to prioritize more on mass transit which is important to the county than building additional roads. I understand that most of us rely on cars as a mode of transportation (I know I do), but even the smallest percentage of change could be the difference between congested and free-flowing traffic. Get the Purple Line & The Corridor Cities Transitway constructed first.
Meg McCormick September 05, 2012 at 11:23 AM
16 years ago, I took my new baby to the mall for walks while I was on maternity leave. Would I head there now? I doubt it. I've dropped my teen there just to shop at Zumiez and picked him up 30 minutes later, and even he commented that he doesn't like the crowd there. It's really changed. Fingers crossed that it improves - it would be nice to have a shopping destination there.
Cory Young September 05, 2012 at 01:14 PM
Good News!! The mall has so much potential. Maybe now I will not have to travel to Montgomery Mall to purchase goods. Also maybe the retail stores that are already there will carry a better variety of their brands, such as Express. They only house half of the good merchandise at Lakeforrest and carry everything at Montgomery Mall.
Jerry September 05, 2012 at 02:02 PM
I've purchased many big ticket items from the Sears at Lake Forest, but that's the only store I've patronized. The young adults who loiter around the mall dress like slobs and generally appear to be low lifes who scare away potential shoppers. I would avoid the place after dark.
Cat September 05, 2012 at 04:04 PM
I thought this mall was going to be torn down? If not, hopefully mall management will invest in more security to keep the aforementioned lowlifes away.
jnrentz1 September 05, 2012 at 04:27 PM
The very best security the new owners can invest in is off duty Montgomery County and Gaithersburg City police officers. They are expensive and worth every penny.
Eric S. September 06, 2012 at 02:17 PM
Malls in general are going downhill in this country, save for a handful of mega malls (anything that ends in Mills. . .). Hopefully they do something good with it but frankly if anyone thinks the "bad element" (read: poor people and bored teenagers) frequenting the mall is the problem, they're missing the big picture.
Brenda September 10, 2012 at 08:13 PM
This is only good news if Lakeforest is going to remain a mall, and if new and better stores are likely to come in. If it's going to be redeveloped into a mixed use property or a big box center, this is very bad news. I am pulling hard for a new and improved Lakeforest MALL, not Lakeforest Town Center with residences, offices, etc.
B peters September 22, 2012 at 11:50 PM
I do most of my shopping twenty miles north in Frederick. It would be great if Lakeforest would be a safer place to shop. Currently, I do not feel safe going there especially at night.
DeDe November 01, 2012 at 10:42 PM
I'm hoping for the best, it doesn't need big box stores, it needs better quality small stores to replace the stores that have left. I agree it also needs better security. I go to Penneys, Sears, Macy's and one of the nail salons. So I do still frequent the mall, but I would go to more places if there were other store to chose from
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.

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