Gwinnett Place Mall is getting new owners. For real, this time.
Sources tell us the
ailing Gwinnett County mall—which has been in special servicing—is
scheduled to close this week with an undisclosed buyer. The price is unclear as of press time. But according to a recent Trepp report, "Although there is current bidding activity, the
pricing is below expectations and values previously reported." This could be the end of a long saga for Gwinnett Place. In 2011, the
567k SF Duluth mall defaulted on its
$115M CMBS loan after Simon Property disposed of it. And last year, it was
packaged for sale with five other retail properties across the country through Eastdil on behalf of special servicer C-III. (We were gonna start calling it The Runaway Bride mall.)
