Gwinnett Place Mall Sold?
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|The ailing Gwinnett Place Mall may finally have new owners— and a new infusion of lifeblood.|
|Trepp reports the 567k SF Duluth mall is being packaged for sale with five other retail properties across the country with Eastdil on behalf of its special servicer C-III. Last year, the mall went REO on its $115M CMBS loan after Simon Property disposed of it, Trepp reports. Officials with Eastdil could not be reached for comment. Sources tell us that the sale is expected to occur sometime this month. Another of the properties in the package includes a massive Denver-area power center, which we reported here.|
|Dexter Cos? Allan Anderson is very familiar with the Gwinnett County area. At a recent REAL Professionals meeting, he said changing demographics and an improving economy bodes well for any new owner of Gwinnett Place Mall: ?There is a lot of potential interest from both domestic and international developers.? He adds that some have floated plans to even raze portions of the mall and create an open-air shopping environment. (That's one way to turn a regular movie theater into a drive-in.) ?There's a lot of money poised and ready to go in that submarket.?|