Lakeforest Mall

Coordinates: 39°09′13″N 77°12′15″W / 39.153524°N 77.204221°W / 39.153524; -77.204221

Lakeforest Mall
Lakeforest Mall logo
Lakeforest Mall in 2010; the recessed carpeted area was removed in 2013.
Location Gaithersburg, Maryland, U.S.
Address 701 Russell Ave, Gaithersburg, MD 20877
Opening date September 12, 1978[1]
Developer Taubman Centers
Management Jones Lang Lasalle
Owner U.S. Bank[2][3]
No. of stores and services 160
No. of anchor tenants 4
Total retail floor area 1,045,000 sq ft (97,100 m2)[1]
No. of floors 2 (3rd floor employee area in Lord and Taylor)
Public transit access Ride On bus: 54, 55, 56, 57, 58, 59, 61, 101
Website www.ShopLakeforest.com

Lakeforest Mall, also known as Lakeforest, is an enclosed shopping center located in Gaithersburg, Maryland. It is owned by U.S. Bank. Its two levels house over 160 stores, a food court, and until 2013, formerly a large children's play area at the center.[1]

History

Lakeforest Mall construction in 1978
Lakeforest Mall construction in 1978

Ceremonies at the grand opening of the mall in 1978
Grand opening of the mall in 1978

1970s

Lakeforest Mall first opened September 12, 1978. At that time, the mall's anchor stores were JCPenney, Sears, Woodward & Lothrop, and Hecht's. The mall was one of the first in the United States to feature an indoor ice skating rink on the lower level, in the "H section". The rink has since been superseded first by a multi-theater movie complex, then by a food court, which now occupies the place.[4]

2000s

Originally developed, owned and operated by Taubman Centers, the Simon Property Group owned and managed the mall from 2007, when it purchased former owner and manager Mills Corporation. The company defaulted on its mortgage in 2011 and the mall was put up for sale after.[5][1][6]

2010s

In 2013, Five Mile Capital Partners hired real estate developer Hines to "map out a long-term plan for Lakeforest".[7] The children's play area and nearby fountain were removed and tiled over that year.[8]

On August 22, 2017, Gaithersburg's Lakeforest Mall was sold at auction for $19.1 million, a fraction of the price $100 million price tag from 2012. The auction came after the mall's owner, Five Mile Capital, went into foreclosure.[9]

As of August 2017, the mall's general manager is Paul DeMarco.[10] The Annapolis-based Petrie Richardson Ventures has Lakeforest under contract, which wouldn't include the anchor stores in a potential purchase, but as of February 2018 the deal hasn't been closed.[11]

See also

References

  1. 1 2 3 4 "Lakeforest Mall Fact Sheet" (PDF). Simon Property Group. Archived from the original (PDF) on November 1, 2011. Retrieved November 1, 2011.
  2. ↑ "What's Next for Lakeforest Mall?".
  3. ↑ "Lakeforest Mall Sold Again after Crime, Financial Problems".
  4. ↑ Curtis, Shaun. "Gaithersburg: Then & Now". www.gaithersburghistory.com.
  5. ↑ Cohen, Greg (September 4, 2012). "Report: Lakeforest Mall sold for nearly 100M". North Potomac Patch. Patch. Retrieved December 17, 2013.
  6. ↑ Holmes, Horace. "Lakeforest Mall may be sold".
  7. ↑ Cooper, Rebecca (October 7, 2013). "Hines joins effort to redevelop Lakeforest Mall". Washington Business Journal. Top Shelf. American City Business Journals. Retrieved March 18, 2014.
  8. ↑ Lakeforest Mall - Then and Now
  9. ↑ https://www.bizjournals.com/washington/news/2017/08/22/gaithersburgs-lakeforest-mall-sells-at-auction-for.html
  10. ↑ https://www.linkedin.com/in/paul-demarco-4834a611
  11. ↑ Metcalf, Andrew (February 9, 2018). "Sale Possible Again for Lakeforest Mall". Bethesda Beat. Retrieved September 16, 2018.

Further reading

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