Lakeforest Mall

Lakeforest Mall, also known as Lakeforest, is an enclosed shopping center located in Gaithersburg, Maryland. It is owned by WRS Inc. Real Estate Investments. Its two levels house 94 stores, a food court, and until 2013, formerly a large children's play area at the center.[1] The mall is currently anchored only by Macy's. There are three recently closed anchor spots all in 2019, one formerly occupied and still owned by JCPenney, another by Lord & Taylor, and the last by Sears.

Lakeforest Mall
Lakeforest Mall's Center Court in 2010; the recessed carpeted area was removed in 2013.
LocationGaithersburg, Maryland, U.S.
Coordinates39.153524°N 77.204221°W / 39.153524; -77.204221
Address701 Russell Ave.
Opening dateSeptember 12, 1978 (1978-09-12)
DeveloperTaubman Centers
ManagementPetrie Richardson Ventures
OwnerWRS Inc. Real Estate Investments
No. of stores and services94
No. of anchor tenants4 (1 open, 3 vacant)
Total retail floor area1,045,000 sq ft (97,100 m2)[1]
No. of floors2 (restricted "Penthouse" 3rd floor in former Lord & Taylor)
Public transit access Ride On bus: 54, 55, 56, 57, 58, 59, 61, 101
Websiteshoplakeforest.com

History

1970s

Lakeforest Mall first opened September 12, 1978.[1] 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 The rink has since been superseded first by a multi-theater movie complex, then by a food court, which now occupies the place.[2]

1990s

In 1995, the Woodward & Lothrop at the mall closed and was replaced by Lord & Taylor.[3]

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.[4][1][5]

2010s

In 2012, the mall took in $14,680,000.00 in net income.[6]

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]

In 2016, the mall took in $6,180,000.00 in net income.[6]

On August 22, 2017, Gaithersburg's Lakeforest Mall was sold at auction for $19.1 million, a fraction of the $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 would not include the anchor stores in a potential purchase, but as of February 2018 the deal has not been closed.[11]

On February 28, 2019 it was announced that JCPenney would be closing as part of a plan to close 27 stores in the U.S.; the store closed on July 5, 2019.[12]

On June 5, 2019, Gaithersburg City Councilmember, Ryan Spiegel, tweeted that Lord & Taylor plans to close its Lakeforest Mall location on September 15, 2019. This would leave Macy's and Sears as the only anchor stores left open before any redevelopment, as publicly desired by the Gaithersburg municipal government, can be considered. The store closed on September 15, 2019 as scheduled.[13][14][15]

In 2019, WRS Inc. Real Estate Investments purchased the mall from U.S. Bank, which had bought it in 2018.[16][17][18][19][20]

On August 31, 2019 it was announced that Sears would be closing its location at Lakeforest Mall as part of a plan to close 92 stores across the U.S.; the store closed on December 1, 2019. This left Macy's as the only anchor left.[21]

Anchors

Current anchors

Former anchors
  • Lakeforest Mall construction in 1978
  • Lakeforest Mall construction in 1978
  • Ceremonies at the grand opening of the mall in 1978; the recessed area in the foreground no longer exists.
  • Grand opening of the mall in 1978
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References
  1. "Lakeforest Mall Fact Sheet" (PDF). Simon Property Group. Archived from the original (PDF) on November 1, 2011. Retrieved November 1, 2011.
  2. Curtis, Shaun. "Gaithersburg: Then & Now". www.gaithersburghistory.com.
  3. https://www.flickr.com/photos/joearchitect/4820242684
  4. Cohen, Greg (September 4, 2012). "Report: Lakeforest Mall sold for nearly 100M". North Potomac Patch. Patch. Archived from the original on December 27, 2012. Retrieved December 17, 2013.
  5. Holmes, Horace. "Lakeforest Mall may be sold".
  6. "What's Next for Lakeforest Mall?". 23 August 2017.
  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. "Gaithersburg: Then & Now". 8 September 2017. Archived from the original on 8 September 2017.
  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.
  12. "JC Penney Closing Maryland Store, 29 Other Locations". Gaithersburg, MD Patch. 1 March 2019.
  13. "Lord & Taylor Notifies the City of Gaithersburg That They Will Be Closing Lakeforest Location".
  14. https://www.bizjournals.com/washington/news/2019/06/05/lord-taylor-to-close-at-lakeforest-mall-lay-off.html
  15. https://patch.com/maryland/gaithersburg/lord-taylor-close-lakeforest-mall-report
  16. https://www.mocoshow.com/blog/breaking-lakeforest-mall-has-been-purchased
  17. https://patch.com/maryland/gaithersburg/struggling-lakeforest-mall-gaithersburg-has-new-buyer
  18. https://bethesdamagazine.com/bethesda-beat/business/south-carolina-real-estate-group-buys-lakeforest-mall/
  19. "What's Next for Lakeforest Mall?".
  20. "Lakeforest Mall Sold Again after Crime, Financial Problems".
  21. "Kmart, Sears store closings: More locations to shutter by end of 2019". USA Today. 2019-08-31. Retrieved 2019-09-02.
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