Struggling Lakeforest Mall In Gaithersburg Has New Buyer

GAITHERSBURG, MD — Lakeforest Mall — a struggling shopping destination in Gaithersburg —has a new buyer.

The mall has been sold to South Carolina-based developer WRS Inc., said Tom Lonergan, assistant city manager for the City of Gaithersburg. The sale comes nearly two years after the ailing mall's owner, Five Mile Capital, went into foreclosure, according to Washington Business Journal.

In recent years, Lakeforest Mall has faced high vacancy rates and financial instability. Within the past two months, major retailers, such as JCPenny and Lord & Taylor, announced they were closing up shop. The moves will reportedly affect more than 100 employees.

WRS Inc. closed on the property last week, buying the mall's 400,000-square-foot building on a 47-acre site, according to WBJ.

In an interview with Patch, Lonergan said the developer bought everything except the anchor department stores. Those stores, like Macy's and JCPenny, own their buildings.

Lonergan tells Patch he isn't sure what WRS Inc. plans on doing with Lakeforest Mall, but is "looking forward to working" with the group.