Receiver Named for Gwinnett Place
McKinley, an Ann Arbor, MI-based company, appointed the receiver for distressed Gwinnett Place Mall in Duluth.
McKinley, an Ann Arbor, MI-based company, has been appointed the receiver for distressed Gwinnett Place Mall in Duluth, according to Atlanta citybizlist.
Indiana-based Simon Property Group, former owner of the 1.285 million-square-foot mall, disposed of its interest in the shopping center earlier this year.
A $115-million loan on the property that matures this summer was transferred to a servicer that specializes in troubled loans last December.
Competition from nearby newer malls and changing demographics have economically impacted Gwinnett Place Mall, which opened in 1984. Gwinnett Place has reportedly lost stores and shoppers to Mall of Georgia in Buford and Discover Mills in Lawrenceville, both owned by Simon. Also, since Gwinnett Place opened, Gwinnett County’s foreign-born population has increased.
As the receiver, McKinley, a real estate investment, asset management and property management firm, will try to lead the Gwinnett Place into economic recovery.