As of Wednesday, October 9, 2013
© Copyright 2013
Gwinnett Daily Post
File Photo — Sugarloaf Mills Mall
LAWRENCEVILLE — A second Gwinnett mall is facing changes due to debt.
Sugarloaf Mills, operated by Simon Property Group, has been transferred to mortgage servicing after facing a maturity default on its $130 million mortgage, the Atlanta Business Chronice reported.
The outlet mall, which opened in 2001 in Lawrenceville under the name Discover Mills, is home to Bass Pro Shop, Burlington Coat Factory and Medieval Times, among other stores, restaurants and venues.
According to the Atlanta Business Chronicle report, the mall’s mortgage was transferred to CWCapital Asset Management earlier this month.
That makes the mall the second in Gwinnett to go into mortgage servicing, after Gwinnett Place Mall went into foreclosure last year. The Duluth-area mall, which was also owned by Simon Property Group at the time, never closed but was placed into the hands of a mortgage servicer last year.
A message left with a Simon spokesman was not immediately returned.