A bumpy road for some metro malls

Business

South metro icon Southlake Mall joins other Atlanta-area malls that have gone through tough times.

Clayton County's Southlake Mall in Clayton County was taken back in foreclosure on behalf of the lender, according to a real estate professional present at the county courthouse auction Tuesday.

Southlake is the latest in a string of troubled suburban shopping centers whose owners have had trouble with financing. Others in metro Atlanta include Duluth's Gwinnett Place Mall, which foreclosed last year.

Located near the DeKalb-Rockdale county line, the Mall at Stonecrest's loan was referred to a “special servicer," a workout firm that tries to fix troubled commercial mortgages.

South Fulton County's Union Station Mall, once called Shannon Mall, was foreclosed after years of distress and currently stands vacant.

The Lawrenceville mall originally named Discover Mills also was rebranded. The loan on what's now known as Sugarloaf Mills fell into trouble but the mortgage was restructured, preventing a foreclosure.

Located near the DeKalb-Rockdale county line, the Mall at Stonecrest would be the centerpiece of the proposed city bearing the same name.

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Clayton County's Southlake Mall in Clayton County was taken back in foreclosure on behalf of the lender, according to a real estate professional present at the county courthouse auction Tuesday.

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