Southlake Mall in Morrow and Gwinnett Place Mall at I-85 and Pleasant Hill Road are among the local malls that tumbled into foreclosure. The loan on South DeKalb’s Mall at Stonecrest was transferred to a workout firm earlier this year.
Sugarloaf Mills opened as Discover Mills in 2001 and its key tenants include Bass Pro Shops, Burlington Coat Factory and AMC Theatres. It’s not a typical indoor mall, skewing heavily toward outlets.
Sugarloaf Mills had an occupancy rate of 83 percent — well under the mid-90s average for malls metrowide — with key leases nearing renewal, according to Commercial Real Estate Direct, which cited data from Morningstar Credit Ratings.
The loan is part of a commercial mortgage backed security that contained loans on commercial properties nationwide. Among them: Atlanta’s tallest skyscraper, Bank of America Plaza, which tumbled into foreclosure last year.