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Discover Mills Mall Owners Miss Balloon Payment

Simon Properties reportedly missed payment on a $135 million loan.

More troubles for Gwinnett County malls. Analytics firm Trepp reports Simon Property Group missed a balloon payment on . The company has a $135 million loan on the 1.2 million square foot mall which was built in 2001.

According to Trepp, Simon has "found it challenging to land take-out financing" on the mall, which has leases for anchor stores about to expire or recently expired. ' lease was up in November while , and ' leases all expire in January 2012. 

The mall has an occupancy rate of 79 percent as of the third quarter.

Earlier this month, on the financial woes Simon Property Group is facing with Gwinnett Place Mall

Indiana based Simon Property group also owns the Mall of Georgia in Buford.

Courtney December 24, 2011 at 12:29 AM
Gwinnett Place is a nice building. But Simon made bad decision after bad decision to scare away all the consumers who could actually buy anything. Now they are doing the same to Discover and Mall of Georgia. Simon is a disease.
A January 26, 2012 at 02:09 AM
Gwinnett County has 4 malls in a very short distance from each other, outside all the strip mall we have. People dont have that extra funds like we once did back on the early 2000's. Gwinnett Place Mall had the opportunity to be purchase from some investors from the West Coast to turn into high rise condo and a Altantic Station in Gwinnett County, but the County turn that purposal down, So look know we have 3 dying Malls. Santa Fe Mall/ Gwinnett Place Mall/ Discovery Mill Mall.
Financial Mgr January 27, 2012 at 07:16 PM
Dont Be surprised if the only mall in Gwinnett County by the end of the year(2012) is Mall of GA. The 3 other malls just can't continue to handle the financial debt that continues to get deeper and deeper.
Greg March 17, 2012 at 06:23 PM
Discover Mills is dead except for people that go there to walk. The Kiosk people harass you. Security is a joke. Doors in restrooms don't have latches, sinks don't work. guess what no money is being spent on maintaining this mall, time to close.
Bob Dobolina July 10, 2012 at 01:38 PM
If only Gwinnett County had a few stores where I could purchase massively oversized, airbrushed Scarface t-shirts.... Sigh.

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