A popular North Texas mall has been pulled from auction and saved from foreclosure.
As first reported in the Dallas Business Journal, Brookfield Properties, the owner of Town East Mall in Mesquite, was facing foreclosure on a nearly $160.3 million loan. The property was listed to appear in a foreclosure auction in a Dallas court in early June.
In a statement to 四虎影院, Brookfield properties spokesperson Lindsay Kahn said they have 鈥渞esolved the situation with the loan and the foreclosure will be pulled before next week.
鈥淲e will continue to own and operate the asset for the foreseeable future,鈥� she said.
Mesquite City Manager Cliff Keheley said he and the city have been in communication with Brookfield and were not worried about the situation.
鈥淚t's just something that they had to go through with their loan service provider,鈥� he said. 鈥淭hey felt it was kind of a routine matter, and I believe with our relationship that if there were anything to be really concerned about, we would have.鈥�
Keheley said the near-foreclosure will not affect the upcoming plans the mall has underway.
鈥淚 think we can assure everyone that the mall is close to 90% occupancy with their tenants, which is great in the retail sector these days,鈥� he said.
Recently, the council voted to bring Main Event into the former Sears site, which has been vacant since the anchor store closed in 2021. The entertainment venue is expected to bring at least 200 new jobs to the area, and would occupy the first floor, which is 58,000 square feet.
鈥淲hile other malls may be withering and kind of going away, this mall is adding a really important catalyst, another anchor,鈥� Council Member Jeff Casper said at a May 5 council meeting.
Earlier this year the council approved a tax incentive to keep the Macy鈥檚 anchor store at Town East for at least five more years. Brookfield would conduct $250,000 in repairs and maintenance, with improvements to things such landscaping and lighting.
Keheley said there will be more updates announced in the coming months.
Priscilla Rice is 四虎影院鈥檚 communities reporter. Got a tip? Email her at price@kera.org.
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