Like many malls nationwide, the Town East Mall in Mesquite is suffering the effects of age. It opened in 1971, and it was starting to appear like foreclosure was in its future. Brookfield Properties owed $160.3 million on a loan that was facing a foreclosure proceeding. The Dallas Business Journal reports that the issue has been resolved for now.
The property spans about 1.2 million square feet and is home to tenants including Dillard’s, JCPenney and Dick’s Sporting Goods.
The Mesquite City Council recently approved a rezoning that would help repurpose a long-empty Sears space into a Main Event entertainment center. The 58,000-square-foot facility is expected to include escape rooms, bowling alleys and arcade games.
In March, the council granted Brookfield an incentives agreement to retain Macy’s as an anchor tenant for at least five years and up to 10 years. Macy’s is also required to attain a minimum of $15 million in annual sales to qualify for a 1% tax rebate. The deal also requires the store to remain a Macy’s retail store.
The post Mesquite Mall Owner Dodges Foreclosure appeared first on Connect CRE.
​Â
