One of the largest malls in Maryland is facing an uncertain future right now. The company that owns Westfield Mall in Wheaton just defaulted on a loan worth hundreds of millions of dollars.
It’s a first step that means Westfield could be using it as a negotiating tactic, or, the company wants to get rid of the mall altogether. And it’s not surprising, traditional malls have been struggling for years.
“It is tough on the community but at the same time it presents this opportunity for redevelopment,” said John Carroll, Head of Advisory with Coresight Research. “That’s the other big trend coming along here. If this isn’t the mall the way it used to be, with shops I don’t care to go into, then what can it turn into?”
Westfield just defaulted on a $235 million loan tied to Westfield Wheaton — the biggest mall in suburban Maryland and the fourth-largest in the greater Washington area.
Click here to read the rest of the article written by Homa Bash over at Fox 5 DC
