Lakeforest Mall Sold to South Carolina Retail Developer

Lakeforest Mall in Gaithersburg has been sold to WRS Inc., a South Carolina retail shopping center developer, a Gaithersburg official said Tuesday morning.

Assistant City Manager Tom Lonergan said WRS informed the city of the transfer of ownership.

The troubled mall has faced high vacancy rates, low rents and disinvestments. In June 2018, it became part of Gaithersburg’s enterprise zone, which uses local property and state income tax credits to attract development in underused properties.

Lakeforest opened in 1978.

WRS has been part of developing more than 100 retail projects encompassing more than 10 million square-feet of retail space. Most of their existing projects are in North and South Carolina, Georgia and Florida.

About Douglas Tallman

Reporter with 35 years experience throughout Maryland. Reach me at dtallman@mymcmedia.org or via Twitter at @MCM-Doug

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