A foreclosure complaint was filed by U.S. Bank, claiming default of more than $78 million. The complaint was filed against Oaks Mall LLC, owned by Brookfield Properties, which says that amounts due are over $80 million.
The future of the Oaks Mall in Gainesville is in question following the complaint, filed by U.S. Bank in late December 2024. U.S. Bank also filed a motion to place Oaks Mall into receivership, handing the property into the hands of Spinoso Real Estate, and group that specializes in receiverships and has handled 36 other malls.
Brookfield Properties, the owner of the mall, recently sold approximately 8 acres on the south side of the property to Evergreen Westside LLC for $3.8 million. Evergreen is now constructing an apartment complex in the area previously used for mall overflow parking.
Representatives for mall owners have not yet made public statements regarding proceedings.
