Lakeshore Mall has sold for $15 million. Here are details

Jeff Gill, The Times, Gainesville, Ga.
·4 min read

Nov. 23—Update: Lakeshore Mall in Gainesville has been sold for $15 million, but the longtime shopping hub's future isn't known yet.

Branch Lakeshore Associates LP of Atlanta bought the property Oct. 27 from Michigan-based Stockbridge Lakeshore LLC, according to a real estate document provided Wednesday, Nov. 23, by Hall County. According to the Georgia Secretary of State's office, Branch Lakeshore Associates was formed Oct. 5.

Other details about the transaction weren't known as of Wednesday.

Tim Evans, vice president of economic development for the Greater Hall Chamber of Commerce, said the buyer is connected to Branch Properties, an Atlanta-based developer "with a retail portfolio."

Branch is planning Limestone Marketplace, a development off Limestone Parkway featuring a 48,387-square-foot grocery store, three 8,400-square-foot restaurants or retail shops and four outparcels varying in size from 1 acre to 1.75 acres, according to the developer's website.

Branch officials couldn't be reached for comment.

Evans wouldn't comment on the transaction, but said Lakeshore Mall "occupies an incredible site with great potential as a regional commercial center. "

Hall County records show that Stockbridge Lakeshore LLC bought the 49-acre site at 150 Pearl Nix Parkway, off Dawsonville Highway/Ga. 53, for $7.1 million in a 2017 auction. The property is valued at $6 million, down from $7.1 million in 2020.

Since the 2017 sale, the 52-year-old, 500,000-square-foot mall went through two major anchor closings — Sears in 2019 and J.C. Penney in 2020. A Firestone Complete Auto Care opened on an outparcel in 2021, replacing one that was torn down in 2013.

The COVID-19 pandemic also took a toll on sales.

"We're struggling, yes, absolutely," said Mahmoud Al-Hadidi, representing mall ownership, in a 2020 interview with The Times. "We have a very good outlook for the future, but at this time, we're going through very rough times."

Gainesville Mayor Sam Couvillon said his hope for the property "would be total redevelopment, that it would be repurposed, leveled and have a multi-use, residential/retail/restaurant component."

He added: "I would love to see a hotel over there."

The mall is in an area that would qualify for a tax allocation district, Couvillon said.

Such a district, commonly referred to as a TAD, involves a public financing of projects in which developers and government work to improve "blighted" areas through projects that elevate property values.

"I think that'll go a long way in helping the redevelopment as well," Couvillon said.

Lakeshore Mall was one of three areas singled out by Gainesville as ripe for redevelopment in an update earlier this year of its comprehensive plan.

The mall "has struggled to find its place in the ever-changing retail landscape," according to the 356-page document approved June 7.

The plan envisions shifting the mall into a mixed-use town center with potential for townhomes, multi-family residences, new commercial buildings and greenway connectivity with Longwood Park. The plan would emphasize commercial buildings pushed closer to Pearl Nix Parkway and Ga. 53, with parking in the rear.

Allison Sinyard of Atlanta-based TSW Architects, which worked with Gainesville on the plan update, said earlier this year, "This was the top area cited by all our stakeholders as the area that they felt needed a lot of attention."

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Previous story: Lakeshore Mall in Gainesville has been sold for $15 million, according to a real estate document provided by Hall County.

Branch Lakeshore Associates LP of Atlanta bought the property Oct. 27 from Michigan-based Stockbridge Lakeshore LLC. According to the Georgia Secretary of State's office, Branch Lakeshore Associates was formed Oct. 5.

Other details about the transaction and the buyer weren't immediately known.

Hall County records show that Stockbridge Lakeshore LLC bought the 49-acre site at 150 Pearl Nix Parkway, off Dawsonville Highway/Ga. 53, for $7.1 million in a 2017 auction. The property is valued at $6 million, down from $7.1 million in 2020.

Since the 2017 sale, the 52-year-old, 500,000-square-foot mall went through two major anchor closings — Sears in 2019 and J.C. Penney in 2020. A Firestone Complete Auto Care opened on an outparcel in 2021, replacing one that was torn down in 2013.

The COVID-19 pandemic also took a toll on sales.

"We're struggling, yes, absolutely," said Mahmoud Al-Hadidi, representing mall ownership, in a 2020 interview with The Times. "We have a very good outlook for the future, but at this time, we're going through very rough times."

This story will be updated.