Lakeforest Mall on the market

The owners of Lakeforest Mall in Gaithersburg have put the property up for sale after falling behind on loan payments, The Washington Post reported.

The 1 million-square-foot mall is one one of hundreds nationwide that is managed by Simon Property Group, the Indianapolis-based real estate investment trust. General Motors Asset Management, managers of the automaker’s pension plan, are majority owners of the mall and Simon owns a 25 percent stake.

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