One of north Mississippi’s largest shopping centers is undergoing foreclosure after its owner failed to pay a loan.
The Mall at Barnes Crossing is estimated to attract as many as 10 million visitors per year. Though it will not close, the mall will soon undergo a change in ownership.
According to the Daily Journal, Brookfield Properties, a holding company with more than 130 malls under its name, recently defaulted on a non-recourse loan, allowing the lender to commandeer the property as collateral.
The 64 acres of land that the Tupelo mall sits on faces foreclosure as well, which includes retail outlets such as Old Navy and Shoe Station.
The Mall at Barnes Crossing’s general manager, Jeff Snyder, took to social media to assuage concerns from shoppers that the mall would be significantly affected.
“Ownership will change, with the new owners concentrating on the success of Barnes Crossing and the Northeast Mississippi retail market,” Snyder wrote in the post. “While this short-term process isn’t pleasant, we see much better things on the horizon. Please be aware of information to the contrary of this statement.”
Other leaders emphasized the health of the mall and the overall retail market in Tupelo. Recent data says the shopping center has long held above a 90% occupancy rate.
The properties will go up for auction on Thursday, June 26, at the Lee County Justice Center.
