Partridge Creek Mall was originally developed by Taubman and opened to a lot of fanfare in 2007. Designed to be an upscale outdoor shopping experience that was dog-friendly, a Nordstrom and a Parisian anchored it. Fast forward to 2014, the mall was sold at the height of the market.

Now the once vaunted shopping malls you often found these chains inside of are getting hit hard as well. Drive to your local mallFairlane Town Center once owned by mall company Starwood just handed the keys over to the bank. “Without department stores malls are threatened. He says over the years department stores eroded because of specialty brands starting stores, then outlets, then the big box stores took over hardware and furniture. One of the things Bieri does warn about shopping malls is the fact they are going to need massive amounts of investment to keep strong.

STERLING HEIGHTS, Mich. – Out of the Box Ventures, the company that bought Lakeside Mall last year, announced that it will be reducing rent for tenants during the coronavirus (COVID-19) pandemic. Their success is our success,” said Ophir Sternberg, founder and CEO of Out of Box. This rent reduction is not a loan or promissory note, but rather a partial rent forgiveness. RELATED: Michigan mall owner Taubman requires tenants to pay rent amid closures“We have committed to solely cover our costs, charge tenants the minimum rent possible, and pass along any additional savings that may be available from public or private entities,” Sternberg said. It also owns properties across the country.