Business & Tech
White Marsh Mall Sold For $190M Amid Changing Retail Scene: Reports
The White Marsh Mall was sold for $190 million, reports said. The NY-based buyer is recruiting new tenants amid the changing retail scene.
NOTTINGHAM, MD — The White Marsh Mall has a new owner, multiple reports said.
An entity of Spinoso Real Estate Group acquired the mall from Brookfield Properties for $190 million in October, the Baltimore Business Journal reported Tuesday. CoStar News, The Baltimore Sun and The Baltimore Banner later followed with their own stories.
Opened in 1981 and renovated in 2012, the White Marsh Mall spans 1.2 million square feet in Nottingham. Anchor stores include Boscov's, JCPenney and Macy's. Other popular retailers include The Children's Place, American Eagle, Forever 21, H&M, Justice, Lane Bryant and Pink.
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Plans were previously floated to build hundreds of luxury apartments on 13 acres of mall land to replace a closed Sears, the Business Journal said.
Baltimore County Council Member David Marks (R-Upper Falls) said Tuesday that the mall would not be closed and replaced with upscale housing.
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"There are no plans to close the mall or convert it to 'luxury condominiums,'" Marks said on Facebook. "Spinoso has a history of mall ownership and management."
The Sun reported that Spinoso was appointed receiver of the mall in January 2023. A receivership is a court-appointed tool to help lenders recover money they're owed, Investopedia said. It can help restructuring companies avoid bankruptcy. The receiver acts like a trustee managing the property.
Spinoso said it has been appointed receiver of 35 malls in 26 states, including Maryland.
Based in Syracuse, New York, Spinoso has already started updating the tenant mix at White Marsh Mall.
Spinoso signed on the Browbar salon in September and The Original Pancake House in August, though construction is still ongoing at the breakfast restaurant.
The Original Pancake House will replace Red Robin. WMAR said Red Robin and The Greene Turtle both closed their restaurants, which had exterior and food court entrances, by late 2023.
Spinoso has since announced the addition of forthcoming restaurants Pollo Campero, Kanji Sushi and Lula Maes Gardin.
Spinoso hasn't responded to Patch's request for comment. Patch could not get in touch with a Brookfield spokesperson.
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