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Atlanta's Malls Have A Case of the Foreclosures

Those who say Atlanta's been "over-malled" may be on to something. Union Station's dramatic downfall was well documented in 2010, and now two other malls on opposite sides of town are drawing attention for all the wrong reasons. One's Gwinnett Place, the other is Southlake. Gwinnett Place (the county's first when it opened in 1984) saw its well-being damaged by the opening of the mega Mall of Georgia. It went into foreclosure last month and was scooped up by C-III Asset Management, which in turn has intentions of selling. The same company is a "special servicer" for Southlake's troubled loan; there's a good chance that the mall will also go into foreclosure. While complete overhauls of Gwinnett Place pop up every now and then, it doesn't look like improvements are coming anytime soon. By no means are metro Atlanta's dying retail giants alone: 72 malls have foreclosed nationally since 2008.

· Mall woes: Gwinnett Place changes hands, Southlake troubled [AJC]