Burnsville Center Mall Set To Go Into Foreclosure

BURNSVILLE, MN — Burnsville Center, which serves as a major retail hub for the south metro, is set to go into foreclosure. CBL Properties, which owns the mall but owes $64.5 million in loans on the property, made the announcement this month in its report for the second quarter of 2020.

A spokesperson for the Tennessee-based company told Patch that "customers can continue to expect business as usual at the property."

CBL Properties' revenue was significantly impacted by the coronavirus-related shutdowns across the United States earlier this spring.

"Our financial and operating results for the second quarter reflect the temporary closure of the CBL portfolio for a significant period due to government mandates," Stephen Lebovitz, Chief Executive Officer for CBL, said in a release.

"Revenues for the quarter were impacted by a major increase in the estimate for uncollectible revenues related to rents due from tenants that recently filed for bankruptcy or are struggling financially, as well as amounts that were abated as part of negotiations. Store closures and rent loss from prior tenant bankruptcies and lower percentage rent related to lower retail sales also impacted revenues."

Lebovitz added that the pandemic "accelerated a number of tenant bankruptcies, resulting in an expectation of additional store closures and lost rent through the remainder of the year."