The Oaks Mall, a north central Florida fixture for more than 50 years, has entered an official period of financial decline. Since opening on Aug. 2, 1973, Oaks Mall has served the Gainesville community for generations as a hub for shopping, dining and social gatherings.
Now, with foreclosure looming, the stability of one of the area’s largest indoor malls is threatened. U.S. Bank court documents show that The Oaks Mall is under receivership after its owners at Brookfield Properties failed to fully repay a significant loan taken out in 2012.
The loan was originally for $118 million, and the mall still owes roughly $78 million. The court-appointed receiver, Spinoso Real Estate Group DLS LLC, is managing the property while legal and financial issues are resolved…