On the heels of the closing of Southfield's Northland Center, one of the oldest indoor malls in the U.S., Sherri Welch of Crain's Detroit Business is reporting that the management group of Harper Woods' Eastland Mall has missed a payment on a $37.43 million loan tied to the property.
In the wake of Sears pulling out of Eastland in 2012, the mall is at just over 75 percent occupancy, well below the 90 percent that is deemed healthy for a shopping center of East Land's size.
Read more in
Crain's Detroit Business.
In the coming weeks, Metromode will look into how metro Detroit communities are dealing with the loss of major retail anchors and examine innovative models for repurposing vacant shopping malls from around the country.
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