Mazza Gallerie to be Auctioned as a Foreclosure

We learned today that Mazza Gallerie in Friendship Heights has been put up for auction as a foreclosure. As first reported by the Washington Business Journal and Bisnow Washington, the owner of the property estimates to have lost around $533 million in revenue due to the current COVID crisis.

Mazza Gallerie, located in Friendship Heights, is technically on the Washington, DC side of town. Currently, the stores in the mall include Neiman Marcus, Saks Fifth Avenue, TJ Maxx, and an AMC movie theatre– most of which are temporarily closed at the moment.  Back in May, Neiman Marcus announced bankruptcy; there is speculation that this is a contributing factor to the current sale of the mall.

Featured photo courtesy of the Mazza Gallerie website.

 

6 Comments on "Mazza Gallerie to be Auctioned as a Foreclosure"

  1. J Bradford Altman | August 11, 2020 at 6:52 pm | Reply

    Saks Fifth Avenue is not in the Mazza Galerie, Mall

  2. Jennifer Harfy | August 12, 2020 at 7:52 am | Reply

    The entire Men’s Department of Saks Fifth Avenue was located at Mazza Gallerie

  3. The lost revenue number is invented out of whole cloth. Are they expecting us to believe that the monthly rent revenues at Mazza Gallerie are $100 million per month? $1.2 billion per year on a 400k sq ft mall would be $3,000 per foot. Um, no.

  4. Mazza Gallerie’s decline started way before Covid. The two previous owners tried to add six floors of condos. A plan that was repeatedly blocked by Neimans. After repeated misleading tenants there was a mass exodus
    William Sonoma, Pottery barn and Pampillonia all left for Bethesda. Other tenants just left sick of the poor management and broken promises

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