This week brought some alarming news for the local retail scene: Unibail-Rodamco-Westfield, owner of Westfield Montgomery and Westfield Wheaton malls, has defaulted on its loan for the Wheaton property. According to the Washington Business Journal, the Paris-based firm has failed to pay $234.6 million in secured debt and is now weighing options to sell, foreclose or refinance Westfield Wheaton. So what does all this mean for Westfield Montgomery? It’s tough to say. URW has sold off many of its U.S. malls over the past few years, but the company also has publicly declared its intention hold onto this one. In fact, its $350 million loan for Westfield Montgomery was recently extended. However, longtime plans for the mall’s redevelopment appear to have fallen apart. More on that here.
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The population around Wheaton has changed dramatically from middle class Caucasian families to nearly all Hispanic or African new immigrants that are lower socioeconomic groups. Malls are not their culture.