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major overhaul is underway for White Marsh Mall in Baltimore's suburbs after a $190 million purchase by Spinoso Real Estate Group, just in time for Black Friday. The 1.2 million-square-foot mall was acquired from Brookfield Properties, which had owned it since 2018 but struggled with debt tied to the property.

    The mall's financial woes date back to 2013, when it secured two commercial mortgage-backed securities loans with original maturity dates of late spring 2021. Although the maturity dates were pushed to May 2027, outstanding debt still totals $187 million. Brookfield declined to comment on the sale, while Spinoso representatives did not respond.

    Despite challenges facing brick-and-mortar stores nationwide, White Marsh's new ownership and recent trends suggest a promising future for the 43-year-old mall. This past Labor Day weekend saw a 56% jump in pedestrian traffic compared to 2019, and indoor shopping malls experienced a nearly 300% boost in sales on Black Friday 2023 compared to an average day that year.

    However, thousands of stores have closed this year due to online buying habits and higher prices. As of early November, store closures had risen 60% year-over-year, marking the highest levels since 2020 during the pandemic, according to Coresight Research.