The foreclosure doesn’t mean the 47-year-old mall, the second-oldest of the Twin Cities’ “Dales,” is closing. Brookdale’s struggles began well before the retail market meltdown, and its problems have worsened since then. Sears is its sole remaining anchor. In the last couple of years Macy’s, Barnes & Noble and Mervyn’s have all closed their stores. The mall also has lost other key tenants, such as Steve & Barry’s. Almost 60 percent of its space is vacant, according to recent figures from NorthMarq.
The mortgage on Brookdale has been held by three lenders — Capmark Finance, Urban Development Fund II LLC and Paramount Community Development Fund LLC. The lenders subsequently assigned their interests in the mortgage to Brookdale Mall HH LLC, a business entity incorporated in Delaware.
Susan Feyder • 612-673-1723