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Despite a foreclosure and new ownership, the city remains hopeful about a new and improved downtown.
It’s common knowledge that 2020 was a trying year for retail businesses (to say the least). Burnsville Center was no stranger to those struggles. Numerous vacancies have popped up in the mall for about five years, most notably the closure of Sears in 2017.
Then 2020 came. In August, the mall went into foreclosure; then-owner CBL Properties, a real estate investment trust, cited vacancies and rent reductions as the primary cause of the default. By year’s end, New York-based Kohan Retail Investment Group had purchased the mall.