Visitor traffic at The Oaks Mall surpassed 2024 levels for June through September as new management works to boost the business following a foreclosure complaint issued by U.S. Bank.
The Oaks Mall owed U.S. Bank around $79 million when the bank filed its complaint, and the bank asked the Eighth Judicial Circuit to place the mall into receivership. The court agreed, and The Oaks Mall was placed into receivership in March 2025.
“The appointment of a receiver for the Property is reasonable and necessary for the protection of the assets and the rights of the parties in this case,” General Magistrate Katherine Floyd said in a court filing.
During receivership, a neutral third party is hired to manage a company during foreclosure or bankruptcy proceedings. Spinoso Real Estate Group, recommended by U.S. Bank, was selected as receiver.
The Oaks Mall is owned by Brookfield Properties, one of the largest mall owners in America. But the company has had financial issues. In 2021, the company had its bond status reduced to one rung above junk status, according to the Financial Post.
Spinoso is based in Syracuse, New York, and manages more than 30 malls across the country, including in Lakeland and Wellington.
The court said the receivership will serve the public interest and preserve the mall property pending foreclosure or “other disposition of the property for the benefit of all parties.”
Spinoso now controls the mall, its employees, its tenants and all its financial accounts, and as part of its duties, Spinoso files monthly financial reports about The Oaks Mall.
The reports showed the traffic volumes. From June through September, Spinoso said the mall saw 3.5%, 2.5%, 8.6% and 4.9 % increases over the same months in 2024.
The best month for overall traffic was August, with 391,000 reported visits from 261,000 visitors. The back-to-school season also helped boost sales.
“Traffic levels for The Oaks Mall continue to increase, and the sales reflect the extension of the back-to-school tax free shopping holiday for the entire month of August,” general manager James Dolan said in the report. “The apparel category did extremely well as a result.”
Dolan said the management team would be complete with the hiring of an office coordinator. In the June report, Dolan also announced a new general manager, operations manager and specialty leasing manager.
He said the team was also identifying deferred maintenance needs and developing a new capital improvement plan. The Oaks Mall’s roof was repaired as part of the deferred maintenance, and the team said it was also looking at parking lot improvements.
“Mall Management remains focused on success,” Dolan said.
For revenue, the four months of reports show a combined $2.4 million in net income, but that number sits below the budgeted amount. For the entire year, the mall is also behind its budgeted net income.
Spinoso listed The Oaks Mall’s net income as $5.6 million, $5 million and $4.2 million during 2022, 2023 and 2024, respectively. For 2025, the report shows actual net income as $3.8 million compared to $7.8 million budgeted.
Even during the earlier years, the annual net income doesn’t include capital expenditures or tenant improvements. Those two categories cost the mall $140 million in 2022, according to the reports.
Celebration Pointe, another notable Gainesville shopping center, is also working through financial issues with a series of bankruptcies and lawsuits.