Southridge Mall Foreclosure: Milwaukee County Court Approves Sale of Simon-Affiliated Mall to Receiver-Linked Buyer Assuming $101.9M Loan

On October 6, 2026, a Milwaukee County Circuit Court judge entered an order approving the sale of Southridge Mall in Greendale, Wisconsin. The sale ends a CMBS foreclosure that began in December 2020. The 560,000-square-foot mall core is going from a Simon Property Group affiliate to Southridge Mall Member LLC, a newly formed buyer tied to the court-appointed receiver. The buyer will assume the mall's $101.9 million loan and pay $7 million in cash.

Why it matters

The case shows how long a contested regional-mall foreclosure can take: almost six years from complaint to an approved sale, even after the borrower agreed to a foreclosure judgment in 2021. The structure is also notable. A receiver's affiliate buys the asset by assuming the securitized debt instead of the lender taking title or holding an open auction, which gives CMBS holders and special servicers a model for exiting long-stalled retail loans.

Case timeline · 5 entries Latest: October 6, 2026 — Milwaukee County Circuit Court enters order approving the sale to Southridge Mall Member LLC

Other matters involving Simon Property Group Inc.

• Sanders v. Simon Property Group, L.P. (The Galleria Houston Parking-Garage Shooting Negligent-Security Suit)September 3, 2026 · Filed
• Stewart v. Simon Property Group, L.P. (Greenwood Park Mall Shooting Negligent-Security Suit)January 15, 2026 · On Appeal
• Oak Land and Development LLC v. Simon Property Group Inc. (Penn Square Mall Antitrust Tying Suit)December 3, 2025 · Pending

More lending & foreclosure matters

• Computershare Trust (BMO 2024-5C5) v. Starwood Mortgage Capital: $46.85M CMBS Loan Repurchase Suit Removed to Federal Court Over Undisclosed Senior LienOctober 9, 2026 · Pending
• Wilmington Trust v. Stradtman Park, LLC: Fourth Department Upholds Trial Court's Cut to CMBS Special Servicer's Foreclosure Fees and InterestOctober 9, 2026 · Ruling Issued
• Deutsche Bank National Trust Co. v. Pembroke Lakes Mall LLC (CMBS Foreclosure & Receivership)October 8, 2026 · Filed
• In re Travis Property Owner LLC: Owner of 354-Unit The Travis Apartments Near Frisco Files Chapter 11 With ACORE as CreditorOctober 6, 2026 · Filed
• In re Southbridge Associates LLC: Wellsworth Hotel Owner Files Chapter 11 a Day Before Lender's Foreclosure AuctionOctober 6, 2026 · Filed

Other matters in Wisconsin

• Waukesha State Bank v. 225 East Michigan Street LLC ($6.7M Mackie Building Foreclosure)August 3, 2026 · Filed
• Fox Investments LLC v. City of Kaukauna (Wisconsin Direct-Action Contamination Cost-Recovery Suit)July 23, 2026 · Filed
• C.D. Smith Construction, Inc. v. The Edison SPE LLC (Milwaukee Mass-Timber Tower Construction-Lien Foreclosure)June 29, 2026 · Ruling Issued

Recently added

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• Computershare Trust (BMO 2024-5C5) v. Starwood Mortgage Capital: $46.85M CMBS Loan Repurchase Suit Removed to Federal Court Over Undisclosed Senior LienOctober 9, 2026 · Pending
• 5 Beekman Property Owner, LLC v. Henick-Lane, Inc.: Owner Ordered to Return $850,000 Insurer Paid on a Settlement That Never ClosedOctober 6, 2026 · Ruling Issued
• H. Roske & Associates LLP v. ESRT Empire State Building LLC: First Department Enforces Tenant's Waiver of Constructive EvictionOctober 6, 2026 · Ruling Issued
• Long Street Associates, LLP v. YMCA of Central Ohio: Ohio Appeals Court Upholds Tenant's Lease Termination Over $1.04M Build-Out BudgetOctober 6, 2026 · Ruling Issued

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