Northlake Mall, which opened in 1971, is one of the few malls from that era still open today. However, like many other malls, it has faced challenges due to the rise of online shopping and the impact of COVID-19. The mall has been hit particularly hard and its current value reflects this struggle.
According to a report by the Charlotte Business Journal, Northlake Mall is expected to sell for only $39 million – a significant decrease from its purchase price over 10 years ago when it was acquired by Starwood Capital Group for $248 million. This decline in value can be attributed to Starwood’s default on their mortgage payment deadline in 2017 for their loan worth $646.6 million. As a result, Northlake Mall went into receivership.
Recently, Spinoso Real Estate Group took over as receiver for Northlake Mall and entered into an agreement with Hull Property Group and Racine Mall as buyers for the property located at 6801 Northlake Mall Drive in north Charlotte spanning over 1 million square feet across two stories. Hull Property Group currently owns malls across sixteen states.
Under this new ownership structure,Hull will take possession of all aspects related to owning and operatingthe mall including structures,businesses,parking lots,easements,and leases.The major anchor tenants at Northlakemall include Macy’s,Belk,Dillards,and AMC Theatres.As partofthepurchase,the name “Northlakemall” may remain unchanged.
