Northlake Mall owners considering sale: Report

CHARLOTTE, N.C. ( QUEEN CITY NEWS ) – Northlake Mall may be up for sale soon, according to Charlotte Business Journal .

CBJ reports CMBS documents from August show property manager Spinoso Real Estate Group is in the process of finding a broker to list and sell the 1.1 million-square-foot piece of real estate.

Representatives for Spinoso did not respond to requests for comment.

The future of Northlake Mall has been precarious for several years. The financial hit of the pandemic, large stores leaving the area, and a string of shootings have contributed to the uncertainty of business.

Spinoso has been the property’s receiver since 2021 after ownership group Starwood Capital allegedly failed to make debt payments.

According to North Carolina Business Court documents, discussions about possible selling or restructuring were paused until parties could take stock of the impact of COVID-19 on the mall.

At that time, the property was valued just under $150 million. As of 2023, Mecklenburg County assessors said it was around $134 million.

The company had been in legal battles with former tenants, such as American Eagle Outfitters, White House Black Market, and Michael Kors for closing their doors before their lease ended.

American Eagle Outfitters countersued, arguing the managers did not do enough to provide a safe environment and Northlake Mall was “reminiscent of a war zone.”

Police responded to three shootings at the shopping center in a span of 75 days between December 2022 and February 2023.

Leaders enacted a youth supervision policy , requiring those under age 18 to be accompanied by an adult on Friday and Saturday nights. More stores have since moved into the complex.

Belk executives announced the first Belk Outlet will open at Northlake Mall in September .

The mall is reportedly 84% occupied. The national average is about 96.9% occupancy.

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