WSOC Charlotte

Is Northlake Mall headed for a sale?

By Charlotte Business Journal,

2024-09-04

https://img.particlenews.com/image.php?url=2hFEhQ_0vKu59La00

Northlake Mall’s future is murky as the property appears headed for a potential sale.

ALSO READ: As holiday shopping season approaches, Northlake Mall bouncing back

The property’s special servicer, Wells Fargo & Co., and its receiver, Spinoso Real Estate Group, are currently working to list and sell the mall, according to CMBS loan data from August. “Brokers are being interviewed with the intention to take the asset to market imminently,” recent CMBS documents states.

Northlake owner Starwood Capital Group went into default in 2017, when it missed the mortgage payoff deadline on its $646.6 million loan . That loan includes a portfolio of four Starwood malls, according to loan servicer notes.

Read the full story on CBJ’s website here .

(WATCH BELOW: Potential Northlake Mall sale pushed back)

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LKNC

09-05

I’m sure. It’s very desolate and less welcoming. Feel sorry for the small businesses that are trying to build their economic strength.

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