$39M deal in place for sale of struggling Northlake Mall. Here’s what has to happen next

Charlotte’s financially struggling Northlake Mall is finally on the brink of being sold after years of uncertainty.

Together, three Georgia limited liability companies all under Hull Property Group were “the highest and best offer for the property,” according to Spinoso Real Estate Group, the mall’s receiver. Spinoso filed a motion to approve the sale in North Carolina Business Court.

A “purchase and sale agreement” with the buyer for $39 million was signed Jan. 7, according to court filings. The parties now need the court to sign off. The mall had opened in 2005 and was sold a decade later for $248 million.

But the two-story, 1.1-million-square-foot mall fell into receivership in 2021 after failing to pay its debts. Spinoso, of Syracuse, New York, has maintained and operated the mall, and collects rent.

The north Charlotte mall’s sale has been dealt several blows following high-profile incidents leading to safety concerns and a swath of store closings like Apple and Buckle. Spinoso officials added and increased several security measures and sued some tenants like American Eagle for leaving.

5,700 prospective buyers checked out Northlake Mall

Real estate firm JLL conducted three rounds of sealed bids, according to the Jan. 8 court filings. All told, 5,699 prospective purchasers viewed JLL’s offering materials and more than 54 potential buyers “executed confidentiality agreements to further review a potential purchase.”

The sale and transfer of the property should be “free and clear of liens,” receiver Melanie Raubach of Hamilton, Stephens, Steele and Martin, said in court filings.

And the property is being sold “as-is.”

A motion to shorten the notice and objection period was approved Jan. 10 by Special Superior Court Judge Adam Conrad. All responses and objections to approve the sale must be filed by 5 p.m. Jan. 22.

Officials with Spinoso and Hull Property Group did not respond to requests for comment Wednesday from The Charlotte Observer.

More about Northlake Mall

Northlake Mall, which sits off Harris Boulevard near Interstate 77, opened in 2005 by owner Taubman Center Inc. In 2014, Starwood Capital investment bought the complex for $248 million.

Northlake covers 120 acres, according to JLL’s property listing. Stores at the mall include Dillard’s, Macy’s, Belk Outlet and AMC movie theater.

But even as some national retailers abandoned the site, others saw opportunity. Northlake experienced an influx of locally-owned small businesses, many of which are owned by Black entrepreneurs.

“It’s an opportunity to be exposed to people you may not have otherwise,” LaToya Evans, who opened Charlotte’s Nails at Northlake in November 2023, told The Charlotte Observer last March.

Hoping that new owner brings change

For Juicy Body Goddess owner Summer Lucille, the mall’s uncertain direction has been a source of frustration since moving into Northlake two years ago. She said she is paying four times the rent of her previous Charlotte location and expected an increase in foot traffic being surrounded by big box retailers.

But that hasn’t happened.

“You can’t fill a mall with just small business owners. That’s what they’ve been doing for the last year or two and it’s not working,” Lucille told The Charlotte Observer Wednesday. “I hope the owner is someone who has a great line of history bringing back properties, making malls alive again.”

Northlake’s No Grease! franchise owner Edmund Washington said he’s looking forward to a new owner.

“The mall’s been in receivership for years and that hanging over the mall’s head I think is a negative,” he said. “To have a potential buyer that thinks the property is something worth acquiring is a positive thing.

“Northlake,” Washington added, “is a beautiful mall.”

About Hull Property Group

Northlake’s potential new owner, Hull Property Group, was founded in 1977 by James M. Hull and is one of the largest privately-owned retail real estate companies in the U.S., according to the company’s website.

Based in Augusta, Georgia, Hull Property Group operates 27 mall properties in 17 states, including Regency Mall in Racine, Wisconsin, according to the company’s website.

The group operates 10 shopping centers, including Albemarle Crossing in North Carolina. The company also has been tied to development of shopping centers and parcel properties in the Charlotte region, like AMC Theatres in Shelby and Staples in Concord.

Hull Property Group has revitalized shopping center properties by working with local leaders and fostering community relations, the company said when it acquired Muncie Mall in Muncie, Indiana, for $32 million last January.

“We are ready to put in the work and capital to offer an improved shopping experience,” Hull said about Muncie.

Observer staff writer Desiree Mathurin contributed to this report

This story was originally published January 15, 2025 at 3:07 PM.