$39M Northlake Mall sale finalized. New owner emphasizes ‘redevelopment tactics’

After nearly four years of uncertainty, financially struggling Northlake Mall in north Charlotte finally has a new owner.

Hull Property Group closed on the sale of its sixth enclosed mall on Tuesday, the Augusta, Georgia-based real estate firm said in a news release. Hull Property Group also owns Carolina Mall in Concord and Cleveland Mall in Shelby.

The two-story, 1.1-million-square-foot mall fell into receivership in 2021 after failing to pay its debts. In January, N.C. Business Court Special Superior Court Judge Adam Conrad approved the proposed $39 million sale.

The mall also has struggled with safety concerns.

In 2023, Spinoso Real Estate Group, which has maintained and operated the mall as receiver, increased security measures following several shootings at Northlake Mall. That year, Spinoso also sued some tenants like American Eagle for leaving.

Spinoso officials did not immediately respond for comment Wednesday.

What’s next for Northlake Mall

“The challenges facing Northlake Mall did not arise overnight, and they won’t be solved overnight,” John Mulherin, vice president of government relations for Hull Property Group said in a statement.

Hull Property Group “recognizes the need for creative solutions and flexible redevelopment tactics to once again make Northlake Mall relevant to the entire Charlotte community,” Mulherin said.

The company specializes in acquiring and revitalizing underperforming enclosed malls, according to the firm.

The new owner’s goal is to be an “integral part of this wonderful area of Charlotte as there is no bad property, just absent ownership,” Hull Property Group founder Jim Hull said in a statement.

Northlake Mall could attract new tenants like gyms, metabolic health and wellness initiatives, and locally owned coffee shops, restaurants and boutiques, Hull Property spokesperson Carsen Palacz said.

“Malls nationwide are adapting to shifts in retail, including evolving shopping habits, the growth of e-commerce, and an oversupply of retail space,” Mulherin said.

Hull Property officials did not immediately respond for comment Wednesday.

Northlake’s financial struggles

The mall opened in 2005 and was sold nearly a decade later for $248 million to investment firm Starwood Capital Group.

Starwood Capital Group defaulted on a loan tied to four malls, including Northlake, for nearly $647 million.

In 2021, Spinoso of Syracuse, New York, was named receiver.

Spinoso prepared the mall for sale listing it for sale in October through real estate firm JLL. The mall was marketed to 11,344 potential buyers and real estate contacts, and generated more than 54 potential buyers signed confidentiality agreements to further review a potential deal.

More about Hull Property Group

Hull founded Hull Property Group in 1977. It’s one of the largest privately-owned retail real estate companies in the U.S., according to the company’s website.

Along with regional malls, Hull Property also operates 10 shopping centers, including Albemarle Crossing in North Carolina.

More about Northlake Mall

Northlake Mall is off Harris Boulevard near Interstate 77 in north Charlotte.

In 2005, Taubman Center Inc. opened Northlake Mall. Starwood Capital investment bought the mall for $248 million in 2014.

Northlake Mall sits on nearly 56 acres. Its last tax appraised value in 2024 was for $91.5 million, Mecklenburg County property records show. The building is the majority of the value at $77.8 million.

Stores at the mall include Dillard’s, Macy’s, Belk Outlet and AMC movie theater. Many small, locally owned shops also operate at the mall.

The last county reevaluation in March 2023 for Northlake Mall was $134 million, property records show.

This is a developing story.

This story was originally published March 5, 2025 at 9:39 AM.