CHARLOTTE, N.C. (QUEEN CITY NEWS) — Northlake Mall officially has new ownership six weeks after a judge approval the sale.
Hull Property Group announced its acquisition Tuesday of the north Charlotte mall from Spinoso Real Estate Group. The Georgia-based company now owns six enclosed malls in North Carolina, including Carolina Mall in Concord, and 35 across the country.
“Hull Property Group’s goal is to be an integral part of this wonderful area of Charlotte as there is no bad property, just absent ownership,” said company owner Jim Hull in a statement. “Northlake Mall has an excellent location with great regional circulation and access. Hull Property Group is excited about what can be accomplished at Northlake Mall by engaging community stakeholders to ensure long-term success.”
The $39 million sale required judge approval, which was granted Jan. 31. The price is a stark difference from Northlake’s previous sale in 2014, $248 million.
The mall has been the scene of several shooting and has experienced a mass exodus of major retailers since 2020. Two of the victims’ lawyers filed a motion to stop the sale, claiming it would affect their ability to recover any judgement in a lawsuit against the mall.
Hull representatives say they hope to attract fitness centers, locally owned coffee shops, restaurants and boutiques to the mall.
With more than 50 years of experience in retail real estate, Hull Property Group specializes in acquiring and revitalizing underperforming enclosed malls with an eye toward serving a regional footprint.
The area around the mall, convenient to Interstates 77 and 485, has seen a flurry of apartment developments in recent years. The Long Creek/Dixon Branch Greenway also was constructed across Northlake Centre Parkway next to Target.
“The challenges facing Northlake Mall did not arise overnight, and they won’t be solved overnight. Malls nationwide are adapting to shifts in retail, including evolving shopping habits, the growth of e-commerce, and an oversupply of retail space and Northlake Mall is no exception,” said John Mulherin, Hull’s vice president of Government Relations. “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.”
