Northlake Mall Charlotte Manager Appointed

0
32

[ad_1]

Court documents show that the future of Northlake Mall, one of Charlotte’s largest shopping malls, remains unclear after a manager was appointed due to non-payment of debts.

TM Northlake Mall, LP, defaulted on a real estate loan in November 2019 and failed to pay rent pursuant to a recipient assignment consent order filed last month by Wilmington Trust in Mecklenburg County Court. ТМ Northlake Mall is a part of Starwood Capital Group, which acquired the shopping center in 2014.

The documents do not indicate how much is due for rent.

According to court documents, Wilmington Trust has appointed Spinoso Real Estate Group as the managing director for Northlake Mall on behalf of mortgage lender Wells Fargo.

According to the lawsuit, the recipient is required to manage, protect, maintain and operate the property and collect rent. Spinoso, based in Syracuse, New York, may also “advertise and solicit offers to buy property and other assets from a borrower,” according to court documents.

Three other malls owned by Starwood in Florida, Michigan and Virginia, as well as Northlake, reported $ 725 million in loans in the fall of 2014, according to documents.

Spinoso officials and Wilmington Trust lawyers did not respond to comments. Starwood Capital Group could not be reached for comment.

Northlake Mall.jpg
Northlake Shopping Center at 10325 Perimeter Pkwy. in Charlotte opens on Monday, May 18, after closing almost two months earlier due to the novel coronavirus pandemic. Adam Bell Observer Photo File

Northlake’s story

Northlake Mall is a 1.1 million square foot two-story mall in North Charlotte. It opened in 2005.

Starwood Capital, a private international investment company, bought a mall in 2014 from the original owner of Taubman Center Inc. The purchase price was $ 248 million, Mecklenburg County property records show.

Three years ago, Starwood postponed $ 50 million project this would add over 200,000 square feet on an 11 acre site adjacent to the mall entrance. The company said it needs to rethink its plan as “retail continues to evolve.”

Fighting retail

Northlake Mall has faced other hurdles in recent years.

The mall lost an anchor tenant this year when Dick’s sporting goods store moved to Simon Concord Mills, which opened there in February.

As with other local malls including Concord Mills and Carolina Place, there were closing stores during the coronavirus pandemic, including Lane Bryant.

Ian Kniffen, a retail consultant and former retail executive, expected 33% of America’s malls to close by 2030, but said CNBC This month, he believes, it will happen by next year, exacerbated by uncertainty over expected store closings, accelerated by the pandemic.

Northlake Mall has more than 140 retailers and restaurants including Apple, Dillard’s, Macy’s, Belk and the AMC 14-screen cinema. But many shops remain closed, and the list of malls 115 shops in total and restaurants in its catalog.

Security incidents

In addition to financial problems, Northlake Mall also faced security considerations in the old days.

The mall was most incidents from 2016 to 2019 compared to other Charlotte malls with 1,700 non-violent crimes and 17 violent crimes, as previously reported by the Observer.

The most recent incident in March was a shooting in a shopping center. BUT the minor was charged with attempted murder.

Charlotte Observer Stories

Catherine Mucchigrosso is a retail reporter for The Charlotte Observer. An award-winning journalist, she has worked for several newspapers and for McClatchy for over a decade.



[ad_2]

Source link