Northlake Mall opened in 1971, and like most malls from that era, few are still open at designed. Online shopping and COVID have forced most to reinvent themselves. And few have been hit as hard as Northlake. The Charlotte Business Journal reports the mall is expected to sell for only $39 million; that’s $200 million less than it was purchased for just over 10 years ago. Starwood Capital Group acquired Northlake in 2014 for $248 million. Starwood has been in default since 2017 when it missed the mortgage payoff deadline on its $646.6 million loan. The mall has since gone into receivership.

The mall’s receiver, Spinoso Real Estate Group, recently entered into a purchase and sale agreement for the 1.06 million-square-foot, two-story mall at 6801 Northlake Mall Drive in north Charlotte. Hull Property Group and Racine Mall are the buyers. Hull Property Group’s portfolio includes malls in 16 states.

Hull would own the property itself, structures, improvements, permits, easements, roads, and leases. Anchor tenants include Macy’s, Belk, Dillards and AMC Theatres. As part of the sale, it could keep the Northlake name.

One of Macy’s 150 underperforming stores is on the block in Atlanta. SRS Real Estate Partners has listed the Macy’s at Northlake Mall. The Atlanta Business Chronicle reports he Northlake property includes the three-story store, which spans more than 190,000 square feet, and a parking lot with more than 950 spaces.

Fifty Macy’s stores are expected to close by the end of 2024, with the remaining expected to shutter by 2026. To determine which stores will close, Macy’s is evaluating potential real estate value and future sales growth. After the closures, Macy’s expects 350 stores to remain open in the United States and plans to upgrade those stores. The company plans to focus on its more luxurious offerings by opening 15 Bloomingdales and 30 Blue Mercury stores.

Scott Tiernan and Karla Smith of SRS Real Estate Partners are marketing the store.