Northlake Mall in Charlotte is expected to be listed for sale soon, as Wells Fargo and Spinoso Real Estate Group work to bring the property to market, according to the Charlotte Business Journal.
The mall’s receiver, Starwood Capital Group, took over the loan in 2012 after the $646.6 million loan was defaulted on. Since then, Northlake Mall has faced challenges retaining tenants, with major stores like Apple, Michael Kors, and American Eagle leaving. The mall, currently 85% occupied, has seen a slight improvement in occupancy from 74% earlier this year.
Additionally, the Northlake mall recently introduced Spirit Halloween, a temporary retailer typically seen in declining retail centers.
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The 1.06 million-square-foot property, located at 6801 Northlake Mall Drive, remains under bankruptcy proceedings as the potential sale approaches.
