NC business court approves $39 million sale of Northlake Mall
A trio of Georgia-based companies put in a $39 million offer to purchase the property. The deal was approved on Friday.
CHARLOTTE, N.C. โ A North Carolina court approved the sale of Northlake Mall on Friday after a yearslong saga of financial instability and crime issues.ย
Spinoso Real Estate Group took over the mall through a defaulted loan in 2021. The company reached a $39 million deal to sell the property to Hull Property Group, a trio of Georgia-based businesses, on Jan. 7. That agreement was approved in court Friday, with the judge saying the offer was fair given market circumstances.ย
“The proposed sale is reasonable, supported by a sound business justification, and in the best interest of the receivership estate,” the judge wrote. “The sale will proceed without further court approval, and all liens on the property will be cleared.”ย
Court records show over 5,600 parties showed interest in the mall, with 54 making potential offers. Northlake Mall is over 1 million square feet and features over 100 retailers, including Belk, Dillard’s, and Forever 21. The mall opened in 2005 and sold for $248 million in 2014 to a real estate company. The mall fell into receivership after its owners defaulted on a $362 million loan.
Bianca Brown and the estate of Armani Spencer filed objections to the sale earlier this month. Spencer was killed in an August 2022 shooting outside the mall. Brown suffered serious injuries. The lawsuit was filed in July 2024. The plaintiffs say the mall did not do enough to prevent shootings. The August 2022 shooting happened after an apparent road rage incident.ย
Brown and Spencer’s estate worry that Spinoso will be waived of any obligation to see out the court proceedings.ย