Troubled Northlake Mall adds new stores, lowering tenant vacancy rate to 15%

Financially troubled Northlake Mall has seen several store openings after two national retailers abruptly closed earlier this year.

The north Charlotte mall’s tenant occupancy rate is 85% as of June 30, according to the latest status report filed Tuesday in North Carolina Business Court. The court hears complex business litigation cases.

That’s an increase of nearly 20% since March 31, when occupancy was at 71.03%, court filings show. It also means Northlake Mall is closer to reaching the national average of 89%, according to Moody’s Analytics REIS data from last year.

Two major retailers — Apple and Buckle — closed in the spring following three shootings in three months on the mall’s property. But there have been several openings and more are planned, according to Northlake’s website.

The two-story, 1.1-million-square-foot mall has been in receivership since May 2021 after failing to pay unspecified debts. Spinoso Real Estate Group of Syracuse, N.Y., maintains and operates the mall, and collects rent.

A year ago, Spinoso reported the mall’s vacancy occupancy rate was 69.4%, and it has hovered around a 30% vacancy rate since.

In June, Spinoso officials asked the court for up to nine months to continue stabilizing the property and promote the mall’s increased security measures, The Charlotte Observer reported. Early next year, Spinoso will evaluate when is the right time to sell the mall.

Northlake Mall occupancy rate

Northlake Mall at 6801 Northlake Mall Drive has 112 stores and restaurants, according to its website on Friday.

Since May there have been five store closings totaling 16,811 square feet, according to the latest court filing.

On March 1, the Apple store closed in the middle of the day, a day after a shooting on the property. Apple said then it would open another store in the Charlotte area. In June, Apple said a new store will open early next year at The Birkdale Village in Huntersville.

Nebraska-based apparel store Buckle closed March 26.

Another store is closing at Northlake Mall amid financial and safety struggles

However, there are several lease renewals and negotiations underway, according to the latest status report filing.

Two renewals total 5,247 square feet for Locker Room by Lids and Spencer’s, according to the report. And, another deal has been signed for 2,136 square feet.

There also are five renewals in negotiations totaling 11,085 square feet, and one new deal for 812 square feet, according to the report.

In May, Spinoso said Forever 21 also had renewed its 21,806-square-foot space.

The mall’s website lists recent or planned openings of several stores: 3SIX92, women’s apparel store; American Eagle, casual clothing, accessories and footwear, based in Pittsburgh; Custom Place, a customized T-shirt, hoodies and hats shop; and temporarily Spirit Halloween.

Spinoso previously said it was drafting two other deals, including a gym that would anchor a 70,000-square-foot space formerly occupied by Dick’s Sporting Goods, and another unnamed tenant for a 2,812-square-foot space that combined would generate $986,000 in revenue. In 2021, Dick’s relocated to Simon mall Concord Mills about 5 miles away.

Officials with Spinoso declined to comment further Friday, including about lease updates. Northlake Mall officials did not respond to requests for comment.

Security at Northlake Mall

Following a spate of violence, the mall has increased security measures.

Northlake Mall, CMPD vow changes as stores and shoppers cringe after spate of shootings

The latest court filing shows the mall has, or will:

▪ Increased the number of police shifts and raised wages for off-duty police.

▪ Added canine firearm detection patrols in April.

▪ Installed blue strobe lights to outside security cameras.

▪ Install public monitors at all entrances and high‐traffic areas.

▪ Install vehicle recognition technology at entrances that work with CMPD’s Real Time Crime Command Center to read license plates.

The mall also is planning community events, such as a free back-to-school program Saturday through Aug. 26, including a fashion show, story time with meet and greets, and pancake and pajama party, according to a news release.

Lawyers for all parties in the Northlake Mall case asked the court to “hold the case open for a further update in three months,” Tuesday’s court filing shows.

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