Nonprofit serving health systems emerges as potential Northlake Mall buyer
A potential buyer has emerged for Northlake Mall, where in recent days several retail tenants were given notice to vacate, raising questions about what may be ahead for the Tucker property.
The Centurion Foundation, an Atlanta-based nonprofit, said it has initiated a process to potentially acquire the mall, a spokesperson said Monday evening in a statement to The Atlanta Journal-Constitution. Decide DeKalb, the county’s economic development agency, also said that it received an “inquiry” from Centurion related to a possible purchase.
On May 28, Decide DeKalb held a hearing to discuss a potential $225 million bond deal as part of Centurion’s plans. The proceeds from the bond issuance, if approved, would finance mall acquisition, demolition, construction and renovation. DeKalb taxpayers would not be on the hook to repay these bonds.
Both Centurion and Decide DeKalb said the deal has not closed.
Emory Healthcare, which leases a former Sears space in one wing of the mall, said last week that it would remain a tenant at the mall but said it was not purchasing it. Decide DeKalb’s notice in May said the mall’s redevelopment “will be used as healthcare, healthcare administration and retail facilities,” listing Emory Health as “the principal user of the project.”
It’s unclear if Emory’s footprint at Northlake Mall could expand under a new owner. A spokesperson did not immediately respond Monday evening to a request for comment.
Centurion, the potential buyer, said its mission is to “help other nonprofits achieve their charitable purpose through customized real estate acquisition, development and financing solutions designed to improve operations, reduce the cost of occupancy and free up capital for mission-critical work‚” according to its statement.
Centurion’s website says it works with nonprofit health systems, higher education institutions and local governments. The foundation did not answer several questions related to the potential deal, saying “more details will be provided after closing.”
Northlake Mall was once one of the region’s largest shopping centers when it opened in 1971, but activity has dwindled in recent years as shopping preferences evolved.
ATR Corinth Partners, a real estate management firm from Dallas, Texas, acquired the mall for a steep discount, paying $24 million in 2016.
It soon became clear that its future wasn’t as a traditional shopping center. Emory Healthcare signed its lease in 2019, taking more than 200,000 square feet, which it uses for medical and administrative offices.
Other redevelopment efforts have been floated for the property, such as a proposal last year from Trammell Crow Residential and ATR Corinth, which pitched building nearly 500 apartment units at Northlake Mall.
More recently, a number of Northlake Mall tenants such as Challenges Games and Comics were given notice that they must vacate their spaces within 30 days.
Other businesses including a children’s formalwear shop called Happy Land, a spa and a jewelry store will be forced to find new places to operate. But along with Emory Healthcare, sports bar Dugan’s, another tenant at Northlake Mall, said it would remain at the property.
Tony Cade, owner of the comic book and games shop Challenges, told the AJC last week that he may struggle to make the 30-day deadline to leave.
“Hopefully there’s some kind of way we can get an extension,” Cade said. “For most of us, there’s no way we can get out of here in 30 days.”
About the Authors
Zachary Hansen, a Georgia native, covers economic development and commercial real estate for the AJC. He's been with the newspaper since 2018 and enjoys diving into complex stories that affect people's lives.
Savannah Sicurella is an entertainment business reporter with The Atlanta Journal-Constitution.
