Northlake Mall could see a major transformation with anything from residential to medical uses under new ownership.
Dallas-based mall investor Corinth Properties, a division of ATR Corinth Partners, just purchased the nearly 1M SF Northlake Mall from WP Glimcher in a package that also included a major mall in Fond du Lac, WI, for $30M, according to the blog WhatNowAtlanta.
We spoke with Corinth owner Frank Mihalopoulos (right with Corinth Properties partner Terrance Maiden) about his plans for the struggling mall. Frank tells us the firm sees it as a long-term investment, adding it's in a great area and has been historically underutilized.
Corinth has a history of repurposing ailing regional malls, often turning them into mixed-use destinations. Frank says the goal is to bring more life to the place.
“We will look at all mixed-use. Is there a residential play, is there restaurant, retail? We feel like there's a pent-up demand in the area,” he tells us.
Corinth has done that in other malls: In York, PA, it redid West Manchester Mall, a 600k SF indoor mall, which it turned inside out with more open-air features and added such tenants as Walmart, Kohl's, Macy's and Regal Cinemas.
The firm also recently transformed a dying mall just off I-65 that had 45% occupancy into a 450k SF medically focused mixed-use center called One Hundred Oaks.
It also includes admin offices for Vanderbilt University Medical Center. But the path to transformation for Northlake remains clouded as Corinth is currently interviewing architects for the redesign. Frank tells us the company will look at every possibility.
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