The struggling, nearly 1 million square foot property has been sold.
[UPDATE (2/4/2016): A member of the Northlake Business Association told What Now Atlanta (WNA) Wednesday that ATR Corinth Partners out of Dallas, Texas is the group that purchased the property. The commercial property group has history redeveloping declining shopping malls, such as Nashville's 100 Oaks Mall. ATR Corinth received an award from the Urban Land Institute for the project.]
WP Glimcher, a national REIT developing enclosed regional and super-regional malls and community shopping centers, in a press release Monday announced the completed sale of Northlake Mall.
Along with Forest Mall in Fond Du Lac, Wisconsin, Northlake was sold for an aggregate purchase price of $30.0 million to private real estate investors that have not been disclosed.
In 2014 when Simon decided to unload the property, the ownership of Northlake Mall was transferred to Washington Prime Group, a newly-formed real estate investment trust. In 2015, the group acquired Glimcher Realty Trust, and formed WP Glimcher.
The sale of the property was part of an effort by Simon to focus on the real estate developer's larger malls and outlet centers. The company also unloaded Gwinnett Place Mall in 2012.
Northlake Mall, built in 1971, is almost 1 million square feet. The mall's fate is unknown.
What do you hope ATR Corinth's plans for Northlake Mall will include? Tell us below...