What we know about the out-of-state company that could be Northlake Mall’s new owner

Six years ago when No Grease! barbershop opened at Northlake Mall the shopping center was thriving, franchise owner Edmund Washington recently told The Charlotte Observer.

But the mall fell into receivership in 2021 after its owner failed to pay its debt, and foot traffic has dwindled since the pandemic. “Traffic is almost down probably 60 to 70%,” Washington said. “During the week, it’s almost like a ghost town.”

Now, the two-story, 1.1-million-square-foot mall is on the verge of being sold to Hull Property Group based in Augusta, Georgia. Hull Property Group operates 27 malls in 17 states, including Carolina Mall in Concord and Cleveland Mall in Shelby.

”The change may give the mall a much-needed boost in traffic,” Washington said. “My hope is that this is a positive thing and that Northlake Mall can come back.”

Northlake Mall’s receiver Spinoso Real Estate Group asked the court to approve the $39 million sale to Hull Property Group, The Charlotte Observer first reported Jan. 16.

A hearing was held Monday. Special Superior Court Judge Adam Conrad, who handles complex cases, did not make a decision in the case, but said he will be “working expeditiously” to provide an answer. No time frame was provided.

Northlake ‘a wonderful location’

After the hearing, Hull Property Group owner James Hull told The Charlotte Observer he saw the Northlake Mall siteright off Interstate 77 as a “wonderful location.”

His firm uses good stewardship as a financial strategy, he said by working with the surrounding business community and investing in local online businesses to provide them space.

He’d like to see the Northlake Mall area defined as a retail corridor to provide a better “sense of place” with surrounding businesses. Like other Hull Property Group malls, Northlake’s tenants should provide good customer service, full inventories and be aesthetically pleasing, Hull said.

The perception of safety with “law and order” at the mall is another message he plans to address. Hull did not provide specific measures but said he wants to work with local police and the community.

Here are four other things to know about Hull Property Group:

Nearly 50 years experience with shopping centers

Hull founded Hull Property Group in 1977. It’s one of the largest privately-owned retail real estate companies in the U.S., according to the company’s website.

Hull Property’s portfolio includes operating 27 malls with almost 20 million square feet in 17 states, according to the company. Six malls are in North Carolina, including Carolina Mall in Concord and Cleveland Mall in Shelby. The other N.C. malls are in Ashboro, Hendersonville, New Bern and Wilson.

Hull Property also operates 10 shopping centers, including Albemarle Crossing in North Carolina.

An eye for redevelopment opportunities

In September, Hull Property Group broke ground on Liberty STEAM Charter School at Sumter Mall in Sumter, South Carolina, The Sumter Item reported.

John Mulherin, vice president of government relations of Hull Property Group, said the mall of the 1980s filled with retail is gone, the paper reported. Beyond upkeep of a mall, owners must seek redevelopment opportunities such as working with schools like Liberty STEAM.

Hull Property also added municipal offices at Macon Mall in Macon, Georgia, as well as pickleball facilities.

“You have to be creative in how you adaptively reuse the property,” Mulherin said. “Our goal is to keep who we got. And, we have to invest in the property and make it such that they want to stay and participate.”

But not all redevelopment plans work out

Hull Property Group hasn’t always found success revitalizing malls.

The firm owned Wilson Mall in Wilson, North Carolina. The mall had been abandoned since it closed in January 2013. The plan was to redevelop it into a traditional shopping destination.

“Due to other recent retail developments in Wilson, the enclosed mall format is no longer sustainable,” Hull said at that time. “We have determined that by eliminating the part of the property that is no longer viable, the remaining tenants will benefit.”

The city of Wilson purchased the mall for $3 million in June 2023, according to the city’s website. City leaders said the building would be demolished. Redevelopment plans include a park.

Hull Property Group still owns outparcels, including the movie theater.

American Dream Project for small businesses

Hull Property Group has a small business initiative to connect businesses with brick-and-mortar spaces.

American Dream Project started in 2019 at Auburn, Alabama, accepting applications for the “next big pop-up shop.”

“As big brands began to face financial troubles, they closed stores in small towns because they struggled to keep up with changing consumer demands and online competition,” the project’s website states. “But, where national retailers were struggling, local businesses were thriving.”

The project has partnered with small business owners in 20 markets, including Busy Bee Couture and Viguer Fragrances in Concord and Shelby Spice in Shelby.

Winners are awarded a retail space for several weeks and a cash prize for designing the space.

This story was originally published January 28, 2025 at 10:54 AM with the headline "What we know about the out-of-state company that could be Northlake Mall’s new owner."