ALPHARETTA, Ga. — New York Life Insurance Co., has taken ownership of North Point Mall in a $202 million deal with Brookfield Property Partners through a deed in lieu of foreclosure.
A deed in lieu of foreclosure is an instrument allowing the borrower to avoid foreclosure by conveying all interest in a real property to the lender to satisfy a loan that is in default.
Brookfield acquired the mall in 2018 through a deal that included ownership of General Growth Properties which at the time was the second largest mall landlord in the country. Its retail properties stretched from Fifth Avenue in New York to Las Vegas’s Grand Canal Shoppes.
Speaking last week at a business breakfast sponsored by the Alpharetta Business Association, Mayor Jim Gilvin said the transfer of ownership should have no effect on revitalization plans Brookfield had begun for the mall.
Real estate services company Trademark Property has been selected to manage, lease and evaluate redevelopment for the property. Trademark, a Dallas-based real estate firm, specializes in mixed-use retail developments and has a healthy list of redeveloped centers, including Victory Park in Dallas, Bridgewater Commons in New Jersey and Zona Rosa in Kansas City, Mo.
Gilvin said that with the backing of New York Life, he expects Trademark will continue the sweeping changes planned for the mall. Brookfield received city approval in 2019 on plans to include new, freestanding retail and restaurants and a multi-use trail system with tie-ins to nearby trails and the Big Creek Greenway. The proposal also called for 300 luxury apartments and a 17-acre park.
Trademark, itself, has not disclosed how it intends to proceed, but Gilvin said he is optimistic the company will embrace recent efforts by the city to infuse new life to the area.
“They’ve already been to Alpharetta, checked out Alpharetta, had conversations, walked around, talked to people…about what Alpharetta is and wants to be,” he said.
The revised redevelopment under Trademark “may very well be more extensive than was originally planned,” Gilvin said.
Up to a few years ago, North Point Mall had been Alpharetta’s retail jewel since it was built in 1993. It features more than 150 stores and services, including Champs Sports, Dillard’s and JC Penny. The mall sits within minutes of close to 17 million square feet of Class A office space.
But, with the advent of retail hubs Avalon in 2014 and Alpharetta City Center four years later, the North Point corridor has fallen on hard times.
Scores of retailers closed shop, including the anchor Sears store in 2018.