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Investment group says Northlake Mall bid too low

Northlake Mall could be sold.

CHARLOTTE — The $39 million sale of Northlake Mall has hit a potential speed bump. Charlotte-based Ryan Investment Group and the estate of Armani Spencer and Bianca Brown have both filed objections to the sale in North Carolina Business Court.

Spinoso Real Estate Group — the mall’s receiver since 2021 — entered into a $39 million purchase and sale agreement for the 1.06 million-square-foot mall on Jan. 7. It adds there is no reason to believe a higher offer will be made on the property, according to court filings.

The sale requires the court to approve and confirm the deal before the transaction can be finalized.

Objections were due this week.

Charlotte-based Ryan Investment Group has stepped forward as an interested party. It indicates it would purchase the mall in excess of the current sales agreement, according to a court filing.

RIG’s motion to block the sale states the purchase price is “inadequate.” It alleges the purchase price is not reflective of the mall’s current value.

Read more here.


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