JC Reindl reports in the Free Press that Northland Center mall in Southfield is hemorrhaging tenants and facing the possibility of foreclosure as its finances deteriorate, according to a report by a commercial real estate data firm.
Northland was one of the nation's first large, regional malls when it opened to a blaze of worldwide publicity in 1954. Experts praised its groundbreaking design and its architect's vision that it would replace America's traditional Main Street-style shopping districts, though Northland's arrival hastened the end of some of Detroit's once-bustling retail districts.
Reindel writes:
Only two of Northland's anchor stores currently remain — Macy's and Target — although Target recently announced it plans to close its Northland location by Feb. 1. The JC Penney was purchased last year by Triumph Church, which is in the initial stages of turning it into an event and worship space.
A report compiled by New York-based Trepp says that Northland went into default this fall on a $31-million securitized loan and missed its last three scheduled monthly payments.
