Find in the news:
BY COUNTRY

Will judge’s decision close Northland Center?



Northland Center is in danger of being shut down as its losses of $250000 per month continue.

Northland was opened during 1954 and was one of the first major suburban malls in the country.  During last year, it defaulted on a $31m loan and the courts are now asking for permission to shut it down.

If permission is granted, the existing tenants will be served 30-day notices to vacate the premises, which means the mall could be empty by April or May.  An attorney representing the court-appointed receiver, John Polderman, said the mall is insolvent and is not able to pay its basic expenses to operate the venue.  He said that there are possible buyers for the property who may well keep it open.  One of the potential buyers has been named as the City of Southfield.  No comment was made by Southfield.

The center has been on a downward spiral for several years and the court filings indicate that it was losing almost $250000 per month.  It will cost in excess of $6m to restore the center to a fully functioning mall.  This figure excludes the $3m in unpaid bills that the center has amassed.

The owners of the property, a subsidiary of Ashkenazy Acquisition, New York, have been blamed for the demise of the center.  They have not bothered to maintain the property adequately or committed to any investment in the property.

Ashkenazy’s legal representatives have objected to closing down the mall.  They believe that this action will divest the community of a landmark and create job losses.

The main problems with the mall have been described as:
  • No anchor tenants as they will all have moved out by next month
  • High monthly expenses
  • Failure to pay rent on time by the existing tenants
  • Maintenance and repairs required by Northland Center run into millions of dollars

Related shopping malls and stores:

More about shopping malls in the USA



YESTERDAY:
The VIA Varsity Jacket is available for purchase at a price of $8,418.
DAY BEFORE YESTERDAY, USA:
Footwear brand Kizik is set to launch its inaugural experiential pop-up store in New York.
Apr 19, 2024, China:
Livat Xi’an is the largest foreign commercial property investment into Shaanxi Province.
Apr 18, 2024, United Kingdom:
To celebrate the launch, the brand introduced the series with exclusive limited-time offers.
Apr 17, 2024:
Adidas has raised its full-year profit guidance following an exceptional performance in the first quarter of 2024.
Apr 15, 2024, Germany:
KaDeWe filed for insolvency at the end of January due to issues within Signa Group.
Friend
and Follow
212 Istanbul Power Outlet GLA:753 474 SF
ADDRESS: Mahmutbey Merkez Mah. Taşocağı Cad. No:5 Bağcılar  /  İstanbul
Turkey . Istanbul
212 Istanbul Power Outlet
Madrid Xanadú GLA:1 184 030 SF
ADDRESS: Autovía A5, salidas 22 y 25 - 28939
Spain . Madrid
Madrid Xanadú
Mall of Scandinavia GLA:1 087 155 SF
ADDRESS: Evenemangsgatan 11 169 56 Solna
Sweden . Stockholm
Mall of Scandinavia
Forum Istanbul GLA:1 883 684 SF
ADDRESS: Kocatepe Mahallesi, Pasa Caddesi 34045 Bayrampasa
Turkey . Istanbul
Forum Istanbul


Edit text

Dear visitor!
If You wish to add appropriate information to this description, please make changes in the text below and they will take effect after being verified by Malls.com administrator.

SAVE CHANGES
ADD PHOTO

Dear visitor!
If you desire to add more photos to this description, please upload them and they will appear on the page after being verified by Malls.com administrator.

CHOOSE PHOTOS
SAVE CHANGES
Sign in Malls.com
Sign in please, if you already have an account

Registration



Error filling
Error filling
Error filling
Error filling
Thank you!
You will receive e-mail with registration data shortly. In email you'll find link, confirm your account by clicking on it, please.

Malls.com Team
Thank you for message!
In the near future you will be contacted the manager
for further details.

Malls.com Team
Good mall, bro!
In the near future you will be contacted the manager
for further details.

Malls.com Team
We are dissatisfied with you :-(
In the near future you will be contacted the manager
for further details.

Malls.com Team

Write to us