Centurion Foundation has purchased Northlake Mall in suburban Atlanta. The property will be redeveloped into a new healthcare campus. The project supports the foundation’s mission of helping nonprofit groups.
Centurion Foundation Buys Northlake Mall for $95 Million
Centurion Foundation has completed its purchase of Northlake Mall. The deal also includes the former Macy’s building next to it. The property is located in suburban Atlanta and was purchased for $95 million. The nearby J.C. Penney property was not included in the deal.
According to BusinessWire, the property will be redeveloped as the new Northlake Campus for Emory Healthcare. The healthcare system has signed a long-term lease to become the campus’s main tenant.
Centurion Foundation works with nonprofit organizations in healthcare, higher education, and other sectors. It provides real estate, funding, and building solutions to these organizations. Its charitable lease model has supported more than $2 billion in deals across 62 properties nationwide. The model helps nonprofit organizations lower costs and reinvest resources into their missions.
Centurion Foundation CEO Ben Mingle said that this project supports the foundation’s mission. He added that the agreement will help Emory Healthcare reduce costs. The agreement will also give Emory Healthcare long-term control of the property while supporting its future growth.
From Retail Mall to Healthcare Campus
Northlake Mall will change from an indoor shopping mall to a healthcare campus. Emory Healthcare has operated at Northlake Mall since 2019. Emory Healthcare has leased approximately 274,000 square feet at the mall.
Under the new agreement, Emory will lease the entire property from Centurion Foundation. The new agreement will allow the healthcare system to expand its services in the future. Centurion Foundation also received approval for more funding. This will support future development of the campus as the healthcare system’s needs grow.
Once complete, the campus is expected to support Emory Healthcare’s long-term growth.
