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I can definitely see there only being two big indoor malls in the area going forward. Crabtree and either Southpoint or Triangle town. My bet is on Southpoint hanging on longer than TTC. Like Northgate, it was heading that way already but this will speed things up.
I would put my money on Southpoint outlasting TTC for sure; potentially even Crabtree. It has the outdoor "streets" part that is always hoppin in non-covid times.
I honestly thought Northgate was already closed. An enclosed mall is DEFINITELY not the highest and best use of that piece of real estate.
Although the whole story is behind a paywall, it is known that Florida-based LNR Partners bought Triangle Town Center for $120 million in August
LNR is a "special servicer" asset manager, acting on behalf of lenders -- i.e., owners of bonds backed by commercial mortgages. Their typical M.O. is to foreclose, then auction, and pay back the bonds that way. In other words, look for an online auction of TTC sometime soon. https://www.city-data.com/forum/55867668-post191.html
I would put my money on Southpoint outlasting TTC for sure; potentially even Crabtree. It has the outdoor "streets" part that is always hoppin in non-covid times.
I honestly thought Northgate was already closed. An enclosed mall is DEFINITELY not the highest and best use of that piece of real estate.
That’s true, but the owners of Crabtree absolutely understand the importance of maintaining a leadership position going back a long way, and will spend to stay there. So, unless they’ve changed their opinion, they’ll do what they need to. Packed outside is nice, but being in the top tier of the highest rent rates nationwide is another.
That’s true, but the owners of Crabtree absolutely understand the importance of maintaining a leadership position going back a long way, and will spend to stay there. So, unless they’ve changed their opinion, they’ll do what they need to. Packed outside is nice, but being in the top tier of the highest rent rates nationwide is another.
The old adage of ya gotta spend money to make money.
That’s true, but the owners of Crabtree absolutely understand the importance of maintaining a leadership position going back a long way, and will spend to stay there. So, unless they’ve changed their opinion, they’ll do what they need to. Packed outside is nice, but being in the top tier of the highest rent rates nationwide is another.
I agree with you on Crabtree. They have been excellent at maintaining their position in the Triangle. Even before the pandemic, they changed management companies. In fact, they had the same management company since they opened up in ‘72. That tells me, they are going to make some drastic changes, and felt like they needed a company that had different talent.
I would put my money on Southpoint outlasting TTC for sure; potentially even Crabtree.
The land underneath Crabtree is worth almost three times more per acre than the land underneath Southpoint ($1.1 million/acre versus $390,000/acre; source is the online GIS of both counties). Odds are we'll see Crabtree redeveloped in stages over 25 years, with an ever-decreasing percentage of its square footage devoted to retail.
In a peculiar way, Northgate's closing lets its tenants off the hook. Otherwise they were stuck with lease payments, utilities, etc while social distancing or its aftermath kills their sales.
Anyway, this is disappointing, but really not surprising. Ever since Belk closed in 05, Northgate has been dying a slow a painful death. In the early 2000s, they used to have your average mall staples like Gap and The Disney Store;by the mid to late 2000s, Belk closed, (HT and OfficeMax followed suit) and more “urban” clothing stores were being added. By the time the late 2010s rolled around, Northgate was looking kind of dire. Chick-Fil-A was gone, and stores in the outdoor area by the theater were even closing up shop. It was a mess.
The land underneath Crabtree is worth almost three times more per acre than the land underneath Southpoint ($1.1 million/acre versus $390,000/acre; source is the online GIS of both counties). Odds are we'll see Crabtree redeveloped in stages over 25 years, with an ever-decreasing percentage of its square footage devoted to retail.
In a peculiar way, Northgate's closing lets its tenants off the hook. Otherwise they were stuck with lease payments, utilities, etc while social distancing or its aftermath kills their sales.
Yeah....but don't forget about the huge problem Crabtree has with flooding during heavy rains. Any future development projects would have to somehow mitigate that issue, plus the heavy traffic on Glenwood. The expense of dealing with both of those issues would make the site less attractive to developers.
Anyway, this is disappointing, but really not surprising. Ever since Belk closed in 05, Northgate has been dying a slow a painful death. In the early 2000s, they used to have your average mall staples like Gap and The Disney Store;by the mid to late 2000s, Belk closed, (HT and OfficeMax followed suit) and more “urban” clothing stores were being added. By the time the late 2010s rolled around, Northgate was looking kind of dire. Chick-Fil-A was gone, and stores in the outdoor area by the theater were even closing up shop. It was a mess.
That's almost a textbook perfect pathology of a dying mall.
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