Centurion Foundation, a 501(c)(3) nonprofit real estate organization, has completed the $95 million purchase of Northlake Mall in suburban Atlanta, including an adjacent building formerly occupied by Macy’s. The acquisition will transform the mall property into a dedicated Northlake Campus for Emory Healthcare, which has signed a long-term lease with Centurion to occupy the entire property. A separately owned J.C. Penney site adjacent to the mall was not part of the transaction.
Emory Healthcare has maintained a presence at Northlake Mall since 2019, previously leasing approximately 274,000 square feet of the property. Under the new agreement, Emory Healthcare will lease the full campus, providing room to expand its programming footprint over time as its healthcare delivery needs evolve. Centurion Foundation has also received approval to issue additional financing to support future development of the campus, preserving long-term flexibility for both parties.
Centurion Foundation operates a charitable lease model in which it acquires real estate on behalf of nonprofit institutions in healthcare and higher education, then leases it back to those institutions under structures designed to reduce occupancy costs, eliminate property taxes, and minimize balance sheet impact for the tenant. The foundation has facilitated more than $2 billion in financings across 62 properties with 22 clients since 2018, and claims to have delivered more than $2.2 billion in charitable impact, with rent expense reductions of up to 50% for its nonprofit partners.
The Northlake transaction is the latest example of that model being applied to distressed or underutilized retail real estate — a trend that has accelerated as regional malls across the country have sought anchor replacements and alternative uses following the contraction of traditional department store tenants.
KEY QUOTES:
“This significant step in a transformative project demonstrates that our mission-oriented real estate model and expertise truly deliver for our nonprofit clients and the communities they serve. We are proud to partner with Emory Healthcare, a vital Atlanta institution that cares for patients across our region. The new lease will enable Emory Healthcare to realize significant cost savings while providing long-term facility control and funding for future expansion on the Northlake Campus.”
Ben Mingle, Chief Executive Officer and Chairman, Centurion Foundation
