TUCKER, Ga. - The Centurion Foundation announced Wednesday that it completed a $95 million acquisition of Northlake Mall to establish a major new medical campus for Emory Healthcare.
Northlake Mall purchase
What we know:
The Centurion Foundation, a prominent 501(c)(3) organization, purchased Northlake Mall and an adjacent building formerly occupied by Macy's, according to a foundation statement. The adjacent J.C. Penney site was not included in the transaction.
Emory Healthcare will lease the entire property and transition it into the new Northlake Campus, expanding its existing footprint. The healthcare system has leased approximately 274,000 square feet at the mall since 2019.
Centurion can also issue extra financing to support future development as Emory Healthcare's needs evolve, the foundation announced. The organization operates by structuring customized real estate acquisitions to cut occupancy costs for nonprofits.
"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," said Ben Mingle, Chief Executive Officer and Chairman of Centurion Foundation.
Future Emory Healthcare campus
What we don't know:
Officials have not yet confirmed the exact timeline for construction or when new medical services will open to patients at the expanded facility. It is also unclear what specific departments or clinical programs Emory Healthcare will place in the newly acquired spaces.
Nonprofit real estate solutions
The backstory:
Centurion first announced in June that it had launched a process to potentially acquire the suburban retail property. The foundation has completed over $2 billion in financing across 62 properties nationwide since 2018.
The Source: The information in this story was gathered from the Centurion Foundation, which announced the completion of the transaction in a public statement, as well as official project details regarding Emory Healthcare's long-term lease.