Northway Mall, Now ‘North Pointe,’ Seeking a Redeveloper
Northway Mall still has a few tenants, and the owner is trying to attract more.
CBRE
Turning Point for North Pointe
Opened in 1980 with Safeway, Pay ‘n Save, and Lamonts as anchors, the indoor corridor dwindled over forty years. Carrs-Safeway announced in 2020 that it would close that location, and the COVID-19 pandemic dealt a staggering blow that September: Chicago-based property management firm Jones Lang LaSalle sent eviction notices to all tenants without exterior entrances. Four businesses with their own doors remained on the property, but one of those, Burlington Coat Factory, moved up the highway to Tikahtnu Commons. That leaves just Planet Fitness, Shockwave Trampoline Park, and Xpress Lube.
The building has changed ownership from Georgia-based Colony Bank to a developer in Florida that is now listing the building for sale as a redevelopment opportunity. The owner has retained Texas-based CBRE, through its National Retail Partners in Seattle, to market the site, which has been rebranded as North Pointe.
Current Issue
October 2023
According to CBRE’s Dino Christophilis, buyers have already shown interest, with some proposing complete redevelopment, re-leasing portions of the existing mall, or converting the mall to other uses, like self-storage or office.
“While the highest and best use is undefined, the former mall is ideal for conversion or redevelopment to an alternative use,” says Christophilis. “Few properties in Anchorage offer similar flexibility, size, and convenient exposure and access to Glenn Highway.”
At the time of the evictions, mall manager Mao Tosi noted that redevelopment could also eliminate the common interior, becoming a strip mall like The Shoppes at Glenn Square across the highway. Such a major conversion would reduce the costs for heat, electricity, and security.
The 30.12-acre site consists of 195,280 square feet of big-box retail space, 148,775 square feet of enclosed mall space, 10,327 square feet of pad buildings, and 1,225 parking spaces. It is available for full or partial redevelopment. Current zoning allows for a wide range of uses, including warehouse, manufacturing/distribution, self-storage, general retail, office, automotive lots, and hotel.
