Centurion Foundation has completed its $95 million acquisition of the Northlake Mall property in suburban Atlanta, paving the way for Emory Healthcare to expand its presence at the site under a long-term lease agreement.

The transaction includes the mall and a neighboring building formerly occupied by Macy's. A separate J.C. Penney property was not included in the sale.

The Atlanta-based health system has operated at Northlake Mall since 2019, leasing roughly 274,000 square feet. Under the new agreement, Emory Healthcare will lease the entire property, which will be redeveloped as the Northlake Campus. The arrangement is intended to give the organization room to expand services over time.
Centurion Foundation said it also received approval to issue additional financing for future development of the campus, allowing the property to be adapted as Emory Healthcare's space requirements change.

"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," said Ben Mingle, CEO and chairman of Centurion Foundation. "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."

Centurion Foundation, a 501(c)(3) organization, focuses on real estate and financing projects for nonprofit healthcare, higher education and other mission-driven organizations. According to the organization, its charitable lease model has supported more than $2 billion in financing activity since 2018 across 62 properties for 22 clients nationwide.

Neither Centurion Foundation nor Emory Healthcare disclosed a timeline for redevelopment work or when additional expansion at the Northlake Campus is expected to begin.

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