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Northland Mall could be headed for foreclosure

SOUTHFIELD, Mich. – Northland Mall is teetering on the edge of foreclosure, shining a spotlight on a historic place in American history.

The mall dates back to the 1950s as one of America's first malls. In the 1970s, it became the first fully-enclosed mall that helped shape the industry.

"It was the cutting edge of the mall business back then. You had the anchors over there, which was Hudson's if you recall, and a few other major league anchors," said Larry Gardner, a financial consultant.

But times have changed. Most of its tenants have moved out.

The mall, which is owned by a New York real estate company, hasn't filed for bankruptcy, but the expectation is that it could in the days to come. It has reportedly missed loan payments and the loan's been sold off.

"I don't think it signals the demise for that model [a mall], just location, location, location," Gardner said.

Still, Northland has some coming back just for the memories.

Alexander Whitfield lives near Charlotte, North Carolina, now but was back at the mall on Tuesday to reminisce about when his father worked there.

"He actually worked when it was Hudson's and I remember going to the furniture area downstairs. He worked security. So it was really a great time," Whitfield said.