is southland mall closing down
All rights reserved 2023 The Real Deal is a registered Trademark of Korangy Publishing Inc. Watch: Developer Patrick Carroll "spits" on restaurant manager, Connecticut private island sells for $3.5M, Investcorp wants out of struggling Southland Mall, Southland Malls $65M loan heads back to special servicing, Southland Malls troubled $65M CMBS loan for sale. Jump to. The property could attract investors seeking tax benefits from funding a project in an Opportunity Zone, a federally designated area meant to encourage development and job creation in low-income communities. A representative from Hudson's Bay-owned Saks was not immediately available to comment. That's down from around 2,500 locations in the 1980s and 700 today, Egelanian said. These closures come on the heels of Macys opening multiple off-mall, small-format stores in 2022. In 2004, Southland Mall Properties paid $46 million for the retail site, according to records. In the meantime, the joint venture retained Boca Raton-based Urban Retail Properties to manage and lease Southland Mall, which has a 20 percent vacancy rate, the spokesperson said. 25% of the country's approximately 1,000 malls. Eastland Center in Harper Woods closed in early 2022 to clear the way for warehouses and a distribution center. Department stores account for about 30 percent of the mall square footage in the United States, with 10 percent of that coming from Sears (which filed for . Last week, Macys tempered its sales outlook for the fiscal fourth quarter after shoppers spent less than expected during the lull between Thanksgiving weekend and the final days before Christmas. The expecting mother will need diapers and bottles, but she will also need comfy maternity clothes to wear throughout her pregnancy or a maternity pillow. Tuesday. The South Florida Business Journal first reported the news of the judgment and the auction. What is going to happen to America's dead malls? Southland Mall, currently the only enclosed mall that serves southern Miami-Dade and the Florida Keys, has a mix of more than 100 tenants including Macy's, JCPenney, TJ Max, L.A. Sales continued to decline and the parent company filed for Chapter 11 bankruptcy on Oct. 15, 2018. "Until we resolve this pandemic, I suspect we are going to be in a holding pattern with hollow retail space.". "State and local governments typically tax industrial properties at anywhere from half to two-thirds the rate of commercial properties, so municipalities have little incentive to rezone areas from commercial to industrial use, as they will collect less tax revenues," Calanog said. The new owners are planning for a mixed-use redevelopment of the 80-acre site with commercial and residential components. More than 30 percent of LGBTQ youth attribute poor mental health to anti-LGBTQ laws, Human brains show larger-than-life activity at moment of death, Not going to be 80: Michael J. Sears, a chain of department stores originally called Sears, Roebuck and Company, was founded by Richard Warren Sears and Alvah Curtis Roebuck in 1893 as a mail-order watch company. A lender has taken control of Southland Mall in Cutler Bay after a foreclosure auction failed to yield any bids over $2,600. Sears offering discounts of up to 70 percent on merchandise ahead of store closing. Main content; . Affected employees will be offered jobs at nearby locations or severance packages. Wells Fargo is the trustee. One of its largest anchor tenants, Kmart, left in 2017. She had an armful of clothes in one hand and was pushing her childs stroller with the other. Website. The deal does not include a Mercedes-Benz dealership and a former Sears store and auto center that are also on the property, a spokesperson for the joint venture said. WREG is told the 112 employees will be offered jobs in other nearby locations or severance packages. Industrial development, meantime, is expected to pick up 3.6%. Fitness, Regal . A Division of NBCUniversal. Industrial development, meantime, is expected to pick up 3.6%. The LLC is owned by the New York-based Investcorp International Realty, an investment firm founded in 1982 with holdings around the world. The new owners are planning for a mixed-use redevelopment of the 80-acre site with commercial and residential components. Southland Mall, formerly known as Cutler Ridge Mall, opened in 1978 as an extension of the Cutler Ridge Shopping Center, which opened in 1960. Mayor Wharton admits this is a blow to Whitehaven, and is worried about the 112 people losing jobs, and shoppers leaving the city. Is DeSantis a hometown hero in this Florida city or just someone who lived there? 1998 - 2023 Nexstar Media Inc. | All Rights Reserved. 4,560 [1] Public transit access. Heres what you need to know, Top scientist quits Google, issues AI warning: Bad actors could use it for bad things, List of most expensive ZIP codes released, Mega Millions: Can a jackpot winner remain anonymous? SMART 210, 250. It's part of a restructuring plan that includes new stores in some markets. That's a million-dollar question plaguingretailers and real estate developers. He said hes first going to see if its worth talking to Macys to see if it will reconsider, and then hell sit down with the malls owners and create a plan even if that means offering tax incentives. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. A clearance sale will begin in January and run for approximately eight to 12 weeks, Macy's said. Southland Mall, the 986,100-square-foot indoor mall at 20505 S. Dixie Highway in Cutler Bay, is the first major shopping center to be foreclosed due to the coronavirus outbreak. SOUTHFIELD - Stripped of its last anchor stores and losing nearly $250,000 every month, the entire Northland Center mall is now in danger of shutting down. A foreclosure suit was filed in June and a receiver for the mall was appointed in the summer. On its website, Brookfield describes Southland as the only regional center located in the Detroit suburbs south of I-94 and less than one-quarter mile from I-75. One shopper, Rebecca Miranda, an area resident, was happy with the low prices on her finds but was not happy about the reason behind them. Get this delivered to your inbox, and more info about our products and services. Fax:(305) 234-4251. Coresight Research estimates 25% of America's roughly 1,000 malls will close over the next three to five years. "Despite being given months to honor its past due rental obligations and despite Saks' impressive post-COVID sales at Bal Harbour Shops, Saks steadfastly refused to makeanyeffort to pay anypartof its rent," Bal Harbour Shops President and Chief Executive Matthew Whitman Lazenby said in a statement. Attention focused on the Taylor shopping center after a New York financial rating service reported that the Toronto-based owner of Southland Center had defaulted on a multimillion-dollar loan payment due in July. The firm did find five markets where it said it would make the most sense to covert vacant retail space into warehouse space, based on where retail has been underperforming and where warehouse demand is hot. 10720 Caribbean Boulevard Its unclear if Macys plans to close any additional stores in 2023. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Copyright 2023 Nexstar Media Inc. All rights reserved. A representative for Macys did not immediately respond to Nexstars request for comment. Two of its other anchors, Macys and JCPenney, have also been highly stressed and have closed stores around the U.S. over the last year. Collins is frustrated, because he had no idea this was coming. Like every other business in America, Southland Mall opens and closes on certain holidays. The Southland Mall Macy's is closing along with 14 other stores nationwide. Another new report out this week from Coresight Research estimates 25% of America's roughly 1,000 malls will close over the next three to five years, with the pandemic accelerating a demise that was already underway before the new virus emerged. But the hurdles include the need to have properties rezoned, which could be met with pushback from local municipalities. The Southland Mall in Miami opens at 10 am Monday to Saturday and closes by 8 pm but has different opening and closing times on Sunday. The partners are planning a major mixed-use redevelopment of the site. Theyre not meant to treat viruses, however. Floodplain Mitigation Plan Advisory Committee, Watch this video to hear Mayor Tim Meerbott, Invasive Exotic Plant Species in Cutler Bay, 6th Annual Wings Over the Bay & Country Concert. But later the firm said the property will be unsustainable, according to Trepp. Demand for logistics buildings is skyrocketing as e-commerce sales balloon. A Bureau of Prisons monitor gets his sentence. The judge ordered the 990,000-square-foot indoor mall at 20505 South Dixie Highway to be sold in a foreclosure auction on Feb. 10. City leaders said the closure came as a huge surprise. Theres nothing like lazy summer days relaxing on the patio. Facebook agrees to pay $725M settlement: Whats the deadline to file a claim? MIAMI (CBSMiami) - Southland Mall in Cutler Bay has been acquired by two real estate investment firms that have big plans for the property. Now the lenders plans for the mall are unclear. Some people may have been surprised when it was announced on various real estate news websites that Cutler Bay's Southland Mall, 20505 S. Dixie Hwy., had been seized by Wells Fargo Bank . Malls like Southland may struggle to refinance, said Melissa Che, a senior director at Fitch. Store closures also happened in 2020, 2021, and 2022. The Mall at Partridge Creek in Clinton Township faltered under debt and entered receivership. The timings are subject to change depending upon different locations and any special event coming by: Week Days. The coronavirus pandemic has accelerated a demise that was already underway. Top editors give you the stories you want delivered right to your inbox each weekday. The mall offers more than 900,000 square feet of retail space, 4,990 parking spaces and features J.C. Penney and Macys as key tenants. "Must be a reason, you know, sales might be down in this area," said Whitehaven resident Eric Hillard. You may login with either your assigned username or your e-mail address. (NEXSTAR) Macys will be closing a handful of its stores in 2023, the retail chain confirmed last week, as part of a plan announced three years ago. The Sunrise Mall has been a mainstay in . The foreclosure marks another gloomy chapter in the ongoing slide of traditional retail. Electra America and BH Group acquired 80-acre site in Cutler Bay Opportunity Zone, Electra America managing partner Joe Lubeck and Southland Mall at 20505 South Dixie Highway in Cutler Bay (Google Maps, Electra America). Watch this video to hear Mayor Tim Meerbott address some of the questions residents have asked regarding this sale and what it means for the future of Cutler Bay. These closures are part of a plan announced in February 2020 when Macys confirmed it planned to close 125 of its least productive stores over three years. Southland Mall, currently the only enclosed mall that serves southern Miami-Dade and the Florida Keys, has a mix of more than 100 tenants including Macy's, JCPenney, TJ Max, L.A. Southland Mall will be dramatically renovated and upgraded and plans are being developed for beautiful residential spaces on excess land, the spokesperson said. I am sad to see it go.. What were the changes in real estate prices in Broward County last week? Southland Center (also known as Southland Mall) is an enclosed mall located at 23000 Eureka Road in Taylor, Michigan . Northland Center in Southfield is undergoing a makeover into a mixed-use development for retail, residential and office development. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. May 6, 2022 / 6:00 AM www .westlandcenter .com. The COVID-19 pandemic has claimed its first Miami-Dade indoor shopping mall. We have a never quit attitude out here. Another shopper, who was uncomfortable with questions about her shopping experience, said that she was sad to see the store close, but that her opinion didnt seem to matter. 1998 - 2023 Nexstar Media Inc. | All Rights Reserved. Miami-Dade Circuit Court Judge Mavel Ruiz entered a final judgment on behalf of Wells Fargo in January 2021. Im also concerned about the quality of life, he said. Tenant vacancies have had a sizable impact on the malls appraised value, according to Trepp. This material may not be published, broadcast, rewritten, or redistributed. The hospitality investment arm of Electra America, co-founded by managing partner Joe Lubeck, recently teamed up with Korman Communities to purchase an 217-micro-unit multifamily project in West Palm Beach for $83.9 million. Updated June 18, 2020 9:36 AM. Bill Lee and First Lady give away meal boxes, Southaven Police search for car theft, shooting suspects, Shooting in Orange Mound leaves 1 injured, School truancy could fuel juvenile crime trend, Concerns rise after escapes, assaults at TN youth. The mall offers more than 900,000 square feet of retail space, 4,990 parking spaces and features J.C. Penney . The company is also weighed down by $4 billion in debt and had previously closed numerous stores in recent years to help cut costs. Electra America, a real estate private equity firm, and BH Group, a Miami-based private real estate investment firm, paid just over one hundred million dollars for the roughly 809,000 square foot mall which is on about 80 acres of land. Last year, the mall was dealt another blow when Sears vacated its store. Southland Mall, 1215 East Shelby Drive, Memphis, TN. CoStar said Southlands net revenue declined to $16 million last year, from $18.5 million in 2019, while operating income was $8.97 million last year, compared with $7.95 million in 2019. He raped a Miami woman on house arrest, Live blog: Dolphins add these 19 undrafted rookies after NFL Draft, including two Hurricanes, With few rentals available, states push local officials to allow more housing, See the decrease in real estate prices in Monroe County in April, See how much real estate prices increased in Miami-Dade County in April. It owes Bal Harbour roughly $1.9 million, according to court documents. A joint venture paid $100.3 million for a shopping mall in a Cutler Bay Opportunity Zone, with plans for a major renovation while . Southland is the closest area mall to the Canadian border crossing, Brookfield said. The mall itself almost looks like a 4 spoke wheel where the mall itself owned the center of the mall and portions of the parking lot going out to the perimeter and around the other 4 parcels. Time to claim part of $10 million settlement running out, Giant seaweed blooms beaching begins, expected to worsen, Crowds, high prices and the White Lotus effect: Worst places to travel this summer, More than 200 people died in national parks last year: These were the deadliest. Call 305.669.7030 or view our Media Kit. Monday. Chang W. Lee/The New York Times. All rights reserved 2023 The Real Deal is a registered Trademark of Korangy Publishing Inc. Watch: Developer Patrick Carroll "spits" on restaurant manager, Connecticut private island sells for $3.5M. 10:00 am to 9:00 pm. Investors have foreclosed on Southland Mall, 20505 S. Dixie Highway in Cutler Bay, after defaulting on a $67.5 million loan. On April 29, 2022, Southland Mall was sold to Electra America and BH Group, a Miami-based private real estate investment and development firm, for $100.35 million. Southland Center is the latest mall in metropolitan Detroit to face a financial challenge. City leaders said the closure came as a huge surprise. Could Blue Crush, COACT units hold lessons for MPD? It began opening retail locations in 1925, starting in Chicago, and eventually became the largest retailer in the United States until Walmart and Kmart surpassed Sears in sales in 1990. In June 2020, Wells Fargo filed a foreclosure lawsuit against Southland Mall Properties for defaulting on a $65.1 million mortgage. Its appraisal fell from $130 million in 2014 to $68.4 million in June. Those are:Central New Jersey, Northern New Jersey, Long Island, Memphis and Detroit. as well as other partner offers and accept our. This is an archived article and the information in the article may be outdated. Four Macy's locations at shopping malls are slated to close, the company told Axios. In November, BH Group partnered with Related Group and billionaire Teddy Sagi to buy the long-shuttered White House Inn in North Miami for $11.3 million. Sears has no other full department store locations south of Coral Gables, and it likely will be missed by shoppers and former employees. Heads up, homebuyers! Absolutely, I am concerned about the loss of sales tax revenue. On April 29, 2022, Southland Mall was sold to Electra America and BH Group, a Miami-based private real estate investment and development firm, for $100.35 million. Brookfield acquired Southland in 2016 when it acquired Rouse Properties Inc., the malls original developer. The lack of interest in the once bustling mall previously owned by . Penney emerged from bankruptcy in 2020. In May, Macys reported better-than-expected earnings for its national network of department stores. Coresight Research estimates 25% of America's roughly 1,000 malls will close over the next three to five years. A month later, the bank bought the property for $2,600 in a foreclosure sale, court records show. The locations included Market by Macys, according to a July press release from the company, a smaller store that offers customers more to love..