is southland mall closing down

Workers in JPMorgan Chase's corporate and investment bank, for example, will cycle between days spent at the office and at home, keeping the ability to work remotely on a part-time basis. Calling it one of the largest redevelopment opportunities in Miami-Dade, they plan to modernize and reposition the mall while creating new high-quality housing. 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. Town officials preparing for changes to Southland Mall Target team members impacted by store closures will be given priority consideration for new roles created in Kmart and Catch as these businesses . 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. That's a million-dollar question plaguingretailers and real estate developers. 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. The final clearance will start Monday, January 12. According to court documents, JPMorgan Chase Bank, National Association made a $67.5 million loan to Investcorp on May 2, 2014. "Must be a reason, you know, sales might be down in this area," said Whitehaven resident Eric Hillard. . In some states, such as New York and California, movie theaters remain closed to this day. However, the list below shows better . The final two Zellers stores will shut down later this month. 1998 - 2023 Nexstar Media Inc. | All Rights Reserved. With Department Stores Disappearing, Malls Could Be Next The new owners will provide more information about those plans at a later date, the spokesperson added. 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. 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. That number is expected to shrink to 182 in February. Its remaining tenants include JCPenney, TJ Maxx, Regal Cinemas and LA Fitness. Macys confirmed to USA Today and Axios that these four stores will close this year: Store closures also happened in 2020, 2021, and 2022. The lack of interest in the once bustling mall previously owned by private equity firm Investcorp could signal just how bad things have gotten for Class B suburban malls in South Florida and across the country. The pandemic sped up the shift to online shopping, and the continued growth of e-commerce sales will lead to more stores shutting down after the pandemic ends, UBS retail analysts led by Michael . MIAMI (CBSMiami) - Southland Mall in Cutler Bay has been acquired by two real estate investment firms that have big plans for the property. "Just because retail space has gone vacant or remained fallow does not mean that it is automatically a good candidate for repurposing into industrial space," the head of Moody's Analytics commercial real estateeconomics division, Victor Calanog,said in a report released Thursday. We never give up, Collins said. Part of the challenge is buying out anchor tenants, which own their spaces. Miami's retail market has rebounded strongly over the past year and currently has a vacancy rate of just under four percent. A foreclosure suit was filed in June and a receiver for the mall was appointed in the summer. The consensus seems to be that turning old retail space into new warehouses might not be so easy, even though it might seem like a logical solution. Office development is set to drop 10%, it said, while retail falls 15.7%. SOUTHLAND MALL. 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. The mall was completely demolished in 2009, and in 2013 Cerner bought the property to redevelop. North Palm Beach-based Electra America and Miami-based BH Group teamed up to acquire the 808,776-square-foot indoor mall on a nearly 80-acre site at 20505 South Dixie Highway, according to a press release. In May, Macys reported better-than-expected earnings for its national network of department stores. ABOUT US: "Bal Harbour Shops has worked tirelessly to ensure our business and our tenants can survive and thrive in this environment," he said. Starting Monday, some fees will rise for homebuyers with higher credit scores, while buyers with lower scores will see a fee reduction. Avison Youngs Michael T. Fay, John Crotty, David Duckworth and Brian de la F brokered the Southland Mall sale. Jump to. Southland Center defaults on $75M loan, but analyst says it's 'not a 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. Not in these states, Does Keurig owe you money? He currently writes for the business desk covering real estate and the citys affordability crisis. A joint venture paid $100.3 million for a shopping mall in a Cutler Bay Opportunity Zone, with plans for a major renovation while . Sunrise Mall in Massapequa tells tenants to vacate, leaving store Even before the pandemic, brick-and-mortar retailers struggled with online competition and shifting consumer habits, forcing Bloomingdales to shutter its Falls store and Pier 1 to declare bankruptcy. 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. The Associated Press contributed to this report. Save my name, email, and website in this browser for the next time I comment. CoStar said Brookfield is likely working with a specialist to manage loan issues affecting Southland. 6796 SW 62nd AvenueSouth Miami, Florida 33143(305)669-7030, Miami Community Newspaper Sponsored Content, Latin Builders Association Community News. Its unclear if Macys plans to close any additional stores in 2023. The massive Sears store in Southland Mall, long a fixture of the shopping center in Cutler Bay and an anchor store there since even before Hurricane Andrew in 1992 forced major remodeling of the mall, is closing. Tens of thousands of stores could still close even after the - CNN The Southland Mall Macy's is closing along with 14 other stores nationwide. 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. 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. Wells Fargo is the trustee. 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. Macy's to close some locations in 2023: Here's where The coronavirus pandemic has accelerated a demise that was already underway. Amazon and the whole digital entity of ordering stuff online is the main reason that malls are shutting down nowadays," mall patron Kevin Winston said. This material may not be published, broadcast, rewritten, or redistributed. "You know, everybody moving out a little bit further." One of Macy's department stores locations at an indoor shopping mall. 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. The companys adjusted earnings per share for the period should meet the projected range of $1.47 to $1.67, Macys said. A lender has taken control of Southland Mall in Cutler Bay after a foreclosure auction failed to yield any bids over $2,600. Southland Mall Holiday Hours. This year alone, more than 8,600 stores could close, according to industry estimates, many of them the brand-name anchor outlets that real estate developers once stumbled over themselves to court . Investors have foreclosed on Southland Mall, 20505 S. Dixie Highway in Cutler Bay, after defaulting on a $67.5 million loan. Eastland Center in Harper Woods closed in early 2022 to clear the way for warehouses and a distribution center. Sears closed its store at Southland Mall in Houma in Houma in summer 2016. Industrial development, meantime, is expected to pick up 3.6%. 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. Copyright 2023 Nexstar Media Inc. All rights reserved. . Facebook agrees to pay $725M settlement: Whats the deadline to file a claim? Please look at the time stamp on the story to see when it was last updated. We want to hear from you. Another roadblock can be scoring the necessary zoning approvals from city and government officials. Top editors give you the stories you want delivered right to your inbox each weekday. Southland Center (also known as Southland Mall) is an enclosed mall located at 23000 Eureka Road in Taylor, Michigan . It was bought by the management of the Kmart chain in 2005, becoming Sears Holdings after the merger. / CBS Miami. 4,560 [1] Public transit access. What were the changes in real estate prices in Broward County last week? Store closures also happened in 2020, 2021, and 2022. Al Franken blasts Supreme Court: Its illegitimate, Rices departure brings relief to immigration advocates, Cardin wont seek reelection, opening up Maryland Senate seat, Saudi alfalfa sparks tension in Arizonas Sonoran Desert, Watch live: White House monkeypox response team holds briefing, Do Not Sell or Share My Personal Information, Los Angeles, California Baldwin Hills Crenshaw Plaza on Crenshaw Boulevard, Fort Collins, Colorado Foothills Mall on Foothills Parkway, Gaithersburg, Maryland Lakeforest Mall on Russell Avenue. A representative from Hudson's Bay-owned Saks was not immediately available to comment. Southland is the closest area mall to the Canadian border crossing, Brookfield said. It is an older store, has been in the mall for a long time. Sears has no other full department store locations south of Coral Gables, and it likely will be missed by shoppers and former employees. By clicking Sign up, you agree to receive marketing emails from Insider Ten years from now, there will be approximately 150 malls left in the US, Nick Egelanian, president of retail consulting firm SiteWorks, told The Wall Street Journal. There may be just 150 malls left in the US in 10 years, according to . The mall was devastated by Hurricane Andrew in 1992, reopened the following year and was renamed Southland Mall in 2003. GNC Closing Stores: List of Addresses That Will Close - Business Insider Absolutely, I am concerned about the loss of sales tax revenue. 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 . Sears' store in Louisiana will close soon - The Courier When the loan matured on May 8, the trustee for the CMBS filed the $67.5 million suit against the mall, which includes accrued interest and legal fees. Northland Center in Southfield is undergoing a makeover into a mixed-use development for retail, residential and office development. THE HILL 1625 K STREET, NW SUITE 900 WASHINGTON DC 20006 | 202-628-8500 TEL | 202-628-8503 FAX. The two-level mall was home to Macy's, JCPenny and Sears and was adorned in many red-brown tile foundations with plants surrounding them. A Division of NBCUniversal. The new owners are planning for a mixed-use redevelopment of the 80-acre site with commercial and residential components. The malls most at risk of going dark are classified as so-called B-, C- and D-rated malls, meaning they bring in fewer sales per square foot than an A mall. Fitch Senior Analyst Stephanie Duski said Southland has not been a significant underperformer, noting that the mall reported 91% occupancy in March, compared with 94% in 2019. Investment Firms Buy Southland Mall, Plan To Modernize It, Build High as well as other partner offers and accept our. The Tuttle mall property is actually 5 separate parcels of land. Like every other business in America, Southland Mall opens and closes on certain holidays. If they would have told us what they need to maintain their operation, Im sure they would have had one advocate for them and thats me, Councilman Harold Collins said. It's part of a restructuring plan that includes new stores in some markets. Malls like Southland may struggle to refinance, said Melissa Che, a senior director at Fitch. And so with minimal revenue coming in, these are the businesses that are most likely requesting rent reductions, or not paying rent at all. Industrial development, meantime, is expected to pick up 3.6%. 10720 Caribbean Boulevard 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. Tuesday. 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. Get browser notifications for breaking news, live events, and exclusive reporting. Its appraisal fell from $130 million in 2014 to $68.4 million in June. According to its current website, Southland Mall houses 71 retailers, including Ross Dress For Less, Sephora and Mens Wearhouse, along with 18 casual/fast-food restaurants such as Applebees and Teriyaki Ninja. 2023 CBS Broadcasting Inc. All Rights Reserved. The company then added several new tenants; . Most store employees at the Southland Mall location were reluctant to talk about the store closing, but the customers were not. Based on current macro-economic indicators and our proprietary credit card data, we believe the consumer will continue to be pressured in 2023, particularly in the first half, and have planned inventory mix and depth of initial buys accordingly, said Macys CEO Jeff Gennette in a statement. Southland Mall Hours Of Operation [Updated 2023] How much longer can Kansas City's shopping malls hang on? Here's where As final Zellers stores close, former employees swap memories - CBC 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. 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. 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. I am sad to see it go.. apartment development in the U.S. is expected to be down 15.6% in a post-Covid . Macys also helped Toys R Us make a comeback, opening locations in nearly every state last year. Website. The marketing pitch cited the malls Opportunity Zone designation and redevelopment potential. A longtime fixture of American culture, shopping malls have suffered for decades amid a rise in online shopping, a decline in visitors to department stores, and, more recently, the COVID-19 pandemic, which kept consumers home. Concerns and frustrations over Macy's closing in Southland Mall From bad to worse: Student misbehavior rises further since return of in-person McConnell insists hes sitting out debt talks to disbelief. This story was originally published June 10, 2020, 6:10 PM. The news that the largest U.S. mall operator, Simon Property Group, has decided to close all of its more than 200 shopping centers is expected to trigger more mass mall closings across the country . Westland Shopping Center - Wikipedia CBL & Associates, a Tennessee-based mall owner that has a number of B- and C-rated malls in its portfolio, has said it plans to file for bankruptcy by Oct. 1, highlighting just how much pressure these landlords are facing. Pleasenote that Town Hall is a drug, alcohol and tobacco-free workplace. Montana legislator sues House speaker over censure, Supreme Court to consider overruling Chevron doctrine, Tucker Carlson, on leaked video, derides Fox streaming service, Senate rankings: Here are the 5 seats most likely to flip. Access your favorite topics in a personalized feed while you're on the go. Tom Pennington/Getty Images. 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. In October, the commercial brokerage JLL was tapped to sell the $65.1 million CMBS loan tied to the mall. Macy's Southland Mall location to close - Action News 5 Now the lenders plans for the mall are unclear. It's starting with these 248 stores. But later the firm said the property will be unsustainable, according to Trepp. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. "Regrettably, this injudicious behavior has left us with no other option than to terminate the Saks lease and sue to evict Saks from Bal Harbour Shops.". You have entered an incorrect email address! Mall developers had up until now been courting entertainment companies likeDave& Buster's and iFly indoor skydiving, and restaurants like Cheesecake Factory, to lessen their dependence on shrinking retailers. 25% of U.S. malls are set to shut within 5 years. What comes next? - CNBC "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. 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. 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. Most of the businesses have resumed operations since the mall reopened on May 21. 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. These closures come on the heels of Macys opening multiple off-mall, small-format stores in 2022. About 90% of occupants in U.S. malls are either experiential tenants like movie theaters, or department store chains and apparel retailers, according to the Coresight analysis. Crowds, high prices and the White Lotus effect: Worst places to travel McCarthy to Russian reporter: I do not support what your country has done to Federal judge rules Pennsylvania school district must allow After School Satan Facebook privacy settlement: Who is eligible for a payment? She had an armful of clothes in one hand and was pushing her childs stroller with the other. A lot of clothing for men and women still remains, as do some area rugs and appliances, but some parts of the store already are empty. A year later its loan was transferred to special servicing due to the retail vacancy, and its maturity date was extended. "Until we resolve this pandemic, I suspect we are going to be in a holding pattern with hollow retail space.". 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. US Malls Are Dying and There May Be Just 150 Left in 10 Years The loan, which was classified as a Commercial Mortgage Backed Securities financing (CMBS), is essentially a syndicated mortgage held by a trust made up of various banks and lenders. 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"It is nearly impossible to find a property of this quality and size throughout South Florida. It has said malls rated C and below "are not viable retail centers long term.". Southland Mall will be dramatically renovated and upgraded and plans are being developed for beautiful residential spaces on excess land, the spokesperson said. But Investcorp was unable to make its April 9 payment last month, battered by the coronavirus shutdown and the brick-and-mortar retail slump that shuttered one of its three anchor stores (Sears). In a lawsuit filed on June 1 in Miami-Dade Circuit Court, Wells Fargo Bank charges the mall, which is owned by the Delaware-based Investcorp US Real Estate LLC, of defaulting on its $67.5 million loan. With a report circulating earlier this month that the biggest U.S. mall owner Simon Property Group has been in talks with Amazon to convert some shuttered Sears and J.C. Penney department stores into fulfillment centers, many industry analysts have been pontificating on the future of malls as logistics hubs. 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). More Macy's stores to close in 2023. See the list of closing - MSN Lender Takes Control of Southland Mall in Cutler Bay - The Real Deal There may be just 150 malls left in the US in 10 years, according to one industry watcher.
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