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MIAMI (CBSMiami) - Southland Mall in Cutler Bay has been acquired by two real estate investment firms that have big plans for the property. By. In October, the commercial brokerage JLL was tapped to sell the $65.1 million CMBS loan tied to the mall. 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. You may login with either your assigned username or your e-mail address. Top editors give you the stories you want delivered right to your inbox each weekday. But later the firm said the property will be unsustainable, according to Trepp. 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. Avison Youngs Michael T. Fay, John Crotty, David Duckworth and Brian de la F brokered the Southland Mall sale. 6796 SW 62nd AvenueSouth Miami, Florida 33143(305)669-7030, Miami Community Newspaper Sponsored Content, Latin Builders Association Community News. Main content; . More Macy's stores to close in 2023. See the list of closing - MSN Investcorp declined to comment through a spokesperson. 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. www .westlandcenter .com. A Division of NBCUniversal. Southland Center (also known as Southland Mall) is an enclosed mall located at 23000 Eureka Road in Taylor, Michigan . In May, Macys reported better-than-expected earnings for its national network of department stores. The mall offers more than 900,000 square feet of retail space, 4,990 parking spaces and features J.C. Penney . During the pandemic, movie theaters and clothing shops have faced long windows of being closed, while consumers could still flock to strip centers for food, cleaning products and other essentials. The joint venture plans to redevelop the waterfront property into a luxury condominium. An upscale mall owner in Miami, Bal Harbour Shops, is currently moving to evict the luxury department store chain Saks Fifth Avenue for not paying rent since mid-March. Is DeSantis a hometown hero in this Florida city or just someone who lived there? That number is expected to shrink to 182 in February. 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? "One cannot simply build industrial buildings in areas zoned for commercial use," he explained. This property has not changed hands since 2013. By clicking Sign up, you agree to receive marketing emails from Insider 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. Electra America JV Pays $100M For Cutler Bay's Southland Mall 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 . The company then added several new tenants; . 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. 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Is it true tuttle mall is closing? : r/Columbus - Reddit 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. Mortgage fees to rise for buyers with high credit scores, fall for those with lower scores, DeSantis-appointed oversight board fires back days after Disney sues governor, Shipwreck found off Florida beach is much larger than originally suspected, team says. Call 305.669.7030 or view our Media Kit. Business Update | Target Australia After 24 years, Sears is closing its Baton Rouge location at the Mall of Louisiana, the last location in the state. Investment Firms Buy Southland Mall, Plan To Modernize It, Build High "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," Moody's Analytics real estate analyst Victor Calanog said. In 2004, Southland Mall Properties paid $46 million for the retail site, according to records. There are roughly 380 C- and D-rated malls in the U.S., according to an analysis by the commercial real estate firm Green Street Advisors. With Department Stores Disappearing, Malls Could Be Next 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). The Mall at Partridge Creek in Clinton Township faltered under debt and entered receivership. A representative for Macys did not immediately respond to Nexstars request for comment. You must have JavaScript enabled to use this form. Target team members impacted by store closures will be given priority consideration for new roles created in Kmart and Catch as these businesses . Heads up, homebuyers! No one is really immune. Redeveloping malls has proven to be a difficult task even for the largest mall owners in the country like Simon Property Group and Brookfield Property Partners. In June 2020, Wells Fargo filed a foreclosure lawsuit against Southland Mall Properties for defaulting on a $65.1 million mortgage. THE HILL 1625 K STREET, NW SUITE 900 WASHINGTON DC 20006 | 202-628-8500 TEL | 202-628-8503 FAX. May 2, 2022, 1:30 PM. Southland Mall, formerly known as Cutler Ridge Mall, opened in 1978 as an extension of the Cutler Ridge Shopping Center, which opened in 1960. The outdoor retailer REI is also looking to sell its recently completed corporate campus in suburban Seattle, shifting instead to more satellite offices, as a result of the pandemic. 1998 - 2023 Nexstar Media Inc. | All Rights Reserved. The LLC is owned by the New York-based Investcorp International Realty, an investment firm founded in 1982 with holdings around the world. For more Miami community news, look no further During the few months I have been studio Artist-in-Residence, Sears store in Southland Mall expected to close by Feb. 15, Poiema of Grace spreads Gospel message with athleisure clothing, Jeep Wrangler Rubicon 44 still darling of off-road enthusiasts, Grant Miller Joins Christopher Columbus High School LINK Club at Night Of the Stars, Coral Gables Swearing In Ceremony Photo Gallery, Deering Estate Artist-in-Residence Spotlight: Andres Cabrera-Garcia. According to Egelanian, the malls that will weather the storm will be premium locations with entertainment, dining, and luxury stores. It's starting with these 248 stores. This material may not be published, broadcast, rewritten, or redistributed. 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. Southland Mall, 1215 East Shelby Drive, Memphis, TN. "Unfortunately, this whole Covid thing has thrown the experiential pitch out the window," Moody's Calanog said in a phone interview. 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 . 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. There are currently around 700 malls in the US, down from 2,500 in the 1980s. 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. 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. What is going to happen to America's dead malls? Office development is set to drop 10%, it said, while retail falls 15.7%. A foreclosure suit was filed in June and a receiver for the mall was appointed in the summer. In more expensive real estate markets, the change could shift total mortgage closing costs by thousands of dollars. Its remaining tenants include JCPenney, TJ Maxx, Regal Cinemas and LA Fitness. From bad to worse: Student misbehavior rises further since return of in-person McConnell insists hes sitting out debt talks to disbelief. One of its largest anchor tenants, Kmart, left in 2017. Get browser notifications for breaking news, live events, and exclusive reporting. Fitness, Regal Cinemas and Old Navy. 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. 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. Sunrise Mall in Massapequa tells tenants to vacate, leaving store All Rights Reserved. 25% of U.S. malls are set to shut within 5 years. What comes next? - CNBC In some states, such as New York and California, movie theaters remain closed to this day. By 1960, just four years after Gruen's first mall, there were 4,500 large shopping complexes in the United States, which averages to at least three new shopping centers opening every day. "Often, that requires rezoning areas a long and tedious process with a low probability of success.". 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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. But shopping malls are likely going to be shuttering in suburbs all across the country, as store closures grow in number and landlords capitulate. Southland Center (Michigan) - Wikipedia Those are:Central New Jersey, Northern New Jersey, Long Island, Memphis and Detroit. 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. City leaders said the closure came as a huge surprise. Pleasenote that Town Hall is a drug, alcohol and tobacco-free workplace. The massive Sears store in Southland Mall, long a fixture of the shopping center in Cutler Bay and an anchor . 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. GNC will close hundreds of stores as it restructures in bankruptcy. At the end of 2020, occupancy was just 74 percent, according to Trepp. Facebook agrees to pay $725M settlement: Whats the deadline to file a claim? Southland Mall SoldA Message from the Mayor She had an armful of clothes in one hand and was pushing her childs stroller with the other. Southland Mall is the oldest in the city, and Macys has been there a decade. 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. Fitness, Regal Cinemas, Kay Jewelers, and Applebee's. Theyre not meant to treat viruses, however.

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