is southland mall closing down

//is southland mall closing down

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. 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. You must have JavaScript enabled to use this form. The Associated Press contributed to this report. Industrial development, meantime, is expected to pick up 3.6%. The timings are subject to change depending upon different locations and any special event coming by: Week Days. The seller is Wells Fargo Bank as trustee for a JP Morgan Chase commercial mortgage-backed securities trust, which seized the property in February of last year as a result of a $68.7 million foreclosure judgment against the previous owner. 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. 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. 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 . "Bal Harbour Shops has worked tirelessly to ensure our business and our tenants can survive and thrive in this environment," he said. City leaders said the closure came as a huge surprise. Got a confidential news tip? SMART 210, 250. Southland Mall had financial issues prior to the coronavirus pandemic. Fitch analysts said the Southland experience is increasingly familiar among bricks-and-mortar retail centers, from coast to coast. Macys has yet to give an exact reason, but said this is part of a greater plan to streamline in-store and online shopping. 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 . 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. 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). Oct 12, 2022, 9:40 AM PDT. The joint venture plans to redevelop the waterfront property into a luxury condominium. Fitness, Regal Cinemas and Old Navy. Fitness, Regal . 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. All four of the impacted stores are located in malls, a company representative told USA Today. 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. 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? Part of the challenge is buying out anchor tenants, which own their spaces. The partners are planning a major mixed-use redevelopment of the site. By clicking Sign up, you agree to receive marketing emails from Insider May 6, 2022 / 6:00 AM It's part of a restructuring plan that includes new stores in some markets. 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. But later the firm said the property will be unsustainable, according to Trepp. Get this delivered to your inbox, and more info about our products and services. The Sunrise Mall has been a mainstay in . 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. Even high-end malls are under pressure, though. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Promote your business to the localized audience you want to reach with Miami's Community Newspapers. The companys adjusted earnings per share for the period should meet the projected range of $1.47 to $1.67, Macys said. 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. To make the most of your backyard, look for durable and comfortable seating options. The mall is also home to Regal Southland Mall cinema, which remains closed. Westland Shopping Center, also known as Westland Center, is an enclosed shopping mall located in the city of Westland, Michigan, a suburb of Detroit. Fitness, Regal Cinemas, Kay Jewelers, and Applebee's. Tom Pennington/Getty Images. The mall opens at noon on Sunday and closes by 6 pm. Office development is set to drop 10%, it said, while retail falls 15.7%. Southland Mall will be dramatically renovated and upgraded and plans are being developed for beautiful residential spaces on excess land, the spokesperson said. According to court documents, JPMorgan Chase Bank, National Association made a $67.5 million loan to Investcorp on May 2, 2014. The Tuttle mall property is actually 5 separate parcels of land. The mall features more than 100 inline stores, with JCPenney and Kohl's serving as anchor stores. By 1975 . With the majority of the proposed Target store closures planned to occur in the 2021 calendar year, this provides considerable time to explore all available options to redeploy affected team members. 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. 4,560 [1] Public transit access. But those businesses have also not fared well in an age of social distancing. They said traditional shopping malls are at particularly high risk because shoppers now prefer to make quick trips to close-by stores, per CNBC. Monday. "Often, that requires rezoning areas a long and tedious process with a low probability of success.". What were the changes in real estate prices in Broward County last week? But the hurdles include the need to have properties rezoned, which could be met with pushback from local municipalities. By. This is an archived article and the information in the article may be outdated. 1998 - 2023 Nexstar Media Inc. | All Rights Reserved. Fairlane Town Center in Dearborn was placed under new ownership after a loan default. 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. 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. "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. 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. Its remaining tenants include JCPenney, TJ Maxx, Regal Cinemas and LA Fitness. Macy's has yet to give an exact reason, but said this . 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. At the end of 2020, occupancy was just 74 percent, according to Trepp. A joint venture paid $100.3 million for a shopping mall in a Cutler Bay Opportunity Zone, with plans for a major renovation while . "Then we will see what the most viable format is," he said. There are currently around 700 malls in the US, down from 2,500 in the 1980s. 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 coronavirus pandemic has accelerated a demise that was already underway. There may be just 150 malls left in the US in 10 years, according to . Investcorp declined to comment through a spokesperson. 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Macys also helped Toys R Us make a comeback, opening locations in nearly every state last year. Wells Fargo is the trustee. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Copyright 2023 Nexstar Media Inc. All rights reserved. MEMPHIS, Tenn. Mayor A C Wharton is concerned sales tax revenue will take a hit now that Macys department store announced its leaving Southland Mall in Spring 2015. In 2004, Southland Mall Properties paid $46 million for the retail site, according to records. (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. 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? Sales continued to decline and the parent company filed for Chapter 11 bankruptcy on Oct. 15, 2018. Sears closed its store at Southland Mall in Houma in Houma in summer 2016. 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 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. Fox says Parkinsons disease is getting tougher, State audit: Oregon should prepare for national competition on marijuana, No, Federal Home Loan Banks didnt cause the SVB collapse, Bed Bath & Beyond liquidation sale has started. Fax:(305) 234-4251. 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. I am sad to see it go.. 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 . 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. 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"One cannot simply build industrial buildings in areas zoned for commercial use," he explained. Theyre not meant to treat viruses, however. "Until we resolve this pandemic, I suspect we are going to be in a holding pattern with hollow retail space.". 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. 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. 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. He wants to make sure the closure doesnt have a domino effect. Wells Fargo, representing CMBS investors, made a credit bid of just $2,600, Southland Mall in Cutler Bay (Google Maps). 6796 SW 62nd AvenueSouth Miami, Florida 33143(305)669-7030, Miami Community Newspaper Sponsored Content, Latin Builders Association Community News. The mall was devastated by Hurricane Andrew in 1992, reopened the following year and was renamed Southland Mall in 2003. The foreclosure marks another gloomy chapter in the ongoing slide of traditional retail. The COVID-19 pandemic has claimed its first Miami-Dade indoor shopping mall. Southland is the closest area mall to the Canadian border crossing, Brookfield said. Southland Mall, 1215 East Shelby Drive, Memphis, TN. 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. According to data pulled by Moody's Analytics REIS, apartment development in the U.S. is expected to be down 15.6% in a post-Covid-19 world. On June 7, 2019, Investcorp secured an extension agreement that pushed the maturity date of the loan back to May 8, 2020. This story was originally published June 10, 2020, 6:10 PM. According to Egelanian, the malls that will weather the storm will be premium locations with entertainment, dining, and luxury stores. We want to hear from you. Fitch Ratings Inc. said Brookfield Properties a global company with more than 200 retail holdings owes nearly $65.1 million on a $78.5 million loan from 2012. Its appraisal fell from $130 million in 2014 to $68.4 million in June. The foreclosure was first reported by The Real Deal. "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. 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. "Must be a reason, you know, sales might be down in this area," said Whitehaven resident Eric Hillard. Tenant vacancies have had a sizable impact on the malls appraised value, according to Trepp. Target team members impacted by store closures will be given priority consideration for new roles created in Kmart and Catch as these businesses . Whether youre a real estate professional or simply an aficionado, the Miami Heralds new RE | source newsletter is your link to residential, commercial and industry news. Those are:Central New Jersey, Northern New Jersey, Long Island, Memphis and Detroit. A representative for Macy's did not immediately respond to Nexstar . 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. 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 store employees at the Southland Mall location were reluctant to talk about the store closing, but the customers were not. 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. 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. 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. Francisco Alvarado. This material may not be published, broadcast, rewritten, or redistributed. The mall offers more than 900,000 square feet of retail space, 4,990 parking spaces and features J.C. Penney . 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. While most such malls are expected to generate enough cash flow to cover debt service, Che said, others face continued performance challenges, liquidity pressures and overall market sentiment.. All Rights Reserved. Connect To Your Customers & Grow Your Business, There is Sears In key west which is south of southland. A Division of NBCUniversal. You may login with either your assigned username or your e-mail address. Im also concerned about the quality of life, he said. MIAMI (CBSMiami) - Southland Mall in Cutler Bay has been acquired by two real estate investment firms that have big plans for the property. Big changes have arrived in the way mortgage fees are calculated, and they could offer a windfall or an unexpected surcharge for your next home purchase. May 2, 2022, 1:30 PM. The new owners will provide more information about those plans at a later date, the spokesperson added. 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. 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. 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. "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 final clearance will start Monday, January 12. No other investor sought to pay more, and the lender was able to seize the property, documents show. 10720 Caribbean Boulevard Rene Rodriguez has worked at the Miami Herald in a variety of roles since 1989. A year later its loan was transferred to special servicing due to the retail vacancy, and its maturity date was extended. In some states, such as New York and California, movie theaters remain closed to this day. Brookfield and Southland officials could not be reached for comment on how the unmet loan payment will be handled. 10:00 am to 9:00 pm. It owes Bal Harbour roughly $1.9 million, according to court documents. 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. Investors have foreclosed on Southland Mall, 20505 S. Dixie Highway in Cutler Bay, after defaulting on a $67.5 million loan. One of its largest anchor tenants, Kmart, left in 2017. No one is really immune. A month later, the bank bought the property for $2,600 in a foreclosure sale, court records show. A lender has taken control of Southland Mall in Cutler Bay after a foreclosure auction failed to yield any bids over $2,600. NOW: After an uptick in crime and a down-tick in customers, Bannister closed its doors in April 2007. Office development is set to drop 10%, it said, while retail falls 15.7%. . 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. Its unclear if Macys plans to close any additional stores in 2023. 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. 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. A longtime employee working there, who didnt want to be identified, said that she is sorry to see the store closing and that the final day for the store will be Feb. 15. But an active community of former employees hopes to keep the doomed department store remembered through memorabilia and online. These closures come on the heels of Macys opening multiple off-mall, small-format stores in 2022. A representative from Hudson's Bay-owned Saks was not immediately available to comment. The massive Sears store in Southland Mall, long a fixture of the shopping center in Cutler Bay and an anchor . It's unclear if Macy's plans to close any additional stores in 2023. 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. It is still owned by SPG and they owe . Store closures also happened in 2020, 2021, and 2022. The mall is the collateral for the loan. And so with minimal revenue coming in, these are the businesses that are most likely requesting rent reductions, or not paying rent at all. Sears has no other full department store locations south of Coral Gables, and it likely will be missed by shoppers and former employees. 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. The LLC is owned by the New York-based Investcorp International Realty, an investment firm founded in 1982 with holdings around the world. There may be just 150 malls left in the US in 10 years, according to one industry watcher. 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. The Southfield mall defaulted on a $31 . But even office space is a risky bet now, as the working-from-home trend could become permanent for some. In April, analysts at UBS projected that 40,000-50,000 American retail stores would shut down by 2027. Coresight Research estimates 25% of America's roughly 1,000 malls will close over the next three to five years. A lender has taken control of Southland Mall in Cutler Bay after a foreclosure auction failed to yield any bids over $2,600. Call 305.669.7030 or view our Media Kit. Demand for logistics buildings is skyrocketing as e-commerce sales balloon. "Unfortunately, this whole Covid thing has thrown the experiential pitch out the window," Moody's Calanog said in a phone interview. SHARE THIS ARTICLE. Get browser notifications for breaking news, live events, and exclusive reporting. A joint venture paid $100.3 million for a shopping mall in a Cutler Bay Opportunity Zone, with plans for a major renovation while adding a residential component. Updated June 18, 2020 9:36 AM. Coresight Research estimates 25% of America's roughly 1,000 malls will close over the next three to five years. Like every other business in America, Southland Mall opens and closes on certain holidays. Dog and cat antibiotics are medications prescribed by a veterinarian that can help treat a bacterial infection. 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. Southland Mall is the oldest in the city, and Macys has been there a decade. Not in these states, Does Keurig owe you money? Affected employees will be offered jobs at nearby locations or severance packages. Avison Youngs Michael T. Fay, John Crotty, David Duckworth and Brian de la F brokered the Southland Mall sale. The property at 23000 Eureka accounts for more than $2 million in community tax payments. Could Blue Crush, COACT units hold lessons for MPD? The company is closing 14 stores across the county as part of a restructuring plan. 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.

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is southland mall closing down

is southland mall closing down

is southland mall closing down