is southland mall closing down

Could Blue Crush, COACT units hold lessons for MPD? 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. An A++ mall could bring in as much as $1,000 in sales per square foot, for example, while a C+ mall does about $320. 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! 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. Southland Center is the latest mall in metropolitan Detroit to face a financial challenge. Most store employees at the Southland Mall location were reluctant to talk about the store closing, but the customers were not. Sign up for notifications from Insider! Updated June 18, 2020 9:36 AM. He wants to make sure the closure doesnt have a domino effect. 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. 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. At the end of 2020, occupancy was just 74 percent, according to Trepp. 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 New York-based department store chain, which also operates upscale Bloomingdales and Bluemercury stores, said Friday that sales for the November-to-January period will fall in the low end to the midpoint of its expected range of $8.16 billion to $8.4 billion. Investcorp declined to comment through a spokesperson. 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. From bad to worse: Student misbehavior rises further since return of in-person McConnell insists hes sitting out debt talks to disbelief. The Southland Mall Macy's is closing along with 14 other stores nationwide. The new owners are planning for a mixed-use redevelopment of the 80-acre site with commercial and residential components. "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. There may be just 150 malls left in the US in 10 years, according to . Once-bustling American malls are going bust as shoppers flock to online retailers instead of sprawling, brick-and-mortar locations. Industrial development, meantime, is expected to pick up 3.6%. The final clearance will start Monday, January 12. There are currently around 700 malls in the US, down from 2,500 in the 1980s. All Rights Reserved. Store closures also happened in 2020, 2021, and 2022. The company is closing 14 stores across the county as part of a restructuring plan. This is an archived article and the information in the article may be outdated. Malls have suffered as online sales boomed. Save my name, email, and website in this browser for the next time I comment. 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. Wells Fargo, representing the CMBS investors, placed a credit bid, or a bid using its existing debt, of $2,600. Northland Center in Southfield is undergoing a makeover into a mixed-use development for retail, residential and office development. 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. Affected employees will be offered jobs at nearby locations or severance packages. as well as other partner offers and accept our. 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. 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 Mall is the oldest in the city, and Macys has been there a decade. CoStar said Brookfield is likely working with a specialist to manage loan issues affecting Southland. 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 coronavirus pandemic has accelerated a demise that was already underway. The South Florida Business Journal first reported the news of the judgment and the auction. But even office space is a risky bet now, as the working-from-home trend could become permanent for some. The Tuttle mall property is actually 5 separate parcels of land. May 2, 2022, 1:30 PM. Its remaining tenants include JCPenney, TJ Maxx, Regal Cinemas and LA Fitness. 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. 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 . After 24 years, Sears is closing its Baton Rouge location at the Mall of Louisiana, the last location in the state. Theres nothing like lazy summer days relaxing on the patio. A lender has taken control of Southland Mall in Cutler Bay after a foreclosure auction failed to yield any bids over $2,600. 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. 2023 Miami's Community Newspapers a Miller Publishing Company. 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. Starwood, which acquired the mall from Westfield Group in a $1.6 billion deal in 2013 and dropped the much-maligned Westfield Southlake Mall name, defaulted on its debt last March after its . This material may not be published, broadcast, rewritten, or redistributed. Coresight Research estimates 25% of America's roughly 1,000 malls will close over the next three to five years. 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. Tom Pennington/Getty Images. SMART 210, 250. 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 . 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. According to court documents, JPMorgan Chase Bank, National Association made a $67.5 million loan to Investcorp on May 2, 2014. 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. THE HILL 1625 K STREET, NW SUITE 900 WASHINGTON DC 20006 | 202-628-8500 TEL | 202-628-8503 FAX. 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. "You know, everybody moving out a little bit further." Southland Mall will be dramatically renovated and upgraded and plans are being developed for beautiful residential spaces on excess land, the spokesperson said. 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. Coresight Research estimates 25% of America's roughly 1,000 malls will close over the next three to five years. The joint venture plans to redevelop the waterfront property into a luxury condominium. Main content; . Destiny USA mall reopens as the coronavirus disease (COVID-19) restrictions are eased in Syracuse, New York, U.S. How shrinking American mall will impact local tax revenue, cycle between days spent at the office and at home. What is going to happen to America's dead malls? One of its largest anchor tenants, Kmart, left in 2017. GNC will close hundreds of stores as it restructures in bankruptcy. This material may not be published, broadcast, rewritten, or redistributed. Absolutely, I am concerned about the loss of sales tax revenue. Those are:Central New Jersey, Northern New Jersey, Long Island, Memphis and Detroit. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Copyright 2023 Nexstar Media Inc. All rights reserved. 10:00 am to 9:00 pm. The mall offers more than 900,000 square feet of retail space, 4,990 parking spaces and features J.C. Penney . No other investor sought to pay more, and the lender was able to seize the property, documents show. 25% of the country's approximately 1,000 malls. The new owners will provide more information about those plans at a later date, the spokesperson added. Macys has yet to give an exact reason, but said this is part of a greater plan to streamline in-store and online shopping. 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. Im also concerned about the quality of life, he said. Oct 12, 2022, 9:40 AM PDT. By 1975 . 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. 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. The partners are planning a major mixed-use redevelopment of the site. Sales continued to decline and the parent company filed for Chapter 11 bankruptcy on Oct. 15, 2018. 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. 4,560 [1] Public transit access. Facebook agrees to pay $725M settlement: Whats the deadline to file a claim? The Mall at Partridge Creek in Clinton Township faltered under debt and entered receivership. / CBS Miami. Its unclear if Macys plans to close any additional stores in 2023. 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. "It is nearly impossible to find a property of this quality and size throughout South Florida. We are excited to be partnering with BH Group to revitalize this key Miami asset, and we appreciate the opportunity to work with the Town of Cutler Bay in the redevelopment of the site to create new high-quality housing and employment opportunities for its residents," said Joe Lubeck, Managing Partner of Electra America, in a statement. The world's biggest Wall Street bank by revenue has said itcould shutter backup trading floors located outside New York and London as a result of the move. The Southfield mall defaulted on a $31 . It's starting with these 248 stores. Investors have foreclosed on Southland Mall, 20505 S. Dixie Highway in Cutler Bay, after defaulting on a $67.5 million loan. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. The massive Sears store in Southland Mall, long a fixture of the shopping center in Cutler Bay and an anchor . The mall opens at noon on Sunday and closes by 6 pm. Target team members impacted by store closures will be given priority consideration for new roles created in Kmart and Catch as these businesses . In April, analysts at UBS projected that 40,000-50,000 American retail stores would shut down by 2027. The property at 23000 Eureka accounts for more than $2 million in community tax payments. This is not a dead mall, not at all, Duski said. He currently writes for the business desk covering real estate and the citys affordability crisis. No one is really immune. The foreclosure marks another gloomy chapter in the ongoing slide of traditional retail. 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. 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? This story was originally published June 10, 2020, 6:10 PM. A Division of NBCUniversal. 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. "Must be a reason, you know, sales might be down in this area," said Whitehaven resident Eric Hillard. 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. Macys confirmed to USA Today and Axios that these four stores will close this year: Store closures also happened in 2020, 2021, and 2022. 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. 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. 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. 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. 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. 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. 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). They said traditional shopping malls are at particularly high risk because shoppers now prefer to make quick trips to close-by stores, per CNBC. Operating hours. 1998 - 2023 Nexstar Media Inc. | All Rights Reserved. Copyright 2023 Nexstar Media Inc. All rights reserved. The shortfall cited by the real estate data service CoStar Group Inc. came as shopping centers across the nation try to rebound from the double whammy of online shopping and the COVID-19 pandemic. We have a never quit attitude out here. Dog and cat antibiotics are medications prescribed by a veterinarian that can help treat a bacterial infection. In 2004, Southland Mall Properties paid $46 million for the retail site, according to records. 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A clearance sale will begin in January and run for approximately eight to 12 weeks, Macy's said. Penney emerged from bankruptcy in 2020. Westland Shopping Center, also known as Westland Center, is an enclosed shopping mall located in the city of Westland, Michigan, a suburb of Detroit. Most of the businesses have resumed operations since the mall reopened on May 21. Southland Mall, formerly known as Cutler Ridge Mall, opened in 1978 as an extension of the Cutler Ridge Shopping Center, which opened in 1960. This property has not changed hands since 2013. Call 305.669.7030 or view our Media Kit. But an active community of former employees hopes to keep the doomed department store remembered through memorabilia and online. It is an older store, has been in the mall for a long time. Chang W. Lee/The New York Times. Starting Monday, some fees will rise for homebuyers with higher credit scores, while buyers with lower scores will see a fee reduction. Macy's has yet to give an exact reason, but said this . The timings are subject to change depending upon different locations and any special event coming by: Week Days. 6796 SW 62nd AvenueSouth Miami, Florida 33143(305)669-7030, Miami Community Newspaper Sponsored Content, Latin Builders Association Community News. Malls like Southland may struggle to refinance, said Melissa Che, a senior director at Fitch. Cutler Bay, FL 33189, Phone:(305) 234-4262 The lack of interest in the once bustling mall previously owned by . The mall was devastated by Hurricane Andrew in 1992, reopened the following year and was renamed Southland Mall in 2003. Eastland Center in Harper Woods closed in early 2022 to clear the way for warehouses and a distribution center. May 6, 2022 / 6:00 AM The company is closing 14 stores across the county as part of a restructuring plan. 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. Get this delivered to your inbox, and more info about our products and services. It's part of a restructuring plan that includes new stores in some markets. Southland Mall had financial issues prior to the coronavirus pandemic. Jump to. That's down from around 2,500 locations in the 1980s and 700 today, Egelanian said. Southland Mall, 1215 East Shelby Drive, Memphis, TN. Sears closed its store at Southland Mall in Houma in Houma in summer 2016. There may be just 150 malls left in the US in 10 years, according to one industry watcher. The mall is also home to Regal Southland Mall cinema, which remains closed. 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? 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. 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 company is also weighed down by $4 billion in debt and had previously closed numerous stores in recent years to help cut costs. In some states, such as New York and California, movie theaters remain closed to this day. Not in these states, Does Keurig owe you money? Even high-end malls are under pressure, though. 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. The marketing pitch cited the malls Opportunity Zone designation and redevelopment potential. 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. 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. 2023 CNBC LLC. City leaders said the closure came as a huge surprise. Demand for various commercial real estate asset types is expected to shift noticeably because of the coronavirus pandemic, with more people now working from home, flocking to the suburbs for space and buying online things they used to browse for in stores.

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