is southland mall closing down

6796 SW 62nd AvenueSouth Miami, Florida 33143(305)669-7030, Miami Community Newspaper Sponsored Content, Latin Builders Association Community News. Experts estimate that hundreds of malls will close in the near future. Tom Pennington/Getty Images. A month later, the bank bought the property for $2,600 in a foreclosure sale, court records show. The mall was completely demolished in 2009, and in 2013 Cerner bought the property to redevelop. Fairlane Town Center in Dearborn was placed under new ownership after a loan default. Southland Mall, formerly known as Cutler Ridge Mall, opened in 1978 as an extension of the Cutler Ridge Shopping Center, which opened in 1960. You must have JavaScript enabled to use this form. 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.. Updated June 18, 2020 9:36 AM. "Then we will see what the most viable format is," he said. 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. 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). A representative for Macys did not immediately respond to Nexstars request for comment. Northland Center in Southfield is undergoing a makeover into a mixed-use development for retail, residential and office development. Im also concerned about the quality of life, he said. 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. 1998 - 2023 Nexstar Media Inc. | All Rights Reserved. After 24 years, Sears is closing its Baton Rouge location at the Mall of Louisiana, the last location in the state. "Bal Harbour Shops has worked tirelessly to ensure our business and our tenants can survive and thrive in this environment," he said. 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. 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. So, if not warehouses and entertainment complexes, analysts have pondered other potential use cases for so-called dead malls: Churches, medical facilities, office spaces and even apartment complexes. The South Florida Business Journal first reported the news of the judgment and the auction. Other industry watchers predict a similarly painful fate for malls and retail stores more generally. Website. 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. Target team members impacted by store closures will be given priority consideration for new roles created in Kmart and Catch as these businesses . 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. 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. The partners are planning a major mixed-use redevelopment of the site. The Southland Mall follows the schedule given below in the table. 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. In 2004, Southland Mall Properties paid $46 million for the retail site, according to records. These closures come on the heels of Macys opening multiple off-mall, small-format stores in 2022. What were the changes in real estate prices in Broward County last week? Pleasenote that Town Hall is a drug, alcohol and tobacco-free workplace. Sign up for free newsletters and get more CNBC delivered to your inbox. By. 10:00 am to 9:00 pm. 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. All Rights Reserved. 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. 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. Connect To Your Customers & Grow Your Business, There is Sears In key west which is south of southland. Miami-Dade Circuit Court Judge Mavel Ruiz entered a final judgment on behalf of Wells Fargo in January 2021. May 2, 2022, 1:30 PM. Even high-end malls are under pressure, though. Sales continued to decline and the parent company filed for Chapter 11 bankruptcy on Oct. 15, 2018. The lack of interest in the once bustling mall previously owned by . Macys confirmed to USA Today and Axios that these four stores will close this year: Store closures also happened in 2020, 2021, and 2022. Wells Fargo, representing CMBS investors, made a credit bid of just $2,600, Southland Mall in Cutler Bay (Google Maps). The new owners are planning for a mixed-use redevelopment of the 80-acre site with commercial and residential components. The company then added several new tenants; . Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. The LLC is owned by the New York-based Investcorp International Realty, an investment firm founded in 1982 with holdings around the world. Industrial development, meantime, is expected to pick up 3.6%. "One cannot simply build industrial buildings in areas zoned for commercial use," he explained. 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. Penney emerged from bankruptcy in 2020. 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. Its unclear if Macys plans to close any additional stores in 2023. 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. MIAMI (CBSMiami) - Southland Mall in Cutler Bay has been acquired by two real estate investment firms that have big plans for the property. By clicking Sign up, you agree to receive marketing emails from Insider 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. It is still owned by SPG and they owe . 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. Investors have foreclosed on Southland Mall, 20505 S. Dixie Highway in Cutler Bay, after defaulting on a $67.5 million loan. 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. Fort Lauderdale-based property management firm Gumberg Asset Management, which manages the mall, declined to comment. 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 . 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. 25% of the country's approximately 1,000 malls. 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 companys adjusted earnings per share for the period should meet the projected range of $1.47 to $1.67, Macys said. Fitch analysts said the Southland experience is increasingly familiar among bricks-and-mortar retail centers, from coast to coast. Brookfield said Southland features the best mix of national retailers, big box brands and local vendors. Among those cited by Brookfield: Best Buy, Victorias Secret, Pink, American Eagle, H&M, Pandora and a Cinemark theater. 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). Southland Mall had financial issues prior to the coronavirus pandemic. 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. All four of the impacted stores are located in malls, a company representative told USA Today. No other investor sought to pay more, and the lender was able to seize the property, documents show. 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. Last year, the mall was dealt another blow when Sears vacated its store. www .westlandcenter .com. In more expensive real estate markets, the change could shift total mortgage closing costs by thousands of dollars. The company is closing 14 stores across the county as part of a restructuring plan. 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. Save my name, email, and website in this browser for the next time I comment. 10720 Caribbean Boulevard 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 . The Tuttle mall property is actually 5 separate parcels of land. Top editors give you the stories you want delivered right to your inbox each weekday. 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. 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. 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. 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. This is an archived article and the information in the article may be outdated. 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. CoStar said Brookfield is likely working with a specialist to manage loan issues affecting Southland. 2022 CBS Broadcasting Inc. All Rights Reserved. On June 7, 2019, Investcorp secured an extension agreement that pushed the maturity date of the loan back to May 8, 2020. Current tenants include JCPenney, Macys, TJ Maxx, L.A. as well as other partner offers and accept our. Macys also helped Toys R Us make a comeback, opening locations in nearly every state last year. We want to hear from you. Get this delivered to your inbox, and more info about our products and services. "Until we resolve this pandemic, I suspect we are going to be in a holding pattern with hollow retail space.". 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. (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. Everything left in the store is being sold at up to 70 percent off original prices. The Associated Press contributed to this report. 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. But even office space is a risky bet now, as the working-from-home trend could become permanent for some. To make the most of your backyard, look for durable and comfortable seating options. In June 2020, Wells Fargo filed a foreclosure lawsuit against Southland Mall Properties for defaulting on a $65.1 million mortgage. 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. "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. The mall features more than 100 inline stores, with JCPenney and Kohl's serving as anchor stores. 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. They said traditional shopping malls are at particularly high risk because shoppers now prefer to make quick trips to close-by stores, per CNBC. An attorney representing Wells Fargo in the suit did not return a request for comment. 4,560 [1] Public transit access. Rouse Properties was spun off from General Growth Properties in January 2012. The mall was devastated by Hurricane Andrew in 1992, reopened the following year and was renamed Southland Mall in 2003. Miami's retail market has rebounded strongly over the past year and currently has a vacancy rate of just under four percent. Fitness, Regal . The mall opens at noon on Sunday and closes by 6 pm. 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. The massive Sears store in Southland Mall, long a fixture of the shopping center in Cutler Bay and an anchor . "You know, everybody moving out a little bit further." I wish that the store were staying open, Miranda said in Spanish. 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? . A clearance sale will begin in January and run for approximately eight to 12 weeks, Macy's said. It has said malls rated C and below "are not viable retail centers long term.". In April, analysts at UBS projected that 40,000-50,000 American retail stores would shut down by 2027. 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 final two Zellers stores will shut down later this month. Southland Mall is the oldest in the city, and Macys has been there a decade. Copyright 2023 Nexstar Media Inc. All rights reserved. Malls like Southland may struggle to refinance, said Melissa Che, a senior director at Fitch. 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. 2023 CNBC LLC. Brookfield and Southland officials could not be reached for comment on how the unmet loan payment will be handled. 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. The mall offers more than 900,000 square feet of retail space, 4,990 parking spaces and features J.C. Penney . Jump to. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. No one is really immune. It is an older store, has been in the mall for a long time. A joint venture paid $100.3 million for a shopping mall in a Cutler Bay Opportunity Zone, with plans for a major renovation while . "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. Oct 12, 2022, 9:40 AM PDT. The foreclosure marks another gloomy chapter in the ongoing slide of traditional retail. 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. 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. Collins is frustrated, because he had no idea this was coming. In 2020, Coresight Research projected that 25% of the country's approximately 1,000 malls would close shop in the following 3-5 years. A Bureau of Prisons monitor gets his sentence. Four Macy's locations at shopping malls are slated to close, the company told Axios. 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A representative for Macy's did not immediately respond to Nexstar . 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. This material may not be published, broadcast, rewritten, or redistributed. 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.

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