is southland mall closing down

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. Miami's retail market has rebounded strongly over the past year and currently has a vacancy rate of just under four percent. 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. Get this delivered to your inbox, and more info about our products and services. But even office space is a risky bet now, as the working-from-home trend could become permanent for some. The final two Zellers stores will shut down later this month. 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 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. The Sunrise Mall has been a mainstay in . Stay up to date with what you want to know. Investcorp declined to comment through a spokesperson. Operating hours. In October, the commercial brokerage JLL was tapped to sell the $65.1 million CMBS loan tied to the mall. I wish that the store were staying open, Miranda said in Spanish. Northland Center in Southfield is undergoing a makeover into a mixed-use development for retail, residential and office development. The Southfield mall defaulted on a $31 . It's part of a restructuring plan that includes new stores in some markets. 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). Sears closed its store at Southland Mall in Houma in Houma in summer 2016. A representative from Hudson's Bay-owned Saks was not immediately available to comment. The mall opens at noon on Sunday and closes by 6 pm. Fort Lauderdale-based property management firm Gumberg Asset Management, which manages the mall, declined to comment. "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. 1998 - 2023 Nexstar Media Inc. | All Rights Reserved. Demand for logistics buildings is skyrocketing as e-commerce sales balloon. Another roadblock can be scoring the necessary zoning approvals from city and government officials. 1998 - 2023 Nexstar Media Inc. | All Rights Reserved. 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. 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 . as well as other partner offers and accept our. 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. Sears' store in Louisiana will close soon - The Courier But shopping malls are likely going to be shuttering in suburbs all across the country, as store closures grow in number and landlords capitulate. Website. On June 7, 2019, Investcorp secured an extension agreement that pushed the maturity date of the loan back to May 8, 2020. 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. Even high-end malls are under pressure, though. Fairlane Town Center in Dearborn was placed under new ownership after a loan default. 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. Tom Pennington/Getty Images. 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. Southland Mall Holiday Hours. Wells Fargo is the trustee. Investors have foreclosed on Southland Mall, 20505 S. Dixie Highway in Cutler Bay, after defaulting on a $67.5 million loan. Rouse Properties was spun off from General Growth Properties in January 2012. There may be just 150 malls left in the US in 10 years, according to . The mall is the collateral for the loan. Part of the challenge is buying out anchor tenants, which own their spaces. Jump to. City leaders said the closure came as a huge surprise. CoStar said Brookfield is likely working with a specialist to manage loan issues affecting Southland. But those businesses have also not fared well in an age of social distancing. 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 . But the hurdles include the need to have properties rezoned, which could be met with pushback from local municipalities. Sears has no other full department store locations south of Coral Gables, and it likely will be missed by shoppers and former employees. 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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. The new owners are planning for a mixed-use redevelopment of the 80-acre site with commercial and residential components. 10:00 am to 9:00 pm. By clicking Sign up, you agree to receive marketing emails from Insider And so with minimal revenue coming in, these are the businesses that are most likely requesting rent reductions, or not paying rent at all. The LLC is owned by the New York-based Investcorp International Realty, an investment firm founded in 1982 with holdings around the world. Target team members impacted by store closures will be given priority consideration for new roles created in Kmart and Catch as these businesses . It has said malls rated C and below "are not viable retail centers long term.". Sunrise Mall in Massapequa tells tenants to vacate, leaving store www .westlandcenter .com. The massive Sears store in Southland Mall, long a fixture of the shopping center in Cutler Bay and an anchor . 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 judge ordered the 990,000-square-foot indoor mall at 20505 South Dixie Highway to be sold in a foreclosure auction on Feb. 10. She had an armful of clothes in one hand and was pushing her childs stroller with the other. 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. 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. 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. He currently writes for the business desk covering real estate and the citys affordability crisis. 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. The mall is also home to Regal Southland Mall cinema, which remains closed. 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). 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? Not in these states, Does Keurig owe you money? This material may not be published, broadcast, rewritten, or redistributed. Dog and cat antibiotics are medications prescribed by a veterinarian that can help treat a bacterial infection. A foreclosure suit was filed in June and a receiver for the mall was appointed in the summer. An attorney representing Wells Fargo in the suit did not return a request for comment. Pleasenote that Town Hall is a drug, alcohol and tobacco-free workplace. Data is a real-time snapshot *Data is delayed at least 15 minutes. You must have JavaScript enabled to use this form. It's unclear if Macy's plans to close any additional stores in 2023. 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. Get browser notifications for breaking news, live events, and exclusive reporting. 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. 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. What is going to happen to America's dead malls? 25% of U.S. malls are set to shut within 5 years. What comes next? - CNBC Store closures also happened in 2020, 2021, and 2022. It is still owned by SPG and they owe . 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. SOUTHLAND MALL. How much longer can Kansas City's shopping malls hang on? Here's where Access your favorite topics in a personalized feed while you're on the go. 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 lender has taken control of Southland Mall in Cutler Bay after a foreclosure auction failed to yield any bids over $2,600. Oct 12, 2022, 9:40 AM PDT. Last year, the mall was dealt another blow when Sears vacated its store. The company is closing 14 stores across the county as part of a restructuring plan. As final Zellers stores close, former employees swap memories - CBC

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