This is an archived article and the information in the article may be outdated. . apartment development in the U.S. is expected to be down 15.6% in a post-Covid . The Sunrise Mall has been a mainstay in . The final clearance will start Monday, January 12. The Southland Mall follows the schedule given below in the table. We have a never quit attitude out here. It's part of a restructuring plan that includes new stores in some markets. According to Egelanian, the malls that will weather the storm will be premium locations with entertainment, dining, and luxury stores. Fitness, Regal Cinemas, Kay Jewelers, and Applebee's. This story was originally published June 10, 2020, 6:10 PM. Macys confirmed to USA Today and Axios that these four stores will close this year: Store closures also happened in 2020, 2021, and 2022. 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. Is DeSantis a hometown hero in this Florida city or just someone who lived there? The partnership converted the building into an AKA hotel. 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 . GNC will close hundreds of stores as it restructures in bankruptcy. 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. 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. 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. 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. 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. But later the firm said the property will be unsustainable, according to Trepp. The COVID-19 pandemic has claimed its first Miami-Dade indoor shopping mall. "Then we will see what the most viable format is," he said. Everything left in the store is being sold at up to 70 percent off original prices. 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. Wells Fargo, representing a trust of commercial mortgage-backed securities investors, was awarded a foreclosure judgment of $68.7 million in January, which included the loans principal plus interest and fees, according to the filing. Below is a list of the J.C. Penney stores that are closing: Alabama 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. Industrial development, meantime, is expected to pick up 3.6%. That's down from around 2,500 locations in the 1980s and 700 today, Egelanian said. 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. The Southland Mall Macy's is closing along with 14 other stores nationwide. Most of the businesses have resumed operations since the mall reopened on May 21. You have entered an incorrect email address! Once-bustling American malls are going bust as shoppers flock to online retailers instead of sprawling, brick-and-mortar locations. The Associated Press contributed to this report. What is going to happen to America's dead malls? 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. 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). We never give up, Collins said. 2023 CNBC LLC. 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. Real-time updates and all local stories you want right in the palm of your hand. There are currently around 700 malls in the US, down from 2,500 in the 1980s. But an active community of former employees hopes to keep the doomed department store remembered through memorabilia and online. We want to hear from you. Demand for logistics buildings is skyrocketing as e-commerce sales balloon. The timings are subject to change depending upon different locations and any special event coming by: Week Days. Its unclear if Macys plans to close any additional stores in 2023. as well as other partner offers and accept our. Please look at the time stamp on the story to see when it was last updated. The COVID-19 pandemic . May 6, 2022 / 6:00 AM Other industry watchers predict a similarly painful fate for malls and retail stores more generally. 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. Collins is frustrated, because he had no idea this was coming. 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. That number is expected to shrink to 182 in February. The property at 23000 Eureka accounts for more than $2 million in community tax payments. Store closures also happened in 2020, 2021, and 2022. 25% of the country's approximately 1,000 malls. 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. The new owners will provide more information about those plans at a later date, the spokesperson added. 10:00 am to 9:00 pm. The partners are planning a major mixed-use redevelopment of the site. Absolutely, I am concerned about the loss of sales tax revenue. A joint venture paid $100.3 million for a shopping mall in a Cutler Bay Opportunity Zone, with plans for a major renovation while . 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. 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. 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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. Most store employees at the Southland Mall location were reluctant to talk about the store closing, but the customers were not. By clicking Sign up, you agree to receive marketing emails from Insider Its remaining tenants include JCPenney, TJ Maxx, Regal Cinemas and LA Fitness. CoStar said Brookfield is likely working with a specialist to manage loan issues affecting Southland. In more expensive real estate markets, the change could shift total mortgage closing costs by thousands of dollars. Investcorp declined to comment through a spokesperson. The locations included Market by Macys, according to a July press release from the company, a smaller store that offers customers more to love.. Experts estimate that hundreds of malls will close in the near future. The mall is the collateral for the loan. Coresight Research estimates 25% of America's roughly 1,000 malls will close over the next three to five years. Once it shuts down, the only department store left is Sears. Heads up, homebuyers! A lender has taken control of Southland Mall in Cutler Bay after a foreclosure auction failed to yield any bids over $2,600. 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. How much did it cost to buy a home in Miami-Dade County last week. Southland Center is the latest mall in metropolitan Detroit to face a financial challenge. 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. 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. Oct 12, 2022, 9:40 AM PDT. May 2, 2022, 1:30 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. Part of the challenge is buying out anchor tenants, which own their spaces. Call 305.669.7030 or view our Media Kit. Im also concerned about the quality of life, he said. 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. 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. This property has not changed hands since 2013. / CBS Miami. Southland Mall had financial issues prior to the coronavirus pandemic. No other investor sought to pay more, and the lender was able to seize the property, documents show. "Unfortunately, this whole Covid thing has thrown the experiential pitch out the window," Moody's Calanog said in a phone interview. Not in these states, Does Keurig owe you money? 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. They said traditional shopping malls are at particularly high risk because shoppers now prefer to make quick trips to close-by stores, per CNBC. Southland Mall Holiday Hours. 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. 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. According to court documents, JPMorgan Chase Bank, National Association made a $67.5 million loan to Investcorp on May 2, 2014. "Until we resolve this pandemic, I suspect we are going to be in a holding pattern with hollow retail space.". ABOUT US: Cutler Bay, FL 33189, Phone:(305) 234-4262 Could Blue Crush, COACT units hold lessons for MPD? In June 2020, Wells Fargo filed a foreclosure lawsuit against Southland Mall Properties for defaulting on a $65.1 million mortgage. 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.. Facebook agrees to pay $725M settlement: Whats the deadline to file a claim? The lack of interest in the once bustling mall previously owned by . There may be just 150 malls left in the US in 10 years, according to . 4,560 [1] Public transit access. A month later, the bank bought the property for $2,600 in a foreclosure sale, court records show. Brookfield acquired Southland in 2016 when it acquired Rouse Properties Inc., the malls original developer. 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. No one is really immune. The Tuttle mall property is actually 5 separate parcels of land. These closures come on the heels of Macys opening multiple off-mall, small-format stores in 2022. A representative for Macys did not immediately respond to Nexstars request for comment. It's unclear if Macy's plans to close any additional stores in 2023. Wells Fargo is the trustee. Malls have suffered as online sales boomed. Wells Fargo, representing CMBS investors, made a credit bid of just $2,600, Southland Mall in Cutler Bay (Google Maps). It is an older store, has been in the mall for a long time. Sign up for free newsletters and get more CNBC delivered to your inbox. "Regrettably, this injudicious behavior has left us with no other option than to terminate the Saks lease and sue to evict Saks from Bal Harbour Shops.". The LLC is owned by the New York-based Investcorp International Realty, an investment firm founded in 1982 with holdings around the world. 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. 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. Southland Mall, 1215 East Shelby Drive, Memphis, TN. Northland Center in Southfield is undergoing a makeover into a mixed-use development for retail, residential and office development. This is not a dead mall, not at all, Duski said. Even high-end malls are under pressure, though. SOUTHLAND MALL. 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. However, the list below shows better . 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. Later, in 2011, the Borders store shut down when that chain became defunct. A clearance sale will begin in January and run for approximately eight to 12 weeks, Macy's said. Southland is the closest area mall to the Canadian border crossing, Brookfield said. It is still owned by SPG and they owe . 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 company then added several new tenants; . Sales continued to decline and the parent company filed for Chapter 11 bankruptcy on Oct. 15, 2018. Get this delivered to your inbox, and more info about our products and services. All Rights Reserved. Tom Pennington/Getty Images. 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. Office development is set to drop 10%, it said, while retail falls 15.7%. 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. But the hurdles include the need to have properties rezoned, which could be met with pushback from local municipalities. You may login with either your assigned username or your e-mail address. Industrial development, meantime, is expected to pick up 3.6%. I am sad to see it go.. 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. Fitness, Regal Cinemas and Old Navy. 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. The new owners are planning for a mixed-use redevelopment of the 80-acre site with commercial and residential components. 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. 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. Chang W. Lee/The New York Times. Another roadblock can be scoring the necessary zoning approvals from city and government officials. 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. 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. 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. Monday. A year later its loan was transferred to special servicing due to the retail vacancy, and its maturity date was extended. WREG is told the 112 employees will be offered jobs in other nearby locations or severance packages. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. www .westlandcenter .com. Fort Lauderdale-based property management firm Gumberg Asset Management, which manages the mall, declined to comment. The company is also weighed down by $4 billion in debt and had previously closed numerous stores in recent years to help cut costs. The foreclosure marks another gloomy chapter in the ongoing slide of traditional retail. The mall opens at noon on Sunday and closes by 6 pm. To make the most of your backyard, look for durable and comfortable seating options. 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. Updated June 18, 2020 9:36 AM. "It is nearly impossible to find a property of this quality and size throughout South Florida. The company is closing 14 stores across the county as part of a restructuring plan. Southland Mall will be dramatically renovated and upgraded and plans are being developed for beautiful residential spaces on excess land, the spokesperson said. 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. The marketing pitch cited the malls Opportunity Zone designation and redevelopment potential. Connect To Your Customers & Grow Your Business, There is Sears In key west which is south of southland. Rene Rodriguez has worked at the Miami Herald in a variety of roles since 1989. 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. 10:00 am to 9:00 pm. In some states, such as New York and California, movie theaters remain closed to this day. Miami's retail market has rebounded strongly over the past year and currently has a vacancy rate of just under four percent. From bad to worse: Student misbehavior rises further since return of in-person McConnell insists hes sitting out debt talks to disbelief. . Jump to. Coresight Research estimates 25% of America's roughly 1,000 malls will close over the next three to five years. 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. 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. The new owners are planning for a mixed-use redevelopment of the 80-acre site with commercial and residential components. In May, Macys reported better-than-expected earnings for its national network of department stores. 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. "You know, everybody moving out a little bit further." Wells Fargo, representing the CMBS investors, placed a credit bid, or a bid using its existing debt, of $2,600. 2023 CBS Broadcasting Inc. All Rights Reserved. "Must be a reason, you know, sales might be down in this area," said Whitehaven resident Eric Hillard. Access your favorite topics in a personalized feed while you're on the go. An attorney representing Wells Fargo in the suit did not return a request for comment. "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. Southland is the closest area mall to the Canadian border crossing, Brookfield said. Southland Center (also known as Southland Mall) is an enclosed mall located at 23000 Eureka Road in Taylor, Michigan . Mayor Wharton admits this is a blow to Whitehaven, and is worried about the 112 people losing jobs, and shoppers leaving the city. 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. Westland Shopping Center, also known as Westland Center, is an enclosed shopping mall located in the city of Westland, Michigan, a suburb of Detroit. Like every other business in America, Southland Mall opens and closes on certain holidays. The Mall at Partridge Creek in Clinton Township faltered under debt and entered receivership. 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 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. 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. Fairlane Town Center in Dearborn was placed under new ownership after a loan default. 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 two-level mall was home to Macy's, JCPenny and Sears and was adorned in many red-brown tile foundations with plants surrounding them. Stay up to date with what you want to know. What was the decrease in real estate prices in Broward County in April? It has said malls rated C and below "are not viable retail centers long term.". The mall features more than 100 inline stores, with JCPenney and Kohl's serving as anchor stores. Target team members impacted by store closures will be given priority consideration for new roles created in Kmart and Catch as these businesses . In October, the commercial brokerage JLL was tapped to sell the $65.1 million CMBS loan tied to the mall. Website. Fitch analysts said the Southland experience is increasingly familiar among bricks-and-mortar retail centers, from coast to coast. 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. Dog and cat antibiotics are medications prescribed by a veterinarian that can help treat a bacterial infection. The coronavirus pandemic has accelerated a demise that was already underway. 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. This material may not be published, broadcast, rewritten, or redistributed. In 2020, Coresight Research projected that 25% of the country's approximately 1,000 malls would close shop in the following 3-5 years. City leaders said the closure came as a huge surprise. NOW: After an uptick in crime and a down-tick in customers, Bannister closed its doors in April 2007. One of Macy's department stores locations at an indoor shopping mall. The massive Sears store in Southland Mall, long a fixture of the shopping center in Cutler Bay and an anchor . City leaders said the closure came as a huge surprise. 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. 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? 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. 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. Get browser notifications for breaking news, live events, and exclusive reporting. Current tenants include JCPenney, Macys, TJ Maxx, L.A. This material may not be published, broadcast, rewritten, or redistributed. 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. On June 7, 2019, Investcorp secured an extension agreement that pushed the maturity date of the loan back to May 8, 2020. "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. Macy's has yet to give an exact reason, but said this . 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. The expecting mother will need diapers and bottles, but she will also need comfy maternity clothes to wear throughout her pregnancy or a maternity pillow. A Bureau of Prisons monitor gets his sentence.

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