Southland Mall Hours Of Operation [Updated 2023] Heads up, homebuyers! Got a confidential news tip? 2023 Miami's Community Newspapers a Miller Publishing Company. Eastland Center in Harper Woods closed in early 2022 to clear the way for warehouses and a distribution center. 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. I am sad to see it go.. 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. However, the list below shows better . Fitness, Regal Cinemas, Kay Jewelers, and Applebee's. 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. 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. This material may not be published, broadcast, rewritten, or redistributed. This makes malls the most vulnerable type of shopping centers to the Covid-19 impact, it said, compared with other properties like strip centers that have grocery stores and outlet centers that offer consumers bargains. 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 . The Associated Press contributed to this report. City leaders said the closure came as a huge surprise. Sears' store in Louisiana will close soon - The Courier In some states, such as New York and California, movie theaters remain closed to this day. A Division of NBCUniversal. Most of the businesses have resumed operations since the mall reopened on May 21. Everything left in the store is being sold at up to 70 percent off original prices. But later the firm said the property will be unsustainable, according to Trepp. 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. By clicking Sign up, you agree to receive marketing emails from Insider 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. This is not a dead mall, not at all, Duski said. 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. We have a never quit attitude out here. There are currently around 700 malls in the US, down from 2,500 in the 1980s. "Bal Harbour Shops has worked tirelessly to ensure our business and our tenants can survive and thrive in this environment," he said. Malls like Southland may struggle to refinance, said Melissa Che, a senior director at Fitch. 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. 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. Those are:Central New Jersey, Northern New Jersey, Long Island, Memphis and Detroit. They said traditional shopping malls are at particularly high risk because shoppers now prefer to make quick trips to close-by stores, per CNBC. But the hurdles include the need to have properties rezoned, which could be met with pushback from local municipalities. Once it shuts down, the only department store left is Sears. Access your favorite topics in a personalized feed while you're on the go. Southland Mall SoldA Message from the Mayor The rise and fall of the American mall - Business Insider 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. 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. 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 final clearance will start Monday, January 12. The marketing pitch cited the malls Opportunity Zone designation and redevelopment potential. It was bought by the management of the Kmart chain in 2005, becoming Sears Holdings after the merger. I wish that the store were staying open, Miranda said in Spanish. Sunrise Mall in Massapequa tells tenants to vacate, leaving store 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. By. 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. May 6, 2022 / 6:00 AM The company is closing 14 stores across the county as part of a restructuring plan. Rene Rodriguez has worked at the Miami Herald in a variety of roles since 1989. 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. It is still owned by SPG and they owe . The locations included Market by Macys, according to a July press release from the company, a smaller store that offers customers more to love.. Investment Firms Buy Southland Mall, Plan To Modernize It, Build High "Must be a reason, you know, sales might be down in this area," said Whitehaven resident Eric Hillard. 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. 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. Please look at the time stamp on the story to see when it was last updated. The lack of interest in the once bustling mall previously owned by . 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. A Bureau of Prisons monitor gets his sentence. Data is a real-time snapshot *Data is delayed at least 15 minutes. 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. Another roadblock can be scoring the necessary zoning approvals from city and government officials. Town officials preparing for changes to Southland Mall The mall features more than 100 inline stores, with JCPenney and Kohl's serving as anchor stores. "Then we will see what the most viable format is," he said. Pleasenote that Town Hall is a drug, alcohol and tobacco-free workplace. 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. 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. But shopping malls are likely going to be shuttering in suburbs all across the country, as store closures grow in number and landlords capitulate. No other investor sought to pay more, and the lender was able to seize the property, documents show. Absolutely, I am concerned about the loss of sales tax revenue. 2023 CBS Broadcasting Inc. All Rights Reserved. Website. NOW: After an uptick in crime and a down-tick in customers, Bannister closed its doors in April 2007. Sears store in Southland Mall expected to close by Feb. 15 Facebook agrees to pay $725M settlement: Whats the deadline to file a claim? 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. Below is a list of the J.C. Penney stores that are closing: Alabama The mall opens at noon on Sunday and closes by 6 pm. It's part of a restructuring plan that includes new stores in some markets. Stay up to date with what you want to know. Cutler Bay Town Hall Coresight Research estimates 25% of America's roughly 1,000 malls will close over the next three to five years. 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. A lender has taken control of Southland Mall in Cutler Bay after a foreclosure auction failed to yield any bids over $2,600. Southland is the closest area mall to the Canadian border crossing, Brookfield said. 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. Theres nothing like lazy summer days relaxing on the patio. We want to hear from you. And so with minimal revenue coming in, these are the businesses that are most likely requesting rent reductions, or not paying rent at all. 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. Southland Mall Hours: Opening, Closing & Holidays Hours | January 2023 Tens of thousands of stores could still close even after the - CNN According to court documents, JPMorgan Chase Bank, National Association made a $67.5 million loan to Investcorp on May 2, 2014. Theyre not meant to treat viruses, however. In 2020, Coresight Research projected that 25% of the country's approximately 1,000 malls would close shop in the following 3-5 years. "Until we resolve this pandemic, I suspect we are going to be in a holding pattern with hollow retail space.". In April, analysts at UBS projected that 40,000-50,000 American retail stores would shut down by 2027. Fitness, Regal . 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 . 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. 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. SHARE THIS ARTICLE. Southland is the closest area mall to the Canadian border crossing, Brookfield said. It owes Bal Harbour roughly $1.9 million, according to court documents. There may be just 150 malls left in the US in 10 years, according to one industry watcher. 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 mall is also home to Regal Southland Mall cinema, which remains closed. 1998 - 2023 Nexstar Media Inc. | All Rights Reserved. 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 massive Sears store in Southland Mall, long a fixture of the shopping center in Cutler Bay and an anchor . 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. Brookfield and Southland officials could not be reached for comment on how the unmet loan payment will be handled. The LLC is owned by the New York-based Investcorp International Realty, an investment firm founded in 1982 with holdings around the world. 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 Rights Reserved. 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. 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. Real-time updates and all local stories you want right in the palm of your hand. 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. Southland Center defaults on $75M loan, but, Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), Southland Center defaults on $75M loan, but analyst says its not a dead mall, Big changes starting today in how mortgage fees are calculated, Fire destroys group home in Taylor; passer-by assists in rescue, Bank of America offers free financial counseling at three nearby locations, Man arrested after allegedly exposing himself to girlfriend in Taylor store aisle, Grosse Ile man identified, charged in major Michigan auto insurance scheme, 2022 Hebda Cup Rowing Regatta photo gallery, Fleeing Dodge Challenger doing 135 mph evades Allen Park police, Southgate officer pulls suicidal woman from ledge as she prepared to jump, Another high-speed chase spurs Wyandotte police official to call for reform, Two people robbed at gunpoint in Flat Rock, Robotics team in Allen Park builds more than just robots, Wife charged with delivering drugs after traffic stop in Wyandotte; husband denies involvement, Man playing lottery tickets at Melvindale bar wins $589,042 jackpot, Do Not Sell/Share My Personal Information. Southland Mall, formerly known as Cutler Ridge Mall, opened in 1978 as an extension of the Cutler Ridge Shopping Center, which opened in 1960. 10720 Caribbean Boulevard 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. Brookfield acquired Southland in 2016 when it acquired Rouse Properties Inc., the malls original developer. The final two Zellers stores will shut down later this month. As final Zellers stores close, former employees swap memories - CBC Collins is frustrated, because he had no idea this was coming. According to Egelanian, the malls that will weather the storm will be premium locations with entertainment, dining, and luxury stores. Southland Mall is the oldest in the city, and Macys has been there a decade. Southland Mall had financial issues prior to the coronavirus pandemic. 25% of U.S. malls are set to shut within 5 years. What comes next? - CNBC These closures come on the heels of Macys opening multiple off-mall, small-format stores in 2022. 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. It's starting with these 248 stores. "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. 4,560 [1] Public transit access. A representative for Macys did not immediately respond to Nexstars request for comment. May 2, 2022, 1:30 PM. "Often, that requires rezoning areas a long and tedious process with a low probability of success.". Business Update | Target Australia 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. 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. Electra America JV Pays $100M For Cutler Bay's Southland Mall / CBS Miami. 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. Copyright 2023 Nexstar Media Inc. All rights reserved. Save my name, email, and website in this browser for the next time I comment. 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. Macy's to close some locations in 2023: Here's where 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. Penney emerged from bankruptcy in 2020. 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. Mark Lucas Ohio, Nuisance Alligator Trapper Florida, Articles I
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On June 7, 2019, Investcorp secured an extension agreement that pushed the maturity date of the loan back to May 8, 2020. In May, Macys reported better-than-expected earnings for its national network of department stores. All four of the impacted stores are located in malls, a company representative told USA Today. Current tenants include JCPenney, Macys, TJ Maxx, L.A. "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.". 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. The Sunrise Mall has been a mainstay in . Part of the challenge is buying out anchor tenants, which own their spaces. It has said malls rated C and below "are not viable retail centers long term.". In October, the commercial brokerage JLL was tapped to sell the $65.1 million CMBS loan tied to the mall. Chang W. Lee/The New York Times. ABOUT US: Southland Mall Hours Of Operation [Updated 2023] Heads up, homebuyers! Got a confidential news tip? 2023 Miami's Community Newspapers a Miller Publishing Company. Eastland Center in Harper Woods closed in early 2022 to clear the way for warehouses and a distribution center. 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. I am sad to see it go.. 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. However, the list below shows better . Fitness, Regal Cinemas, Kay Jewelers, and Applebee's. 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. 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. This material may not be published, broadcast, rewritten, or redistributed. This makes malls the most vulnerable type of shopping centers to the Covid-19 impact, it said, compared with other properties like strip centers that have grocery stores and outlet centers that offer consumers bargains. 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 . The Associated Press contributed to this report. City leaders said the closure came as a huge surprise. Sears' store in Louisiana will close soon - The Courier In some states, such as New York and California, movie theaters remain closed to this day. A Division of NBCUniversal. Most of the businesses have resumed operations since the mall reopened on May 21. Everything left in the store is being sold at up to 70 percent off original prices. But later the firm said the property will be unsustainable, according to Trepp. 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. By clicking Sign up, you agree to receive marketing emails from Insider 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. This is not a dead mall, not at all, Duski said. 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. We have a never quit attitude out here. There are currently around 700 malls in the US, down from 2,500 in the 1980s. "Bal Harbour Shops has worked tirelessly to ensure our business and our tenants can survive and thrive in this environment," he said. Malls like Southland may struggle to refinance, said Melissa Che, a senior director at Fitch. 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. 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. Those are:Central New Jersey, Northern New Jersey, Long Island, Memphis and Detroit. They said traditional shopping malls are at particularly high risk because shoppers now prefer to make quick trips to close-by stores, per CNBC. But the hurdles include the need to have properties rezoned, which could be met with pushback from local municipalities. Once it shuts down, the only department store left is Sears. Access your favorite topics in a personalized feed while you're on the go. Southland Mall SoldA Message from the Mayor The rise and fall of the American mall - Business Insider 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. 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. 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 final clearance will start Monday, January 12. The marketing pitch cited the malls Opportunity Zone designation and redevelopment potential. It was bought by the management of the Kmart chain in 2005, becoming Sears Holdings after the merger. I wish that the store were staying open, Miranda said in Spanish. Sunrise Mall in Massapequa tells tenants to vacate, leaving store 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. By. 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. May 6, 2022 / 6:00 AM The company is closing 14 stores across the county as part of a restructuring plan. Rene Rodriguez has worked at the Miami Herald in a variety of roles since 1989. 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. It is still owned by SPG and they owe . The locations included Market by Macys, according to a July press release from the company, a smaller store that offers customers more to love.. Investment Firms Buy Southland Mall, Plan To Modernize It, Build High "Must be a reason, you know, sales might be down in this area," said Whitehaven resident Eric Hillard. 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. 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. Please look at the time stamp on the story to see when it was last updated. The lack of interest in the once bustling mall previously owned by . 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. A Bureau of Prisons monitor gets his sentence. Data is a real-time snapshot *Data is delayed at least 15 minutes. 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. Another roadblock can be scoring the necessary zoning approvals from city and government officials. Town officials preparing for changes to Southland Mall The mall features more than 100 inline stores, with JCPenney and Kohl's serving as anchor stores. "Then we will see what the most viable format is," he said. Pleasenote that Town Hall is a drug, alcohol and tobacco-free workplace. 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. 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. But shopping malls are likely going to be shuttering in suburbs all across the country, as store closures grow in number and landlords capitulate. No other investor sought to pay more, and the lender was able to seize the property, documents show. Absolutely, I am concerned about the loss of sales tax revenue. 2023 CBS Broadcasting Inc. All Rights Reserved. Website. NOW: After an uptick in crime and a down-tick in customers, Bannister closed its doors in April 2007. Sears store in Southland Mall expected to close by Feb. 15 Facebook agrees to pay $725M settlement: Whats the deadline to file a claim? 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. Below is a list of the J.C. Penney stores that are closing: Alabama The mall opens at noon on Sunday and closes by 6 pm. It's part of a restructuring plan that includes new stores in some markets. Stay up to date with what you want to know. Cutler Bay Town Hall Coresight Research estimates 25% of America's roughly 1,000 malls will close over the next three to five years. 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. A lender has taken control of Southland Mall in Cutler Bay after a foreclosure auction failed to yield any bids over $2,600. Southland is the closest area mall to the Canadian border crossing, Brookfield said. 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. Theres nothing like lazy summer days relaxing on the patio. We want to hear from you. And so with minimal revenue coming in, these are the businesses that are most likely requesting rent reductions, or not paying rent at all. 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. Southland Mall Hours: Opening, Closing & Holidays Hours | January 2023 Tens of thousands of stores could still close even after the - CNN According to court documents, JPMorgan Chase Bank, National Association made a $67.5 million loan to Investcorp on May 2, 2014. Theyre not meant to treat viruses, however. In 2020, Coresight Research projected that 25% of the country's approximately 1,000 malls would close shop in the following 3-5 years. "Until we resolve this pandemic, I suspect we are going to be in a holding pattern with hollow retail space.". In April, analysts at UBS projected that 40,000-50,000 American retail stores would shut down by 2027. Fitness, Regal . 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 . 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. 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. SHARE THIS ARTICLE. Southland is the closest area mall to the Canadian border crossing, Brookfield said. It owes Bal Harbour roughly $1.9 million, according to court documents. There may be just 150 malls left in the US in 10 years, according to one industry watcher. 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 mall is also home to Regal Southland Mall cinema, which remains closed. 1998 - 2023 Nexstar Media Inc. | All Rights Reserved. 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 massive Sears store in Southland Mall, long a fixture of the shopping center in Cutler Bay and an anchor . 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. Brookfield and Southland officials could not be reached for comment on how the unmet loan payment will be handled. The LLC is owned by the New York-based Investcorp International Realty, an investment firm founded in 1982 with holdings around the world. 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 Rights Reserved. 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. 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. Real-time updates and all local stories you want right in the palm of your hand. 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. Southland Center defaults on $75M loan, but, Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), Southland Center defaults on $75M loan, but analyst says its not a dead mall, Big changes starting today in how mortgage fees are calculated, Fire destroys group home in Taylor; passer-by assists in rescue, Bank of America offers free financial counseling at three nearby locations, Man arrested after allegedly exposing himself to girlfriend in Taylor store aisle, Grosse Ile man identified, charged in major Michigan auto insurance scheme, 2022 Hebda Cup Rowing Regatta photo gallery, Fleeing Dodge Challenger doing 135 mph evades Allen Park police, Southgate officer pulls suicidal woman from ledge as she prepared to jump, Another high-speed chase spurs Wyandotte police official to call for reform, Two people robbed at gunpoint in Flat Rock, Robotics team in Allen Park builds more than just robots, Wife charged with delivering drugs after traffic stop in Wyandotte; husband denies involvement, Man playing lottery tickets at Melvindale bar wins $589,042 jackpot, Do Not Sell/Share My Personal Information. Southland Mall, formerly known as Cutler Ridge Mall, opened in 1978 as an extension of the Cutler Ridge Shopping Center, which opened in 1960. 10720 Caribbean Boulevard 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. Brookfield acquired Southland in 2016 when it acquired Rouse Properties Inc., the malls original developer. The final two Zellers stores will shut down later this month. As final Zellers stores close, former employees swap memories - CBC Collins is frustrated, because he had no idea this was coming. According to Egelanian, the malls that will weather the storm will be premium locations with entertainment, dining, and luxury stores. Southland Mall is the oldest in the city, and Macys has been there a decade. Southland Mall had financial issues prior to the coronavirus pandemic. 25% of U.S. malls are set to shut within 5 years. What comes next? - CNBC These closures come on the heels of Macys opening multiple off-mall, small-format stores in 2022. 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. It's starting with these 248 stores. "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. 4,560 [1] Public transit access. A representative for Macys did not immediately respond to Nexstars request for comment. May 2, 2022, 1:30 PM. "Often, that requires rezoning areas a long and tedious process with a low probability of success.". Business Update | Target Australia 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. 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. Electra America JV Pays $100M For Cutler Bay's Southland Mall / CBS Miami. 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. Copyright 2023 Nexstar Media Inc. All rights reserved. Save my name, email, and website in this browser for the next time I comment. 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. Macy's to close some locations in 2023: Here's where 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. Penney emerged from bankruptcy in 2020. 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.

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