is southland mall closing down

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. 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 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 . Stay up to date with what you want to know. Southland Mall, 1215 East Shelby Drive, Memphis, TN. 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. About 90% of occupants in U.S. malls are either experiential tenants like movie theaters, or department store chains and apparel retailers, according to the Coresight analysis. One of Macy's department stores locations at an indoor shopping mall. Fitch analysts said the Southland experience is increasingly familiar among bricks-and-mortar retail centers, from coast to coast. Sears offering discounts of up to 70 percent on merchandise ahead of store closing. Not in these states, Does Keurig owe you money? Tom Pennington/Getty Images. From bad to worse: Student misbehavior rises further since return of in-person McConnell insists hes sitting out debt talks to disbelief. The lack of interest in the once bustling mall previously owned by . Absolutely, I am concerned about the loss of sales tax revenue. 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. MIAMI (CBSMiami) - Southland Mall in Cutler Bay has been acquired by two real estate investment firms that have big plans for the property. THE HILL 1625 K STREET, NW SUITE 900 WASHINGTON DC 20006 | 202-628-8500 TEL | 202-628-8503 FAX. Southland Mall Hours Of Operation [Updated 2023] The company is closing 14 stores across the county as part of a restructuring plan. Wells Fargo is the trustee. Its remaining tenants include JCPenney, TJ Maxx, Regal Cinemas and LA Fitness. 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US Malls Are Dying and There May Be Just 150 Left in 10 Years The Mall at Partridge Creek in Clinton Township faltered under debt and entered receivership. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Sign up for notifications from Insider! This property has not changed hands since 2013. WREG is told the 112 employees will be offered jobs in other nearby locations or severance packages. Access your favorite topics in a personalized feed while you're on the go. No one is really immune. This year alone, more than 8,600 stores could close, according to industry estimates, many of them the brand-name anchor outlets that real estate developers once stumbled over themselves to court . "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," Moody's Analytics real estate analyst Victor Calanog said. According to court documents, JPMorgan Chase Bank, National Association made a $67.5 million loan to Investcorp on May 2, 2014. A Bureau of Prisons monitor gets his sentence. Pleasenote that Town Hall is a drug, alcohol and tobacco-free workplace. Theyre not meant to treat viruses, however. 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. The Southland Mall in Miami opens at 10 am Monday to Saturday and closes by 8 pm but has different opening and closing times on Sunday. There are currently around 700 malls in the US, down from 2,500 in the 1980s. 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 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. 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. City leaders said the closure came as a huge surprise. The mall opens at noon on Sunday and closes by 6 pm. Starting Monday, some fees will rise for homebuyers with higher credit scores, while buyers with lower scores will see a fee reduction. Workers in JPMorgan Chase's corporate and investment bank, for example, will cycle between days spent at the office and at home, keeping the ability to work remotely on a part-time basis. ABOUT US: Southland Mall had financial issues prior to the coronavirus pandemic. 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. 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. 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. Part of the challenge is buying out anchor tenants, which own their spaces. That's a million-dollar question plaguingretailers and real estate developers. 2023 CNBC LLC. 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. The Southland Mall Macy's is closing along with 14 other stores nationwide. 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. GNC will close hundreds of stores as it restructures in bankruptcy. 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. Another shopper, who was uncomfortable with questions about her shopping experience, said that she was sad to see the store close, but that her opinion didnt seem to matter. The 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. A representative from Hudson's Bay-owned Saks was not immediately available to comment. Northland Center in Southfield is undergoing a makeover into a mixed-use development for retail, residential and office development. 10720 Caribbean Boulevard The new owners are planning for a mixed-use redevelopment of the 80-acre site with commercial and residential components. Miami-Dade Circuit Court Judge Mavel Ruiz entered a final judgment on behalf of Wells Fargo in January 2021. The joint venture plans to redevelop the waterfront property into a luxury condominium. Got a confidential news tip? Now the lenders plans for the mall are unclear. Northland Center mall could close by spring - hometownlife.com "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. The partnership converted the building into an AKA hotel. 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. Electra America JV Pays $100M For Cutler Bay's Southland Mall 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. In May, Macys reported better-than-expected earnings for its national network of department stores. Four Macy's locations at shopping malls are slated to close, the company told Axios. The new owners will provide more information about those plans at a later date, the spokesperson added. 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. Once-bustling American malls are going bust as shoppers flock to online retailers instead of sprawling, brick-and-mortar locations. Rene Rodriguez has worked at the Miami Herald in a variety of roles since 1989. The company then added several new tenants; . After 24 years, Sears is closing its Baton Rouge location at the Mall of Louisiana, the last location in the state. 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. 1998 - 2023 Nexstar Media Inc. | All Rights Reserved. They said traditional shopping malls are at particularly high risk because shoppers now prefer to make quick trips to close-by stores, per CNBC. 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. Get browser notifications for breaking news, live events, and exclusive reporting. Store closures also happened in 2020, 2021, and 2022. Malls have suffered as online sales boomed. 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. Save my name, email, and website in this browser for the next time I comment. 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. He wants to make sure the closure doesnt have a domino effect. That's down from around 2,500 locations in the 1980s and 700 today, Egelanian said. Avison Youngs Michael T. Fay, John Crotty, David Duckworth and Brian de la F brokered the Southland Mall sale. Last year, the mall was dealt another blow when Sears vacated its store. Southland Center is the latest mall in metropolitan Detroit to face a financial challenge. Southland Mall in Miami-Dade faces foreclosure | Miami Herald 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. 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. A year later its loan was transferred to special servicing due to the retail vacancy, and its maturity date was extended. / CBS Miami. 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 clearance sale will begin in January and run for approximately eight to 12 weeks, Macy's said. 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. 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. Once it shuts down, the only department store left is Sears. www .westlandcenter .com. 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. Heads up, homebuyers! 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. 6796 SW 62nd AvenueSouth Miami, Florida 33143(305)669-7030, Miami Community Newspaper Sponsored Content, Latin Builders Association Community News. 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. Rouse Properties was spun off from General Growth Properties in January 2012. Westland Shopping Center, also known as Westland Center, is an enclosed shopping mall located in the city of Westland, Michigan, a suburb of Detroit. But those businesses have also not fared well in an age of social distancing. It is still owned by SPG and they owe . 1998 - 2023 Nexstar Media Inc. | All Rights Reserved. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Copyright 2023 Nexstar Media Inc. All rights reserved. What was the decrease in real estate prices in Broward County in April? "Then we will see what the most viable format is," he said. Southland Center (also known as Southland Mall) is an enclosed mall located at 23000 Eureka Road in Taylor, Michigan . Wells Fargo, representing the CMBS investors, placed a credit bid, or a bid using its existing debt, of $2,600. 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. You have entered an incorrect email address! Investcorp had defaulted on its $65 million CMBS loan in April and initially asked its special servicer KeyBank for relief. The coronavirus pandemic has accelerated a demise that was already underway. The COVID-19 pandemic has claimed its first Miami-Dade indoor shopping mall. Is it true tuttle mall is closing? : r/Columbus - Reddit Demand for logistics buildings is skyrocketing as e-commerce sales balloon. On Jan. 16, 2019 Sears announced that it had won its bankruptcy auction and would shrink and remain open with 425 stores nationwide. Cutler Bay, FL 33189, Phone:(305) 234-4262 An attorney representing Wells Fargo in the suit did not return a request for comment. Current tenants include JCPenney, Macys, TJ Maxx, L.A. 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. A lender has taken control of Southland Mall in Cutler Bay after a foreclosure auction failed to yield any bids over $2,600. I am sad to see it go.. "One cannot simply build industrial buildings in areas zoned for commercial use," he explained. A representative for Macy's did not immediately respond to Nexstar . May 2, 2022, 1:30 PM. SHARE THIS ARTICLE. The partners are planning a major mixed-use redevelopment of the site. "You know, everybody moving out a little bit further." The companys adjusted earnings per share for the period should meet the projected range of $1.47 to $1.67, Macys said. Operating hours. 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 . Experts estimate that hundreds of malls will close in the near future. 2023 Miami's Community Newspapers a Miller Publishing Company. Southland Center (Michigan) - Wikipedia Francisco Alvarado. 2023 CBS Broadcasting Inc. All Rights Reserved. By 1975 . Sears closed its store at Southland Mall in Houma in Houma in summer 2016. . By clicking Sign up, you agree to receive marketing emails from Insider It's starting with these 248 stores. But even office space is a risky bet now, as the working-from-home trend could become permanent for some. I wish that the store were staying open, Miranda said in Spanish. One of its largest anchor tenants, Kmart, left in 2017. 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. We never give up, Collins said. CoStar said Brookfield is likely working with a specialist to manage loan issues affecting Southland. This is not a dead mall, not at all, Duski said. 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 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. UPDATE: Southlake Mall under new management after owner defaulted on In some states, such as New York and California, movie theaters remain closed to this day. The rise and fall of the American mall - Business Insider 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. Investcorp declined to comment through a spokesperson. This material may not be published, broadcast, rewritten, or redistributed. Macys has yet to give an exact reason, but said this is part of a greater plan to streamline in-store and online shopping. 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. Sales continued to decline and the parent company filed for Chapter 11 bankruptcy on Oct. 15, 2018. The mall was completely demolished in 2009, and in 2013 Cerner bought the property to redevelop. There may be just 150 malls left in the US in 10 years, according to . Heres what you need to know, Top scientist quits Google, issues AI warning: Bad actors could use it for bad things, List of most expensive ZIP codes released, Mega Millions: Can a jackpot winner remain anonymous? Investors have foreclosed on Southland Mall, 20505 S. Dixie Highway in Cutler Bay, after defaulting on a $67.5 million loan. Macys confirmed to USA Today and Axios that these four stores will close this year: Store closures also happened in 2020, 2021, and 2022. How much did it cost to buy a home in Miami-Dade County last week. Its appraisal fell from $130 million in 2014 to $68.4 million in June. 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. It's part of a restructuring plan that includes new stores in some markets. GNC Closing Stores: List of Addresses That Will Close - Business Insider The foreclosure marks another gloomy chapter in the ongoing slide of traditional retail. There may be just 150 malls left in the US in 10 years, according to one industry watcher. Dog and cat antibiotics are medications prescribed by a veterinarian that can help treat a bacterial infection. "Must be a reason, you know, sales might be down in this area," said Whitehaven resident Eric Hillard. A foreclosure suit was filed in June and a receiver for the mall was appointed in the summer. The locations included Market by Macys, according to a July press release from the company, a smaller store that offers customers more to love.. The LLC is owned by the New York-based Investcorp International Realty, an investment firm founded in 1982 with holdings around the world. But an active community of former employees hopes to keep the doomed department store remembered through memorabilia and online. 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? Chang W. Lee/The New York Times. Southland Mall Hours: Opening, Closing & Holidays Hours | January 2023 10:00 am to 9:00 pm. Coresight Research estimates 25% of America's roughly 1,000 malls will close over the next three to five years. Eastland Center in Harper Woods closed in early 2022 to clear the way for warehouses and a distribution center. SOUTHLAND MALL. 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. Call 305.669.7030 or view our Media Kit. 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. (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. 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. City leaders said the closure came as a huge surprise. As final Zellers stores close, former employees swap memories - CBC The company is also weighed down by $4 billion in debt and had previously closed numerous stores in recent years to help cut costs. Could Blue Crush, COACT units hold lessons for MPD? 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. Another roadblock can be scoring the necessary zoning approvals from city and government officials. Office development is set to drop 10%, it said, while retail falls 15.7%. Tens of thousands of stores could still close even after the - CNN 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. Miami's retail market has rebounded strongly over the past year and currently has a vacancy rate of just under four percent. The marketing pitch cited the malls Opportunity Zone designation and redevelopment potential. She had an armful of clothes in one hand and was pushing her childs stroller with the other. 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 . Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. Macy's has yet to give an exact reason, but said this . 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 . 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. A representative for Macys did not immediately respond to Nexstars request for comment. The Sunrise Mall has been a mainstay in . Mayor Wharton admits this is a blow to Whitehaven, and is worried about the 112 people losing jobs, and shoppers leaving the city. Office development is set to drop 10%, it said, while retail falls 15.7%. The Tuttle mall property is actually 5 separate parcels of land. In 2004, Southland Mall Properties paid $46 million for the retail site, according to records. Those are:Central New Jersey, Northern New Jersey, Long Island, Memphis and Detroit. These closures come on the heels of Macys opening multiple off-mall, small-format stores in 2022. Malls like Southland may struggle to refinance, said Melissa Che, a senior director at Fitch. 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. 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. In April, analysts at UBS projected that 40,000-50,000 American retail stores would shut down by 2027. 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. This story was originally published June 10, 2020, 6:10 PM. 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. 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.

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