is southland mall closing down

The mall is the collateral for the loan. The Southfield mall defaulted on a $31 . However, the list below shows better . As final Zellers stores close, former employees swap memories - CBC 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. 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. Starting Monday, some fees will rise for homebuyers with higher credit scores, while buyers with lower scores will see a fee reduction. Southland Mall will be dramatically renovated and upgraded and plans are being developed for beautiful residential spaces on excess land, the spokesperson said. Its unclear if Macys plans to close any additional stores in 2023. Another roadblock can be scoring the necessary zoning approvals from city and government officials. Westland Shopping Center, also known as Westland Center, is an enclosed shopping mall located in the city of Westland, Michigan, a suburb of Detroit. 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. 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. 2022 CBS Broadcasting Inc. All Rights Reserved. Southland Center defaults on $75M loan, but analyst says it's 'not a One of Macy's department stores locations at an indoor shopping mall. Cutler Bay Town Hall Southland Mall Hours: Opening, Closing & Holidays Hours | January 2023 Chang W. Lee/The New York Times. Whether youre a real estate professional or simply an aficionado, the Miami Heralds new RE | source newsletter is your link to residential, commercial and industry news. The locations included Market by Macys, according to a July press release from the company, a smaller store that offers customers more to love.. That number is expected to shrink to 182 in February. 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 . The marketing pitch cited the malls Opportunity Zone designation and redevelopment potential. UPDATE: Southlake Mall under new management after owner defaulted on Southland Mall had financial issues prior to the coronavirus pandemic. Lender Takes Control of Southland Mall in Cutler Bay - The Real Deal 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. Mayor Wharton admits this is a blow to Whitehaven, and is worried about the 112 people losing jobs, and shoppers leaving the city. Later, in 2011, the Borders store shut down when that chain became defunct. The Mall at Partridge Creek in Clinton Township faltered under debt and entered receivership. 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. It's part of a restructuring plan that includes new stores in some markets. But an active community of former employees hopes to keep the doomed department store remembered through memorabilia and online. A lender has taken control of Southland Mall in Cutler Bay after a foreclosure auction failed to yield any bids over $2,600. 2023 Miami's Community Newspapers a Miller Publishing Company. 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). But those businesses have also not fared well in an age of social distancing. This material may not be published, broadcast, rewritten, or redistributed. Fitch analysts said the Southland experience is increasingly familiar among bricks-and-mortar retail centers, from coast to coast. Office development is set to drop 10%, it said, while retail falls 15.7%. What is going to happen to America's dead malls? That's a million-dollar question plaguingretailers and real estate developers. Get the Android Weather app from Google Play, Gas Price Tracker Cheapest gas around Memphis, Tennessee Lottery College Basketball Bracket Challenge, Hammocks, outdoor lounge chairs and cushions to make, MPD: Woman gets into fight, shoots gun in Margaritas, 2 hurt, 2 detained following Beale Street shooting, 1 critical following shooting outside East Memphis, Dolphland: Young Dolph museum coming to Memphis, Mayor Jim Strickland makes a statement about gun, Accused South Memphis rapist, kidnapper faces judge, Gov. The company then added several new tenants; . Demand for logistics buildings is skyrocketing as e-commerce sales balloon. Get this delivered to your inbox, and more info about our products and services. 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. 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 foreclosure was first reported by The Real Deal. GNC Closing Stores: List of Addresses That Will Close - Business Insider (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. In October, the commercial brokerage JLL was tapped to sell the $65.1 million CMBS loan tied to the mall. 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 . After 24 years, Sears is closing its Baton Rouge location at the Mall of Louisiana, the last location in the state. Access your favorite topics in a personalized feed while you're on the go. There may be just 150 malls left in the US in 10 years, according to one industry watcher. 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. Monday. Once it shuts down, the only department store left is Sears. The timings are subject to change depending upon different locations and any special event coming by: Week Days. MIAMI (CBSMiami) - Southland Mall in Cutler Bay has been acquired by two real estate investment firms that have big plans for the property. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. A joint venture paid $100.3 million for a shopping mall in a Cutler Bay Opportunity Zone, with plans for a major renovation while . Town officials preparing for changes to Southland Mall In more expensive real estate markets, the change could shift total mortgage closing costs by thousands of dollars. Rene Rodriguez has worked at the Miami Herald in a variety of roles since 1989. Its remaining tenants include JCPenney, TJ Maxx, Regal Cinemas and LA Fitness. We have a never quit attitude out here. 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. Most store employees at the Southland Mall location were reluctant to talk about the store closing, but the customers were not. "One cannot simply build industrial buildings in areas zoned for commercial use," he explained. On Jan. 16, 2019 Sears announced that it had won its bankruptcy auction and would shrink and remain open with 425 stores nationwide. 6796 SW 62nd AvenueSouth Miami, Florida 33143(305)669-7030, Miami Community Newspaper Sponsored Content, Latin Builders Association Community News. 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. How much did it cost to buy a home in Miami-Dade County last week. 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. Macys also helped Toys R Us make a comeback, opening locations in nearly every state last year. Sears has no other full department store locations south of Coral Gables, and it likely will be missed by shoppers and former employees. 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. Tenant vacancies have had a sizable impact on the malls appraised value, according to Trepp. 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. A representative for Macys did not immediately respond to Nexstars request for comment. Cutler Bay, FL 33189, Phone:(305) 234-4262 Pleasenote that Town Hall is a drug, alcohol and tobacco-free workplace. The rise and fall of the American mall - Business Insider It was bought by the management of the Kmart chain in 2005, becoming Sears Holdings after the merger. City leaders said the closure came as a huge surprise. Southland Mall, formerly known as Cutler Ridge Mall, opened in 1978 as an extension of the Cutler Ridge Shopping Center, which opened in 1960. Penney emerged from bankruptcy in 2020. 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 . SOUTHLAND MALL. The LLC is owned by the New York-based Investcorp International Realty, an investment firm founded in 1982 with holdings around the world. "Then we will see what the most viable format is," he said. You may login with either your assigned username or your e-mail address. North Palm Beach-based Electra America and Miami-based BH Group teamed up to acquire the 808,776-square-foot indoor mall on a nearly 80-acre site at 20505 South Dixie Highway, according to a press release. The Associated Press contributed to this report. Got a confidential news tip? Sunrise Mall in Massapequa tells tenants to vacate, leaving store Save my name, email, and website in this browser for the next time I comment. The COVID-19 pandemic . What were the changes in real estate prices in Broward County last week? Main content; . The Sunrise Mall has been a mainstay in . Im also concerned about the quality of life, he said. The Southland Mall Macy's is closing along with 14 other stores nationwide. Rouse Properties was spun off from General Growth Properties in January 2012. Coresight Research estimates 25% of America's roughly 1,000 malls will close over the next three to five years. 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. 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. 1998 - 2023 Nexstar Media Inc. | All Rights Reserved. THE HILL 1625 K STREET, NW SUITE 900 WASHINGTON DC 20006 | 202-628-8500 TEL | 202-628-8503 FAX. 4,560 [1] Public transit access. Sales continued to decline and the parent company filed for Chapter 11 bankruptcy on Oct. 15, 2018. "Must be a reason, you know, sales might be down in this area," said Whitehaven resident Eric Hillard. These closures come on the heels of Macys opening multiple off-mall, small-format stores in 2022. A year later its loan was transferred to special servicing due to the retail vacancy, and its maturity date was extended. Investors have foreclosed on Southland Mall, 20505 S. Dixie Highway in Cutler Bay, after defaulting on a $67.5 million loan. Data is a real-time snapshot *Data is delayed at least 15 minutes. Is DeSantis a hometown hero in this Florida city or just someone who lived there? 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. Office development is set to drop 10%, it said, while retail falls 15.7%. Stay up to date with what you want to know. 2023 CBS Broadcasting Inc. All Rights Reserved. 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. "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.". Once-bustling American malls are going bust as shoppers flock to online retailers instead of sprawling, brick-and-mortar locations. Four Macy's locations at shopping malls are slated to close, the company told Axios. The Tuttle mall property is actually 5 separate parcels of land. / CBS Miami. But later the firm said the property will be unsustainable, according to Trepp. This story was originally published June 10, 2020, 6:10 PM. 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. From bad to worse: Student misbehavior rises further since return of in-person McConnell insists hes sitting out debt talks to disbelief. 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. 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. Part of the challenge is buying out anchor tenants, which own their spaces. "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. Wells Fargo, representing the CMBS investors, placed a credit bid, or a bid using its existing debt, of $2,600. 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. 25% of U.S. malls are set to shut within 5 years. What comes next? - CNBC Affected employees will be offered jobs at nearby locations or severance packages. 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 representative from Hudson's Bay-owned Saks was not immediately available to comment. Tens of thousands of stores could still close even after the - CNN Southland Center (also known as Southland Mall) is an enclosed mall located at 23000 Eureka Road in Taylor, Michigan . Below is a list of the J.C. Penney stores that are closing: Alabama The coronavirus pandemic has accelerated a demise that was already underway. 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. 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. Macy's has yet to give an exact reason, but said this . The mall opens at noon on Sunday and closes by 6 pm. apartment development in the U.S. is expected to be down 15.6% in a post-Covid . Macys has yet to give an exact reason, but said this is part of a greater plan to streamline in-store and online shopping. It's unclear if Macy's plans to close any additional stores in 2023. 10720 Caribbean Boulevard US Malls Are Dying and There May Be Just 150 Left in 10 Years Industrial development, meantime, is expected to pick up 3.6%. One of its largest anchor tenants, Kmart, left in 2017. Sign up for notifications from Insider! 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. Southland Mall Holiday Hours. On June 7, 2019, Investcorp secured an extension agreement that pushed the maturity date of the loan back to May 8, 2020. 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. 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. 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. Brookfield acquired Southland in 2016 when it acquired Rouse Properties Inc., the malls original developer. A representative for Macy's did not immediately respond to Nexstar . According to court documents, JPMorgan Chase Bank, National Association made a $67.5 million loan to Investcorp on May 2, 2014. Is it true tuttle mall is closing? : r/Columbus - Reddit With Department Stores Disappearing, Malls Could Be Next 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. A Division of NBCUniversal. The partnership converted the building into an AKA hotel. In May, Macys reported better-than-expected earnings for its national network of department stores. Concerns and frustrations over Macy's closing in Southland Mall Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. Current tenants include JCPenney, Macys, TJ Maxx, L.A. 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