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. Southland Mall SoldA Message from the Mayor CoStar said Brookfield is likely working with a specialist to manage loan issues affecting Southland. 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. In April, analysts at UBS projected that 40,000-50,000 American retail stores would shut down by 2027. Macy's to close some locations in 2023: Here's where 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. 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. 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 . 1998 - 2023 Nexstar Media Inc. | All Rights Reserved. One of Macy's department stores locations at an indoor shopping mall. 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. The foreclosure marks another gloomy chapter in the ongoing slide of traditional retail. Southland Mall Holiday Hours. MEMPHIS, Tenn. Mayor A C Wharton is concerned sales tax revenue will take a hit now that Macys department store announced its leaving Southland Mall in Spring 2015. A lender has taken control of Southland Mall in Cutler Bay after a foreclosure auction failed to yield any bids over $2,600. Real-time updates and all local stories you want right in the palm of your hand. Westland Shopping Center, also known as Westland Center, is an enclosed shopping mall located in the city of Westland, Michigan, a suburb of Detroit. 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. They said traditional shopping malls are at particularly high risk because shoppers now prefer to make quick trips to close-by stores, per CNBC. 25% of U.S. malls are set to shut within 5 years. What comes next? - CNBC The company is closing 14 stores across the county as part of a restructuring plan. J.C. Penney stores closing: Full list of closures due to bankruptcy and 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. Once it shuts down, the only department store left is Sears. 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. That's a million-dollar question plaguingretailers and real estate developers. But shopping malls are likely going to be shuttering in suburbs all across the country, as store closures grow in number and landlords capitulate. The mall was completely demolished in 2009, and in 2013 Cerner bought the property to redevelop. 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. Call 305.669.7030 or view our Media Kit. Southland Mall in Miami-Dade faces foreclosure | Miami Herald May 6, 2022 / 6:00 AM Four Macy's locations at shopping malls are slated to close, the company told Axios. The new owners are planning for a mixed-use redevelopment of the 80-acre site with commercial and residential components. Save my name, email, and website in this browser for the next time I comment. You have entered an incorrect email address! I wish that the store were staying open, Miranda said in Spanish. The mall opens at noon on Sunday and closes by 6 pm. 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. Macys also helped Toys R Us make a comeback, opening locations in nearly every state last year. 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 . Top editors give you the stories you want delivered right to your inbox each weekday. Fitness, Regal . "Then we will see what the most viable format is," he said. www .westlandcenter .com. Rouse Properties was spun off from General Growth Properties in January 2012. 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. 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. 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. Fitness, Regal Cinemas and Old Navy. What were the changes in real estate prices in Broward County last week? At the end of 2020, occupancy was just 74 percent, according to Trepp. Eastland Center in Harper Woods closed in early 2022 to clear the way for warehouses and a distribution center. An attorney representing Wells Fargo in the suit did not return a request for comment. 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.. as well as other partner offers and accept our. It is an older store, has been in the mall for a long time. 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. 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 . Copyright 2023 Nexstar Media Inc. All rights reserved. Malls like Southland may struggle to refinance, said Melissa Che, a senior director at Fitch. 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. Dog and cat antibiotics are medications prescribed by a veterinarian that can help treat a bacterial infection. Oct 12, 2022, 9:40 AM PDT. All four of the impacted stores are located in malls, a company representative told USA Today. 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. Store closures also happened in 2020, 2021, and 2022. In 2020, Coresight Research projected that 25% of the country's approximately 1,000 malls would close shop in the following 3-5 years. 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. In 2004, Southland Mall Properties paid $46 million for the retail site, according to records. WREG is told the 112 employees will be offered jobs in other nearby locations or severance packages. 4,560 [1] Public transit access. It's part of a restructuring plan that includes new stores in some markets. 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. 1998 - 2023 Nexstar Media Inc. | All Rights Reserved. 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. Website. Stay up to date with what you want to know. 2023 CBS Broadcasting Inc. All Rights Reserved. Tens of thousands of stores could still close even after the - CNN 10720 Caribbean Boulevard Sunrise Mall in Massapequa tells tenants to vacate, leaving store 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. The Tuttle mall property is actually 5 separate parcels of land. There may be just 150 malls left in the US in 10 years, according to . 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. Is it true tuttle mall is closing? : r/Columbus - Reddit Im also concerned about the quality of life, he said. The COVID-19 pandemic . ABOUT US: Later, in 2011, the Borders store shut down when that chain became defunct. The mall offers more than 900,000 square feet of retail space, 4,990 parking spaces and features J.C. Penney . Current tenants include JCPenney, Macys, TJ Maxx, L.A. 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. 2022 CBS Broadcasting Inc. All Rights Reserved. Investcorp declined to comment through a spokesperson. 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. 10:00 am to 9:00 pm. 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? 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. Chang W. Lee/The New York Times. GNC will close hundreds of stores as it restructures in bankruptcy. Southland Center (also known as Southland Mall) is an enclosed mall located at 23000 Eureka Road in Taylor, Michigan . Wells Fargo is the trustee. 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. As final Zellers stores close, former employees swap memories - CBC 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. 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. A clearance sale will begin in January and run for approximately eight to 12 weeks, Macy's said. 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. No other investor sought to pay more, and the lender was able to seize the property, documents show. During the pandemic, movie theaters and clothing shops have faced long windows of being closed, while consumers could still flock to strip centers for food, cleaning products and other essentials. "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. But even office space is a risky bet now, as the working-from-home trend could become permanent for some. Cutler Bay Town Hall Sears offering discounts of up to 70 percent on merchandise ahead of store closing. Fairlane Town Center in Dearborn was placed under new ownership after a loan default. The lack of interest in the once bustling mall previously owned by . Theres nothing like lazy summer days relaxing on the patio. It's unclear if Macy's plans to close any additional stores in 2023. Another roadblock can be scoring the necessary zoning approvals from city and government officials. Its remaining tenants include JCPenney, TJ Maxx, Regal Cinemas and LA Fitness. However, the list below shows better . It has said malls rated C and below "are not viable retail centers long term.". But later the firm said the property will be unsustainable, according to Trepp. 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 partnership converted the building into an AKA hotel. / CBS Miami. 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 . In October, the commercial brokerage JLL was tapped to sell the $65.1 million CMBS loan tied to the mall. Southland Mall, formerly known as Cutler Ridge Mall, opened in 1978 as an extension of the Cutler Ridge Shopping Center, which opened in 1960. 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 . 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 . Sears has no other full department store locations south of Coral Gables, and it likely will be missed by shoppers and former employees. Its appraisal fell from $130 million in 2014 to $68.4 million in June. Southland is the closest area mall to the Canadian border crossing, Brookfield said. City leaders said the closure came as a huge surprise.