is southland mall closing down

City leaders said the closure came as a huge surprise. Starting Monday, some fees will rise for homebuyers with higher credit scores, while buyers with lower scores will see a fee reduction. "Until we resolve this pandemic, I suspect we are going to be in a holding pattern with hollow retail space.". Even high-end malls are under pressure, though. A lender has taken control of Southland Mall in Cutler Bay after a foreclosure auction failed to yield any bids over $2,600. Southland Mall SoldA Message from the Mayor 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. We are excited to be partnering with BH Group to revitalize this key Miami asset, and we appreciate the opportunity to work with the Town of Cutler Bay in the redevelopment of the site to create new high-quality housing and employment opportunities for its residents," said Joe Lubeck, Managing Partner of Electra America, in a statement. Top editors give you the stories you want delivered right to your inbox each weekday. 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 . Southland Mall, 1215 East Shelby Drive, Memphis, TN. Most store employees at the Southland Mall location were reluctant to talk about the store closing, but the customers were not. Southland Mall in Miami-Dade faces foreclosure | Miami Herald In April, analysts at UBS projected that 40,000-50,000 American retail stores would shut down by 2027. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. 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. 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. Westland Shopping Center - Wikipedia 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 foreclosure was first reported by The Real Deal. 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. . 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 . This material may not be published, broadcast, rewritten, or redistributed. 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 . As final Zellers stores close, former employees swap memories - CBC 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. Please look at the time stamp on the story to see when it was last updated. "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. Southland Mall Hours Of Operation [Updated 2023] Rouse Properties was spun off from General Growth Properties in January 2012. The company is closing 14 stores across the county as part of a restructuring plan. "Must be a reason, you know, sales might be down in this area," said Whitehaven resident Eric Hillard. May 6, 2022 / 6:00 AM Southland Mall had financial issues prior to the coronavirus pandemic. 1998 - 2023 Nexstar Media Inc. | All Rights Reserved. In 2020, Coresight Research projected that 25% of the country's approximately 1,000 malls would close shop in the following 3-5 years. "One cannot simply build industrial buildings in areas zoned for commercial use," he explained. The partnership converted the building into an AKA hotel. The property at 23000 Eureka accounts for more than $2 million in community tax payments. Collins is frustrated, because he had no idea this was coming. 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. A joint venture paid $100.3 million for a shopping mall in a Cutler Bay Opportunity Zone, with plans for a major renovation while . All four of the impacted stores are located in malls, a company representative told USA Today. Once it shuts down, the only department store left is Sears. Coresight Research estimates 25% of America's roughly 1,000 malls will close over the next three to five years. Avison Youngs Michael T. Fay, John Crotty, David Duckworth and Brian de la F brokered the Southland Mall sale. 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. It's starting with these 248 stores. What is going to happen to America's dead malls? 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. 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. Macys has yet to give an exact reason, but said this is part of a greater plan to streamline in-store and online shopping. The 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. Once-bustling American malls are going bust as shoppers flock to online retailers instead of sprawling, brick-and-mortar locations. Experts estimate that hundreds of malls will close in the near future. Town officials preparing for changes to Southland Mall 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.. A month later, the bank bought the property for $2,600 in a foreclosure sale, court records show. CoStar said Brookfield is likely working with a specialist to manage loan issues affecting Southland. A representative for Macy's did not immediately respond to Nexstar . Chang W. Lee/The New York Times. At the end of 2020, occupancy was just 74 percent, according to Trepp. Its remaining tenants include JCPenney, TJ Maxx, Regal Cinemas and LA Fitness. Cutler Bay, FL 33189, Phone:(305) 234-4262 But even office space is a risky bet now, as the working-from-home trend could become permanent for some. "Then we will see what the most viable format is," he said. 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. This is an archived article and the information in the article may be outdated. Not in these states, Does Keurig owe you money? By 1960, just four years after Gruen's first mall, there were 4,500 large shopping complexes in the United States, which averages to at least three new shopping centers opening every day. 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. It's part of a restructuring plan that includes new stores in some markets. It owes Bal Harbour roughly $1.9 million, according to court documents. 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. No other investor sought to pay more, and the lender was able to seize the property, documents show. Northland Center mall could close by spring - hometownlife.com Copyright 2023 Nexstar Media Inc. All rights reserved. Real-time updates and all local stories you want right in the palm of your hand. There may be just 150 malls left in the US in 10 years, according to one industry watcher. Mortgage fees to rise for buyers with high credit scores, fall for those with lower scores, DeSantis-appointed oversight board fires back days after Disney sues governor, Shipwreck found off Florida beach is much larger than originally suspected, team says. Operating hours. We never give up, Collins said. There are currently around 700 malls in the US, down from 2,500 in the 1980s. The Southland Mall follows the schedule given below in the table. 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. Southland Mall is the oldest in the city, and Macys has been there a decade. 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But Investcorp was unable to make its April 9 payment last month, battered by the coronavirus shutdown and the brick-and-mortar retail slump that shuttered one of its three anchor stores (Sears). She had an armful of clothes in one hand and was pushing her childs stroller with the other. 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. In some states, such as New York and California, movie theaters remain closed to this day. The mall features more than 100 inline stores, with JCPenney and Kohl's serving as anchor stores. Sunrise Mall in Massapequa tells tenants to vacate, leaving store Could Blue Crush, COACT units hold lessons for MPD? Time to claim part of $10 million settlement running out, Giant seaweed blooms beaching begins, expected to worsen, Crowds, high prices and the White Lotus effect: Worst places to travel this summer, More than 200 people died in national parks last year: These were the deadliest. Dog and cat antibiotics are medications prescribed by a veterinarian that can help treat a bacterial infection. In June 2020, Wells Fargo filed a foreclosure lawsuit against Southland Mall Properties for defaulting on a $65.1 million mortgage. 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 marketing pitch cited the malls Opportunity Zone designation and redevelopment potential. 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. The LLC is owned by the New York-based Investcorp International Realty, an investment firm founded in 1982 with holdings around the world. Tom Pennington/Getty Images. Sign up for notifications from Insider! 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. 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. 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. 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