4,560 [1] Public transit access. City leaders said the closure came as a huge surprise. In 2004, Southland Mall Properties paid $46 million for the retail site, according to records. He wants to make sure the closure doesnt have a domino effect. The company is closing 14 stores across the county as part of a restructuring plan. "Unfortunately, this whole Covid thing has thrown the experiential pitch out the window," Moody's Calanog said in a phone interview. Macys also helped Toys R Us make a comeback, opening locations in nearly every state last year. Sign up for free newsletters and get more CNBC delivered to your inbox. Jump to. It's part of a restructuring plan that includes new stores in some markets. These closures come on the heels of Macys opening multiple off-mall, small-format stores in 2022. The mall offers more than 900,000 square feet of retail space, 4,990 parking spaces and features J.C. Penney . Later, in 2011, the Borders store shut down when that chain became defunct. 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 . www .westlandcenter .com. Current tenants include JCPenney, Macys, TJ Maxx, L.A. 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. SMART 210, 250. We never give up, Collins said. 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. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. 10720 Caribbean Boulevard 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. Wells Fargo, representing CMBS investors, made a credit bid of just $2,600, Southland Mall in Cutler Bay (Google Maps). Store closures also happened in 2020, 2021, and 2022. But shopping malls are likely going to be shuttering in suburbs all across the country, as store closures grow in number and landlords capitulate. Copyright 2023 Nexstar Media Inc. All rights reserved. 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). The Southland Mall follows the schedule given below in the table. 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. 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. Its remaining tenants include JCPenney, TJ Maxx, Regal Cinemas and LA Fitness. A representative for Macy's did not immediately respond to Nexstar . Most store employees at the Southland Mall location were reluctant to talk about the store closing, but the customers were not. Data is a real-time snapshot *Data is delayed at least 15 minutes. In October, the commercial brokerage JLL was tapped to sell the $65.1 million CMBS loan tied to the mall. Target team members impacted by store closures will be given priority consideration for new roles created in Kmart and Catch as these businesses . Those are:Central New Jersey, Northern New Jersey, Long Island, Memphis and Detroit. A Bureau of Prisons monitor gets his sentence. The partnership converted the building into an AKA hotel. If they would have told us what they need to maintain their operation, Im sure they would have had one advocate for them and thats me, Councilman Harold Collins said. The marketing pitch cited the malls Opportunity Zone designation and redevelopment potential. 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. Fitch analysts said the Southland experience is increasingly familiar among bricks-and-mortar retail centers, from coast to coast. Last year, the mall was dealt another blow when Sears vacated its store. 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. MIAMI (CBSMiami) - Southland Mall in Cutler Bay has been acquired by two real estate investment firms that have big plans for the property. NOW: After an uptick in crime and a down-tick in customers, Bannister closed its doors in April 2007. Coresight Research estimates 25% of America's roughly 1,000 malls will close over the next three to five years. Tenant vacancies have had a sizable impact on the malls appraised value, according to Trepp. Southland Mall is the oldest in the city, and Macys has been there a decade. The South Florida Business Journal first reported the news of the judgment and the auction. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Copyright 2023 Nexstar Media Inc. All rights reserved. All Rights Reserved. Other industry watchers predict a similarly painful fate for malls and retail stores more generally. Southland Center is the latest mall in metropolitan Detroit to face a financial challenge. 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. Could Blue Crush, COACT units hold lessons for MPD? / CBS Miami. 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 companys adjusted earnings per share for the period should meet the projected range of $1.47 to $1.67, Macys said. The massive Sears store in Southland Mall, long a fixture of the shopping center in Cutler Bay and an anchor . 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. 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. SOUTHLAND MALL. THE HILL 1625 K STREET, NW SUITE 900 WASHINGTON DC 20006 | 202-628-8500 TEL | 202-628-8503 FAX. Heads up, homebuyers! 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. That number is expected to shrink to 182 in February. Affected employees will be offered jobs at nearby locations or severance packages. 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 . 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. The company is also weighed down by $4 billion in debt and had previously closed numerous stores in recent years to help cut costs. The Associated Press contributed to this report. "You know, everybody moving out a little bit further." Connect To Your Customers & Grow Your Business, There is Sears In key west which is south of southland. However, the list below shows better . Updated June 18, 2020 9:36 AM. The final clearance will start Monday, January 12. apartment development in the U.S. is expected to be down 15.6% in a post-Covid . The new owners will provide more information about those plans at a later date, the spokesperson added. Access your favorite topics in a personalized feed while you're on the go. Sales continued to decline and the parent company filed for Chapter 11 bankruptcy on Oct. 15, 2018. Save my name, email, and website in this browser for the next time I comment. Penney emerged from bankruptcy in 2020. One shopper, Rebecca Miranda, an area resident, was happy with the low prices on her finds but was not happy about the reason behind them. 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. No other investor sought to pay more, and the lender was able to seize the property, documents show. 1998 - 2023 Nexstar Media Inc. | All Rights Reserved. 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. Fox says Parkinsons disease is getting tougher, State audit: Oregon should prepare for national competition on marijuana, No, Federal Home Loan Banks didnt cause the SVB collapse, Bed Bath & Beyond liquidation sale has started. The property at 23000 Eureka accounts for more than $2 million in community tax payments. 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. (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. The new owners are planning for a mixed-use redevelopment of the 80-acre site with commercial and residential components. "Despite being given months to honor its past due rental obligations and despite Saks' impressive post-COVID sales at Bal Harbour Shops, Saks steadfastly refused to makeanyeffort to pay anypartof its rent," Bal Harbour Shops President and Chief Executive Matthew Whitman Lazenby said in a statement. Once it shuts down, the only department store left is Sears. The mall offers more than 900,000 square feet of retail space, 4,990 parking spaces and features J.C. Penney and Macys as key tenants. Stay up to date with what you want to know. In a lawsuit filed on June 1 in Miami-Dade Circuit Court, Wells Fargo Bank charges the mall, which is owned by the Delaware-based Investcorp US Real Estate LLC, of defaulting on its $67.5 million loan. A year later its loan was transferred to special servicing due to the retail vacancy, and its maturity date was extended. The mall opens at noon on Sunday and closes by 6 pm. as well as other partner offers and accept our. 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. From bad to worse: Student misbehavior rises further since return of in-person McConnell insists hes sitting out debt talks to disbelief. Is DeSantis a hometown hero in this Florida city or just someone who lived there? 2023 CBS Broadcasting Inc. All Rights Reserved. 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According to court documents, JPMorgan Chase Bank, National Association made a $67.5 million loan to Investcorp on May 2, 2014. Southland Mall Holiday Hours. 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). 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. I wish that the store were staying open, Miranda said in Spanish. 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. 25% of the country's approximately 1,000 malls. I am sad to see it go.. GNC will close hundreds of stores as it restructures in bankruptcy. "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. 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. 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. 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. Theres nothing like lazy summer days relaxing on the patio. 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. 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. They said traditional shopping malls are at particularly high risk because shoppers now prefer to make quick trips to close-by stores, per CNBC. Coresight Research estimates 25% of America's roughly 1,000 malls will close over the next three to five years. To make the most of your backyard, look for durable and comfortable seating options. Northland Center in Southfield is undergoing a makeover into a mixed-use development for retail, residential and office development. "It is nearly impossible to find a property of this quality and size throughout South Florida. 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? Get browser notifications for breaking news, live events, and exclusive reporting. In June 2020, Wells Fargo filed a foreclosure lawsuit against Southland Mall Properties for defaulting on a $65.1 million mortgage. Operating hours. 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. 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. 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. A lender has taken control of Southland Mall in Cutler Bay after a foreclosure auction failed to yield any bids over $2,600. 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. Rene Rodriguez has worked at the Miami Herald in a variety of roles since 1989. But an active community of former employees hopes to keep the doomed department store remembered through memorabilia and online. 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. 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. 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. The joint venture plans to redevelop the waterfront property into a luxury condominium. A clearance sale will begin in January and run for approximately eight to 12 weeks, Macy's said. The Sunrise Mall has been a mainstay in . 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. It is an older store, has been in the mall for a long time. 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. The foreclosure marks another gloomy chapter in the ongoing slide of traditional retail. . "State and local governments typically tax industrial properties at anywhere from half to two-thirds the rate of commercial properties, so municipalities have little incentive to rezone areas from commercial to industrial use, as they will collect less tax revenues," Calanog said. This material may not be published, broadcast, rewritten, or redistributed. On June 7, 2019, Investcorp secured an extension agreement that pushed the maturity date of the loan back to May 8, 2020. By. By 1975 . 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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 . 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. Everything left in the store is being sold at up to 70 percent off original prices. 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. No one is really immune. Sears closed its store at Southland Mall in Houma in Houma in summer 2016. Most of the businesses have resumed operations since the mall reopened on May 21. There may be just 150 malls left in the US in 10 years, according to . Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. Francisco Alvarado. 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. 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. Another roadblock can be scoring the necessary zoning approvals from city and government officials. We have a never quit attitude out here. Southland is the closest area mall to the Canadian border crossing, Brookfield said. An attorney representing Wells Fargo in the suit did not return a request for comment. The COVID-19 pandemic has claimed its first Miami-Dade indoor shopping mall. 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. We want to hear from you. 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. Sears offering discounts of up to 70 percent on merchandise ahead of store closing. Industrial development, meantime, is expected to pick up 3.6%. 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. Cutler Bay, FL 33189, Phone:(305) 234-4262 May 2, 2022, 1:30 PM. The partners are planning a major mixed-use redevelopment of the site. 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. Theyre not meant to treat viruses, however. The mall is the collateral for the loan. More than 30 percent of LGBTQ youth attribute poor mental health to anti-LGBTQ laws, Human brains show larger-than-life activity at moment of death, Not going to be 80: Michael J. Malls have suffered as online sales boomed. The timings are subject to change depending upon different locations and any special event coming by: Week Days. It has said malls rated C and below "are not viable retail centers long term.". 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 . Two of its other anchors, Macys and JCPenney, have also been highly stressed and have closed stores around the U.S. over the last year. Sign up for notifications from Insider! 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. Tom Pennington/Getty Images. Website. Macys has yet to give an exact reason, but said this is part of a greater plan to streamline in-store and online shopping. . Collins is frustrated, because he had no idea this was coming. 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. It was bought by the management of the Kmart chain in 2005, becoming Sears Holdings after the merger. Based on current macro-economic indicators and our proprietary credit card data, we believe the consumer will continue to be pressured in 2023, particularly in the first half, and have planned inventory mix and depth of initial buys accordingly, said Macys CEO Jeff Gennette in a statement. Top editors give you the stories you want delivered right to your inbox each weekday. One of Macy's department stores locations at an indoor shopping mall. Fitness, Regal Cinemas, Kay Jewelers, and Applebee's. Demand for logistics buildings is skyrocketing as e-commerce sales balloon. The Southland Mall Macy's is closing along with 14 other stores nationwide. Main content; . One of its largest anchor tenants, Kmart, left in 2017. 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.. CoStar said Brookfield is likely working with a specialist to manage loan issues affecting Southland. 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. Please look at the time stamp on the story to see when it was last updated. 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. According to Egelanian, the malls that will weather the storm will be premium locations with entertainment, dining, and luxury stores. All four of the impacted stores are located in malls, a company representative told USA Today. 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. 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. 2023 CNBC LLC. The Southfield mall defaulted on a $31 . Part of the challenge is buying out anchor tenants, which own their spaces. A lender has taken control of Southland Mall in Cutler Bay after a foreclosure auction failed to yield any bids over $2,600. Mayor Wharton admits this is a blow to Whitehaven, and is worried about the 112 people losing jobs, and shoppers leaving the city. May 6, 2022 / 6:00 AM "Must be a reason, you know, sales might be down in this area," said Whitehaven resident Eric Hillard. 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.
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