City leaders said the closure came as a huge surprise. Data is a real-time snapshot *Data is delayed at least 15 minutes. The company is closing 14 stores across the county as part of a restructuring plan. Get browser notifications for breaking news, live events, and exclusive reporting. Southland Mall had financial issues prior to the coronavirus pandemic. Copyright 2023 Nexstar Media Inc. All rights reserved. Southland Mall Hours: Opening, Closing & Holidays Hours | January 2023 The joint venture plans to redevelop the waterfront property into a luxury condominium. 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. The South Florida Business Journal first reported the news of the judgment and the auction. Coresight Research estimates 25% of America's roughly 1,000 malls will close over the next three to five years. This property has not changed hands since 2013. Real-time updates and all local stories you want right in the palm of your hand. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Copyright 2023 Nexstar Media Inc. All rights reserved. 1998 - 2023 Nexstar Media Inc. | All Rights Reserved. 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. I am sad to see it go.. 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. 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. By. But those businesses have also not fared well in an age of social distancing. 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. The Mall at Partridge Creek in Clinton Township faltered under debt and entered receivership. Industrial development, meantime, is expected to pick up 3.6%. 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. Penney emerged from bankruptcy in 2020. 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. 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. 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. To make the most of your backyard, look for durable and comfortable seating options. Macy's Southland Mall location to close - Action News 5 This is not a dead mall, not at all, Duski said. 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. Fairlane Town Center in Dearborn was placed under new ownership after a loan default. A foreclosure suit was filed in June and a receiver for the mall was appointed in the summer. The companys adjusted earnings per share for the period should meet the projected range of $1.47 to $1.67, Macys said. Largest U.S. Mall Operator Simon Shuts Down, More Mall Closings Likely Macy's has yet to give an exact reason, but said this . A lender has taken control of Southland Mall in Cutler Bay after a foreclosure auction failed to yield any bids over $2,600. Fitness, Regal Cinemas, Kay Jewelers, and Applebee's. The mall is also home to Regal Southland Mall cinema, which remains closed. The new owners are planning for a mixed-use redevelopment of the 80-acre site with commercial and residential components. You must have JavaScript enabled to use this form. "Until we resolve this pandemic, I suspect we are going to be in a holding pattern with hollow retail space.". "Unfortunately, this whole Covid thing has thrown the experiential pitch out the window," Moody's Calanog said in a phone interview. 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. . Electra America JV Pays $100M For Cutler Bay's 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. In May, Macys reported better-than-expected earnings for its national network of department stores. 25% of the country's approximately 1,000 malls. 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 Southland Mall Macy's is closing along with 14 other stores nationwide. Concerns and frustrations over Macy's closing in Southland Mall 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. Oct 12, 2022, 9:40 AM PDT. 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. Collins is frustrated, because he had no idea this was coming. By 1975 . Its unclear if Macys plans to close any additional stores in 2023. Business Update | Target Australia Once-bustling American malls are going bust as shoppers flock to online retailers instead of sprawling, brick-and-mortar locations. But the hurdles include the need to have properties rezoned, which could be met with pushback from local municipalities. It is still owned by SPG and they owe . 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. 10:00 am to 9:00 pm. Sign up for notifications from Insider! 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. Town officials preparing for changes to Southland Mall Fax:(305) 234-4251. It's unclear if Macy's plans to close any additional stores in 2023. 10:00 am to 9:00 pm. An upscale mall owner in Miami, Bal Harbour Shops, is currently moving to evict the luxury department store chain Saks Fifth Avenue for not paying rent since mid-March. Northland Center mall could close by spring - hometownlife.com All four of the impacted stores are located in malls, a company representative told USA Today. The locations included Market by Macys, according to a July press release from the company, a smaller store that offers customers more to love.. Top editors give you the stories you want delivered right to your inbox each weekday. The COVID-19 pandemic . 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. I wish that the store were staying open, Miranda said in Spanish. SMART 210, 250. Cutler Bay Town Hall The rise and fall of the American mall - Business Insider 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 . Wells Fargo, representing the CMBS investors, placed a credit bid, or a bid using its existing debt, of $2,600. 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. 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 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. He wants to make sure the closure doesnt have a domino effect. 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. Investcorp declined to comment through a spokesperson. Affected employees will be offered jobs at nearby locations or severance packages. In 2020, Coresight Research projected that 25% of the country's approximately 1,000 malls would close shop in the following 3-5 years. Southland is the closest area mall to the Canadian border crossing, Brookfield said. 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. The final clearance will start Monday, January 12. You may login with either your assigned username or your e-mail address. An attorney representing Wells Fargo in the suit did not return a request for comment. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. According to court documents, JPMorgan Chase Bank, National Association made a $67.5 million loan to Investcorp on May 2, 2014. The mall was devastated by Hurricane Andrew in 1992, reopened the following year and was renamed Southland Mall in 2003. A representative for Macys did not immediately respond to Nexstars request for comment. Macy's to close some locations in 2023: Here's where Southland Center defaults on $75M loan, but analyst says it's 'not a City leaders said the closure came as a huge surprise. "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. Southland Center is the latest mall in metropolitan Detroit to face a financial challenge. "Must be a reason, you know, sales might be down in this area," said Whitehaven resident Eric Hillard. 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. apartment development in the U.S. is expected to be down 15.6% in a post-Covid . SOUTHLAND MALL. According to Egelanian, the malls that will weather the storm will be premium locations with entertainment, dining, and luxury stores. "One cannot simply build industrial buildings in areas zoned for commercial use," he explained. THE HILL 1625 K STREET, NW SUITE 900 WASHINGTON DC 20006 | 202-628-8500 TEL | 202-628-8503 FAX. 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. 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. 6796 SW 62nd AvenueSouth Miami, Florida 33143(305)669-7030, Miami Community Newspaper Sponsored Content, Latin Builders Association Community News. Get this delivered to your inbox, and more info about our products and services. As final Zellers stores close, former employees swap memories - CBC Southland Mall, 1215 East Shelby Drive, Memphis, TN. The new owners are planning for a mixed-use redevelopment of the 80-acre site with commercial and residential components. Wells Fargo is the trustee. 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? 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. The marketing pitch cited the malls Opportunity Zone designation and redevelopment potential. ABOUT US: Everything left in the store is being sold at up to 70 percent off original prices. Experts estimate that hundreds of malls will close in the near future. What was the decrease in real estate prices in Broward County in April? No other investor sought to pay more, and the lender was able to seize the property, documents show. Westland Shopping Center - Wikipedia "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. "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. 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. Wells Fargo, representing CMBS investors, made a credit bid of just $2,600, Southland Mall in Cutler Bay (Google Maps). 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 . The final two Zellers stores will shut down later this month. 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," the head of Moody's Analytics commercial real estateeconomics division, Victor Calanog,said in a report released Thursday. Mayor Wharton admits this is a blow to Whitehaven, and is worried about the 112 people losing jobs, and shoppers leaving the city. Sears has no other full department store locations south of Coral Gables, and it likely will be missed by shoppers and former employees. as well as other partner offers and accept our. Theyre not meant to treat viruses, however. Southland Mall in Miami-Dade faces foreclosure | Miami Herald Another roadblock can be scoring the necessary zoning approvals from city and government officials. 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. Investment Firms Buy Southland Mall, Plan To Modernize It, Build High What is going to happen to America's dead malls? Malls have suffered as online sales boomed. 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. It is an older store, has been in the mall for a long time. 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. This material may not be published, broadcast, rewritten, or redistributed. America's Malls and Department Stores Are Dying Off | Time 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 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 company is closing 14 stores across the county as part of a restructuring plan. How much longer can Kansas City's shopping malls hang on? Here's where 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. That number is expected to shrink to 182 in February. A year later its loan was transferred to special servicing due to the retail vacancy, and its maturity date was extended. 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. It owes Bal Harbour roughly $1.9 million, according to court documents. 2023 CBS Broadcasting Inc. All Rights Reserved. The mall opens at noon on Sunday and closes by 6 pm. The Southland Mall follows the schedule given below in the table. Other industry watchers predict a similarly painful fate for malls and retail stores more generally. Sears offering discounts of up to 70 percent on merchandise ahead of store closing. 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. In more expensive real estate markets, the change could shift total mortgage closing costs by thousands of dollars. Those are:Central New Jersey, Northern New Jersey, Long Island, Memphis and Detroit. 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. 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. Investcorp had defaulted on its $65 million CMBS loan in April and initially asked its special servicer KeyBank for relief. 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. Once it shuts down, the only department store left is Sears. 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. A longtime fixture of American culture, shopping malls have suffered for decades amid a rise in online shopping, a decline in visitors to department stores, and, more recently, the COVID-19 pandemic, which kept consumers home. Fitch analysts said the Southland experience is increasingly familiar among bricks-and-mortar retail centers, from coast to coast. The Southfield mall defaulted on a $31 . Current tenants include JCPenney, Macys, TJ Maxx, L.A. Miami's retail market has rebounded strongly over the past year and currently has a vacancy rate of just under four percent. How much did it cost to buy a home in Miami-Dade County last week. 2022 CBS Broadcasting Inc. All Rights Reserved. Most store employees at the Southland Mall location were reluctant to talk about the store closing, but the customers were not. 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. In June 2020, Wells Fargo filed a foreclosure lawsuit against Southland Mall Properties for defaulting on a $65.1 million mortgage. Northland Center in Southfield is undergoing a makeover into a mixed-use development for retail, residential and office development. 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. 10720 Caribbean Boulevard 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. Chang W. Lee/The New York Times. Tens of thousands of stores could still close even after the - CNN 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. 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. Malls like Southland may struggle to refinance, said Melissa Che, a senior director at Fitch. 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. Rene Rodriguez has worked at the Miami Herald in a variety of roles since 1989. Eastland Center in Harper Woods closed in early 2022 to clear the way for warehouses and a distribution center. The partnership converted the building into an AKA hotel. On Jan. 16, 2019 Sears announced that it had won its bankruptcy auction and would shrink and remain open with 425 stores nationwide.
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