No one is really immune. 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 partners are planning a major mixed-use redevelopment of the site. 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 Southland Mall Macy's is closing along with 14 other stores nationwide. 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. She had an armful of clothes in one hand and was pushing her childs stroller with the other. 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. Pleasenote that Town Hall is a drug, alcohol and tobacco-free workplace. Eastland Center in Harper Woods closed in early 2022 to clear the way for warehouses and a distribution center. Southland is the closest area mall to the Canadian border crossing, Brookfield said. Even high-end malls are under pressure, though. Francisco Alvarado. "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. This is an archived article and the information in the article may be outdated. The joint venture plans to redevelop the waterfront property into a luxury condominium. "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. 25% of the country's approximately 1,000 malls. NOW: After an uptick in crime and a down-tick in customers, Bannister closed its doors in April 2007. What was the decrease in real estate prices in Broward County in April? However, the list below shows better . I am sad to see it go.. Brookfield and Southland officials could not be reached for comment on how the unmet loan payment will be handled. Its unclear if Macys plans to close any additional stores in 2023. But the hurdles include the need to have properties rezoned, which could be met with pushback from local municipalities. 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. . 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 . Avison Youngs Michael T. Fay, John Crotty, David Duckworth and Brian de la F brokered the Southland Mall sale. 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. Could Blue Crush, COACT units hold lessons for MPD? The mall is the collateral for the loan. But later the firm said the property will be unsustainable, according to Trepp. 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). 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. Later, in 2011, the Borders store shut down when that chain became defunct. By clicking Sign up, you agree to receive marketing emails from Insider "You know, everybody moving out a little bit further." But an active community of former employees hopes to keep the doomed department store remembered through memorabilia and online. May 2, 2022, 1:30 PM. 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. City leaders said the closure came as a huge surprise. 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. Most store employees at the Southland Mall location were reluctant to talk about the store closing, but the customers were not. 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. Tenant vacancies have had a sizable impact on the malls appraised value, according to Trepp. Save my name, email, and website in this browser for the next time I comment. / CBS Miami. 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. Southland is the closest area mall to the Canadian border crossing, Brookfield said. The company is closing 14 stores across the county as part of a restructuring plan. The mall was devastated by Hurricane Andrew in 1992, reopened the following year and was renamed Southland Mall in 2003. Investcorp declined to comment through a spokesperson. 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 . Website. In more expensive real estate markets, the change could shift total mortgage closing costs by thousands of dollars. All four of the impacted stores are located in malls, a company representative told USA Today. (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 mall was completely demolished in 2009, and in 2013 Cerner bought the property to redevelop. Theyre not meant to treat viruses, however. A clearance sale will begin in January and run for approximately eight to 12 weeks, Macy's said. 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. 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. 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. To make the most of your backyard, look for durable and comfortable seating options. In May, Macys reported better-than-expected earnings for its national network of department stores. There may be just 150 malls left in the US in 10 years, according to one industry watcher. Oct 12, 2022, 9:40 AM PDT. A Division of NBCUniversal. At the end of 2020, occupancy was just 74 percent, according to Trepp. It is still owned by SPG and they owe . Rene Rodriguez has worked at the Miami Herald in a variety of roles since 1989. Part of the challenge is buying out anchor tenants, which own their spaces. Below is a list of the J.C. Penney stores that are closing: Alabama Office development is set to drop 10%, it said, while retail falls 15.7%. The Southland Mall follows the schedule given below in the table. Most of the businesses have resumed operations since the mall reopened on May 21. The COVID-19 pandemic . A lender has taken control of Southland Mall in Cutler Bay after a foreclosure auction failed to yield any bids over $2,600. It's starting with these 248 stores. The mall offers more than 900,000 square feet of retail space, 4,990 parking spaces and features J.C. Penney . 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. Affected employees will be offered jobs at nearby locations or severance packages. The foreclosure marks another gloomy chapter in the ongoing slide of traditional retail. "Then we will see what the most viable format is," he said. 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. Fitness, Regal Cinemas, Kay Jewelers, and Applebee's. He currently writes for the business desk covering real estate and the citys affordability crisis. MIAMI (CBSMiami) - Southland Mall in Cutler Bay has been acquired by two real estate investment firms that have big plans for the property. 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. What is going to happen to America's dead malls? We want to hear from you. Fax:(305) 234-4251. Theres nothing like lazy summer days relaxing on the patio. 4,560 [1] Public transit access. In 2004, Southland Mall Properties paid $46 million for the retail site, according to records. According to Egelanian, the malls that will weather the storm will be premium locations with entertainment, dining, and luxury stores. 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. 2022 CBS Broadcasting Inc. All Rights Reserved. Sears closed its store at Southland Mall in Houma in Houma in summer 2016. 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. And so with minimal revenue coming in, these are the businesses that are most likely requesting rent reductions, or not paying rent at all. There are currently around 700 malls in the US, down from 2,500 in the 1980s. The new owners will provide more information about those plans at a later date, the spokesperson added. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. The mall opens at noon on Sunday and closes by 6 pm. Call 305.669.7030 or view our Media Kit. 10720 Caribbean Boulevard 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 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. Everything left in the store is being sold at up to 70 percent off original prices. Like every other business in America, Southland Mall opens and closes on certain holidays. 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. Its appraisal fell from $130 million in 2014 to $68.4 million in June. 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. By. That number is expected to shrink to 182 in February. Southland Mall will be dramatically renovated and upgraded and plans are being developed for beautiful residential spaces on excess land, the spokesperson said. 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. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Copyright 2023 Nexstar Media Inc. All rights reserved. "Until we resolve this pandemic, I suspect we are going to be in a holding pattern with hollow retail space.". 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. But even office space is a risky bet now, as the working-from-home trend could become permanent for some. The company then added several new tenants; . GNC will close hundreds of stores as it restructures in bankruptcy. On Jan. 16, 2019 Sears announced that it had won its bankruptcy auction and would shrink and remain open with 425 stores nationwide. 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. According to court documents, JPMorgan Chase Bank, National Association made a $67.5 million loan to Investcorp on May 2, 2014. How much did it cost to buy a home in Miami-Dade County last week. Updated June 18, 2020 9:36 AM. These closures come on the heels of Macys opening multiple off-mall, small-format stores in 2022. 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. Southland Center (also known as Southland Mall) is an enclosed mall located at 23000 Eureka Road in Taylor, Michigan . Not in these states, Does Keurig owe you money? The mall features more than 100 inline stores, with JCPenney and Kohl's serving as anchor stores. "Bal Harbour Shops has worked tirelessly to ensure our business and our tenants can survive and thrive in this environment," he said. It's part of a restructuring plan that includes new stores in some markets. 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. 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. The marketing pitch cited the malls Opportunity Zone designation and redevelopment potential. So, if not warehouses and entertainment complexes, analysts have pondered other potential use cases for so-called dead malls: Churches, medical facilities, office spaces and even apartment complexes. "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. The seller is Wells Fargo Bank as trustee for a JP Morgan Chase commercial mortgage-backed securities trust, which seized the property in February of last year as a result of a $68.7 million foreclosure judgment against the previous owner. Tom Pennington/Getty Images. 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. This property has not changed hands since 2013. Penney emerged from bankruptcy in 2020. Im also concerned about the quality of life, he said. The locations included Market by Macys, according to a July press release from the company, a smaller store that offers customers more to love.. CoStar said Brookfield is likely working with a specialist to manage loan issues affecting Southland. Jump to. Sears has no other full department store locations south of Coral Gables, and it likely will be missed by shoppers and former employees. 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. 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. Please look at the time stamp on the story to see when it was last updated. Access your favorite topics in a personalized feed while you're on the go. Coresight Research estimates 25% of America's roughly 1,000 malls will close over the next three to five years. 10:00 am to 9:00 pm. 2023 Miami's Community Newspapers a Miller Publishing Company. apartment development in the U.S. is expected to be down 15.6% in a post-Covid . Southland Center is the latest mall in metropolitan Detroit to face a financial challenge. Malls have suffered as online sales boomed. Mayor Wharton admits this is a blow to Whitehaven, and is worried about the 112 people losing jobs, and shoppers leaving the city. "Must be a reason, you know, sales might be down in this area," said Whitehaven resident Eric Hillard. 1998 - 2023 Nexstar Media Inc. | All Rights Reserved. Southland Mall, formerly known as Cutler Ridge Mall, opened in 1978 as an extension of the Cutler Ridge Shopping Center, which opened in 1960. Now the lenders plans for the mall are unclear. 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. May 6, 2022 / 6:00 AM 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. Rouse Properties was spun off from General Growth Properties in January 2012. 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. 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 .
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