Later, in 2011, the Borders store shut down when that chain became defunct. 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. Southland Mall SoldA Message from the Mayor NOW: After an uptick in crime and a down-tick in customers, Bannister closed its doors in April 2007. We want to hear from you. The Southland Mall Macy's is closing along with 14 other stores nationwide. 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. Most store employees at the Southland Mall location were reluctant to talk about the store closing, but the customers were not. With Department Stores Disappearing, Malls Could Be Next In April, analysts at UBS projected that 40,000-50,000 American retail stores would shut down by 2027. In some states, such as New York and California, movie theaters remain closed to this day. The new owners are planning for a mixed-use redevelopment of the 80-acre site with commercial and residential components. 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. 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. What is going to happen to America's dead malls? 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. The COVID-19 pandemic . "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. 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. 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. This is an archived article and the information in the article may be outdated. 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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. Fitch analysts said the Southland experience is increasingly familiar among bricks-and-mortar retail centers, from coast to coast. Other industry watchers predict a similarly painful fate for malls and retail stores more generally. Another roadblock can be scoring the necessary zoning approvals from city and government officials. There may be just 150 malls left in the US in 10 years, according to one industry watcher. Industrial development, meantime, is expected to pick up 3.6%. Eastland Center in Harper Woods closed in early 2022 to clear the way for warehouses and a distribution center. 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. But an active community of former employees hopes to keep the doomed department store remembered through memorabilia and online. Office development is set to drop 10%, it said, while retail falls 15.7%. City leaders said the closure came as a huge surprise. The Southland Mall follows the schedule given below in the table. Westland Shopping Center, also known as Westland Center, is an enclosed shopping mall located in the city of Westland, Michigan, a suburb of Detroit. 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. You may login with either your assigned username or your e-mail address. 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. That number is expected to shrink to 182 in February. 10:00 am to 9:00 pm. Those are:Central New Jersey, Northern New Jersey, Long Island, Memphis and Detroit. Wells Fargo, representing the CMBS investors, placed a credit bid, or a bid using its existing debt, of $2,600. 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? Updated June 18, 2020 9:36 AM. In 2004, Southland Mall Properties paid $46 million for the retail site, according to records. Tuesday. Affected employees will be offered jobs at nearby locations or severance packages. This material may not be published, broadcast, rewritten, or redistributed. "Often, that requires rezoning areas a long and tedious process with a low probability of success.". Dog and cat antibiotics are medications prescribed by a veterinarian that can help treat a bacterial infection. 2023 CBS Broadcasting Inc. All Rights Reserved. A lender has taken control of Southland Mall in Cutler Bay after a foreclosure auction failed to yield any bids over $2,600. After 24 years, Sears is closing its Baton Rouge location at the Mall of Louisiana, the last location in the state. In more expensive real estate markets, the change could shift total mortgage closing costs by thousands of dollars. "Bal Harbour Shops has worked tirelessly to ensure our business and our tenants can survive and thrive in this environment," he said. 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. Fitness, Regal . Southland Mall in Miami-Dade faces foreclosure | Miami Herald The mall is also home to Regal Southland Mall cinema, which remains closed. 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. At the end of 2020, occupancy was just 74 percent, according to Trepp. Northland Center in Southfield is undergoing a makeover into a mixed-use development for retail, residential and office development. 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. The COVID-19 pandemic has claimed its first Miami-Dade indoor shopping mall. 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. WREG is told the 112 employees will be offered jobs in other nearby locations or severance packages. 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. 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. Tens of thousands of stores could still close even after the - CNN On June 7, 2019, Investcorp secured an extension agreement that pushed the maturity date of the loan back to May 8, 2020. 1998 - 2023 Nexstar Media Inc. | All Rights Reserved. It's unclear if Macy's plans to close any additional stores in 2023. 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. Once-bustling American malls are going bust as shoppers flock to online retailers instead of sprawling, brick-and-mortar locations. How much longer can Kansas City's shopping malls hang on? Here's where Four Macy's locations at shopping malls are slated to close, the company told Axios. Largest U.S. Mall Operator Simon Shuts Down, More Mall Closings Likely This is not a dead mall, not at all, Duski said. Collins is frustrated, because he had no idea this was coming. 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. Electra America JV Pays $100M For Cutler Bay's Southland Mall The foreclosure marks another gloomy chapter in the ongoing slide of traditional retail. The Mall at Partridge Creek in Clinton Township faltered under debt and entered receivership. SMART 210, 250. Website. 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. Rouse Properties was spun off from General Growth Properties in January 2012. Jump to. The timings are subject to change depending upon different locations and any special event coming by: Week Days. Below is a list of the J.C. Penney stores that are closing: Alabama It was bought by the management of the Kmart chain in 2005, becoming Sears Holdings after the merger. The Southfield mall defaulted on a $31 . . Office development is set to drop 10%, it said, while retail falls 15.7%. 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. www .westlandcenter .com. 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. Get this delivered to your inbox, and more info about our products and services. By 1975 . In October, the commercial brokerage JLL was tapped to sell the $65.1 million CMBS loan tied to the mall. Fort Lauderdale-based property management firm Gumberg Asset Management, which manages the mall, declined to comment. 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 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. 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