Sears offering discounts of up to 70 percent on merchandise ahead of store closing. "Unfortunately, this whole Covid thing has thrown the experiential pitch out the window," Moody's Calanog said in a phone interview. 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. A foreclosure suit was filed in June and a receiver for the mall was appointed in the summer. Southland Mall Holiday Hours. The mall opens at noon on Sunday and closes by 6 pm. Four Macy's locations at shopping malls are slated to close, the company told Axios. Please look at the time stamp on the story to see when it was last updated. GNC will close hundreds of stores as it restructures in bankruptcy. Last year, the mall was dealt another blow when Sears vacated its store. The lack of interest in the once bustling mall previously owned by . Eastland Center in Harper Woods closed in early 2022 to clear the way for warehouses and a distribution center. as well as other partner offers and accept our. Once it shuts down, the only department store left is Sears. 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. 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. May 2, 2022, 1:30 PM. But those businesses have also not fared well in an age of social distancing. There may be just 150 malls left in the US in 10 years, according to one industry watcher. The mall was devastated by Hurricane Andrew in 1992, reopened the following year and was renamed Southland Mall in 2003. 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. He wants to make sure the closure doesnt have a domino effect. Its remaining tenants include JCPenney, TJ Maxx, Regal Cinemas and LA Fitness. 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. But later the firm said the property will be unsustainable, according to Trepp. Tom Pennington/Getty Images. The foreclosure was first reported by The Real Deal. They said traditional shopping malls are at particularly high risk because shoppers now prefer to make quick trips to close-by stores, per CNBC. Tuesday. It has said malls rated C and below "are not viable retail centers long term.". The Southfield mall defaulted on a $31 . Westland Shopping Center, also known as Westland Center, is an enclosed shopping mall located in the city of Westland, Michigan, a suburb of Detroit. The final two Zellers stores will shut down later this month. 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. 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. Those are:Central New Jersey, Northern New Jersey, Long Island, Memphis and Detroit. The new owners are planning for a mixed-use redevelopment of the 80-acre site with commercial and residential components. Investcorp declined to comment through a spokesperson. We never give up, Collins said. Malls have suffered as online sales boomed. Penney emerged from bankruptcy in 2020. 2023 CBS Broadcasting Inc. All Rights Reserved. Not in these states, Does Keurig owe you money? 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. Macys also helped Toys R Us make a comeback, opening locations in nearly every state last year. 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. Real-time updates and all local stories you want right in the palm of your hand. Get this delivered to your inbox, and more info about our products and services. That's down from around 2,500 locations in the 1980s and 700 today, Egelanian said. Macys has yet to give an exact reason, but said this is part of a greater plan to streamline in-store and online shopping. In June 2020, Wells Fargo filed a foreclosure lawsuit against Southland Mall Properties for defaulting on a $65.1 million mortgage. A lender has taken control of Southland Mall in Cutler Bay after a foreclosure auction failed to yield any bids over $2,600. In October, the commercial brokerage JLL was tapped to sell the $65.1 million CMBS loan tied to the mall. An attorney representing Wells Fargo in the suit did not return a request for comment. We want to hear from you. What was the decrease in real estate prices in Broward County in April? 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. Southland is the closest area mall to the Canadian border crossing, Brookfield said. 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. "You know, everybody moving out a little bit further." Store closures also happened in 2020, 2021, and 2022. All four of the impacted stores are located in malls, a company representative told USA Today. 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. Jump to. This makes malls the most vulnerable type of shopping centers to the Covid-19 impact, it said, compared with other properties like strip centers that have grocery stores and outlet centers that offer consumers bargains. What were the changes in real estate prices in Broward County last week? Its unclear if Macys plans to close any additional stores in 2023. But even office space is a risky bet now, as the working-from-home trend could become permanent for some. Its appraisal fell from $130 million in 2014 to $68.4 million in June. Im also concerned about the quality of life, he said. Brookfield and Southland officials could not be reached for comment on how the unmet loan payment will be handled. 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. 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. 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. 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 . That number is expected to shrink to 182 in February. Southland Mall, 1215 East Shelby Drive, Memphis, TN. The mall offers more than 900,000 square feet of retail space, 4,990 parking spaces and features J.C. Penney . 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.. Industrial development, meantime, is expected to pick up 3.6%. 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. Redeveloping malls has proven to be a difficult task even for the largest mall owners in the country like Simon Property Group and Brookfield Property Partners. 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 . 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. The massive Sears store in Southland Mall, long a fixture of the shopping center in Cutler Bay and an anchor . Southland Mall will be dramatically renovated and upgraded and plans are being developed for beautiful residential spaces on excess land, the spokesperson said. Macy's has yet to give an exact reason, but said this . I wish that the store were staying open, Miranda said in Spanish. The Southland Mall Macy's is closing along with 14 other stores nationwide. I am sad to see it go.. Dog and cat antibiotics are medications prescribed by a veterinarian that can help treat a bacterial infection. 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. 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. The mall is the collateral for the loan. SOUTHFIELD - Stripped of its last anchor stores and losing nearly $250,000 every month, the entire Northland Center mall is now in danger of shutting down. 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. 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. 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? On June 7, 2019, Investcorp secured an extension agreement that pushed the maturity date of the loan back to May 8, 2020. The company is closing 14 stores across the county as part of a restructuring plan. The partnership converted the building into an AKA hotel. A year later its loan was transferred to special servicing due to the retail vacancy, and its maturity date was extended. Access your favorite topics in a personalized feed while you're on the go. 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. NOW: After an uptick in crime and a down-tick in customers, Bannister closed its doors in April 2007. Call 305.669.7030 or view our Media Kit. 6796 SW 62nd AvenueSouth Miami, Florida 33143(305)669-7030, Miami Community Newspaper Sponsored Content, Latin Builders Association Community News. The COVID-19 pandemic has claimed its first Miami-Dade indoor shopping mall. Northland Center in Southfield is undergoing a makeover into a mixed-use development for retail, residential and office development. The mall features more than 100 inline stores, with JCPenney and Kohl's serving as anchor stores. "Regrettably, this injudicious behavior has left us with no other option than to terminate the Saks lease and sue to evict Saks from Bal Harbour Shops.". But shopping malls are likely going to be shuttering in suburbs all across the country, as store closures grow in number and landlords capitulate. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Sign up for notifications from Insider! To make the most of your backyard, look for durable and comfortable seating options. 2023 CNBC LLC. These closures come on the heels of Macys opening multiple off-mall, small-format stores in 2022. Fitness, Regal . 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. The foreclosure marks another gloomy chapter in the ongoing slide of traditional retail. The new owners will provide more information about those plans at a later date, the spokesperson added. 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. 10:00 am to 9:00 pm. A Division of NBCUniversal. It's starting with these 248 stores. He currently writes for the business desk covering real estate and the citys affordability crisis. 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. 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. SMART 210, 250. 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. 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. 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. Brookfield acquired Southland in 2016 when it acquired Rouse Properties Inc., the malls original developer. 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. Oct 12, 2022, 9:40 AM PDT. THE HILL 1625 K STREET, NW SUITE 900 WASHINGTON DC 20006 | 202-628-8500 TEL | 202-628-8503 FAX. This is not a dead mall, not at all, Duski said. 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). 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. Another roadblock can be scoring the necessary zoning approvals from city and government officials. 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. 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. 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. 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. 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. In some states, such as New York and California, movie theaters remain closed to this day. Investcorp had defaulted on its $65 million CMBS loan in April and initially asked its special servicer KeyBank for relief. There may be just 150 malls left in the US in 10 years, according to . That's a million-dollar question plaguingretailers and real estate developers. "Until we resolve this pandemic, I suspect we are going to be in a holding pattern with hollow retail space.". Could Blue Crush, COACT units hold lessons for MPD? Save my name, email, and website in this browser for the next time I comment. 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. Mayor Wharton admits this is a blow to Whitehaven, and is worried about the 112 people losing jobs, and shoppers leaving the city. 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. (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 property at 23000 Eureka accounts for more than $2 million in community tax payments. 4,560 [1] Public transit access. You must have JavaScript enabled to use this form. Main content; . After 24 years, Sears is closing its Baton Rouge location at the Mall of Louisiana, the last location in the state. Avison Youngs Michael T. Fay, John Crotty, David Duckworth and Brian de la F brokered the Southland Mall sale. 1998 - 2023 Nexstar Media Inc. | All Rights Reserved. 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. The timings are subject to change depending upon different locations and any special event coming by: Week Days. 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Top editors give you the stories you want delivered right to your inbox each weekday. 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. Absolutely, I am concerned about the loss of sales tax revenue. Is DeSantis a hometown hero in this Florida city or just someone who lived there? Monday. Southland Mall, formerly known as Cutler Ridge Mall, opened in 1978 as an extension of the Cutler Ridge Shopping Center, which opened in 1960. 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. Website. One of its largest anchor tenants, Kmart, left in 2017. According to Egelanian, the malls that will weather the storm will be premium locations with entertainment, dining, and luxury stores. Everything left in the store is being sold at up to 70 percent off original prices. WREG is told the 112 employees will be offered jobs in other nearby locations or severance packages. A representative for Macys did not immediately respond to Nexstars request for comment. 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. It was bought by the management of the Kmart chain in 2005, becoming Sears Holdings after the merger. Copyright 2023 Nexstar Media Inc. All rights reserved. Rene Rodriguez has worked at the Miami Herald in a variety of roles since 1989. Connect To Your Customers & Grow Your Business, There is Sears In key west which is south of southland. All Rights Reserved. 2023 Miami's Community Newspapers a Miller Publishing Company. By. However, the list below shows better . 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. 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. Southland Center (also known as Southland Mall) is an enclosed mall located at 23000 Eureka Road in Taylor, Michigan . Demand for logistics buildings is skyrocketing as e-commerce sales balloon. 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. In April, analysts at UBS projected that 40,000-50,000 American retail stores would shut down by 2027. Macys confirmed to USA Today and Axios that these four stores will close this year: Store closures also happened in 2020, 2021, and 2022.
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