The Associated Press contributed to this report. Macys also helped Toys R Us make a comeback, opening locations in nearly every state last year. The Mall at Partridge Creek in Clinton Township faltered under debt and entered receivership. 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 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. 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. / CBS Miami. WREG is told the 112 employees will be offered jobs in other nearby locations or severance packages. "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. GNC Closing Stores: List of Addresses That Will Close - Business Insider 1998 - 2023 Nexstar Media Inc. | All Rights Reserved. Miami's retail market has rebounded strongly over the past year and currently has a vacancy rate of just under four percent. 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. Southland is the closest area mall to the Canadian border crossing, Brookfield said. The massive Sears store in Southland Mall, long a fixture of the shopping center in Cutler Bay and an anchor . Fitness, Regal . 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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. Southland Mall had financial issues prior to the coronavirus pandemic. "Until we resolve this pandemic, I suspect we are going to be in a holding pattern with hollow retail space.". 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. ABOUT US: In more expensive real estate markets, the change could shift total mortgage closing costs by thousands of dollars. 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. Please look at the time stamp on the story to see when it was last updated. The Southland Mall Macy's is closing along with 14 other stores nationwide. Wells Fargo is the trustee. 25% of the country's approximately 1,000 malls. Updated June 18, 2020 9:36 AM. Stay up to date with what you want to know. Dog and cat antibiotics are medications prescribed by a veterinarian that can help treat a bacterial infection. Largest U.S. Mall Operator Simon Shuts Down, More Mall Closings Likely Office development is set to drop 10%, it said, while retail falls 15.7%. Sign up for notifications from Insider! "Bal Harbour Shops has worked tirelessly to ensure our business and our tenants can survive and thrive in this environment," he said. 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. I wish that the store were staying open, Miranda said in Spanish. Rouse Properties was spun off from General Growth Properties in January 2012. Im also concerned about the quality of life, he said. www .westlandcenter .com. "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. Save my name, email, and website in this browser for the next time I comment. We want to hear from you. Its unclear if Macys plans to close any additional stores in 2023. 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 . 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. It is an older store, has been in the mall for a long time. Brookfield acquired Southland in 2016 when it acquired Rouse Properties Inc., the malls original developer. 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. 10720 Caribbean Boulevard Tom Pennington/Getty Images. Once-bustling American malls are going bust as shoppers flock to online retailers instead of sprawling, brick-and-mortar locations. Cutler Bay Town Hall The timings are subject to change depending upon different locations and any special event coming by: Week Days. 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 . At the end of 2020, occupancy was just 74 percent, according to Trepp. Top editors give you the stories you want delivered right to your inbox each weekday. Theres nothing like lazy summer days relaxing on the patio. The COVID-19 pandemic . NOW: After an uptick in crime and a down-tick in customers, Bannister closed its doors in April 2007. An attorney representing Wells Fargo in the suit did not return a request for comment. 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). Main content; . But those businesses have also not fared well in an age of social distancing. 10:00 am to 9:00 pm. It is still owned by SPG and they owe . Operating hours. Macys confirmed to USA Today and Axios that these four stores will close this year: Store closures also happened in 2020, 2021, and 2022. Sunrise Mall in Massapequa tells tenants to vacate, leaving store 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 Southland Mall follows the schedule given below in the table. The South Florida Business Journal first reported the news of the judgment and the auction. The marketing pitch cited the malls Opportunity Zone designation and redevelopment potential. UPDATE: Southlake Mall under new management after owner defaulted on Industrial development, meantime, is expected to pick up 3.6%. She had an armful of clothes in one hand and was pushing her childs stroller with the other. 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. Sears has no other full department store locations south of Coral Gables, and it likely will be missed by shoppers and former employees. Sales continued to decline and the parent company filed for Chapter 11 bankruptcy on Oct. 15, 2018. Those are:Central New Jersey, Northern New Jersey, Long Island, Memphis and Detroit. 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. 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. SMART 210, 250. Another roadblock can be scoring the necessary zoning approvals from city and government officials. "It is nearly impossible to find a property of this quality and size throughout South Florida. Northland Center mall could close by spring - hometownlife.com 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. Sears store in Southland Mall expected to close by Feb. 15 Southland Center defaults on $75M loan, but analyst says it's 'not a Monday. This material may not be published, broadcast, rewritten, or redistributed. A lender has taken control of Southland Mall in Cutler Bay after a foreclosure auction failed to yield any bids over $2,600. 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. Current tenants include JCPenney, Macys, TJ Maxx, L.A. It's starting with these 248 stores. Concerns and frustrations over Macy's closing in Southland Mall Northland Center in Southfield is undergoing a makeover into a mixed-use development for retail, residential and office development. We have a never quit attitude out here. 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. This material may not be published, broadcast, rewritten, or redistributed. Other industry watchers predict a similarly painful fate for malls and retail stores more generally. 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. 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 to close some locations in 2023: Here's where 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. "One cannot simply build industrial buildings in areas zoned for commercial use," he explained. The mall was devastated by Hurricane Andrew in 1992, reopened the following year and was renamed Southland Mall in 2003. Its appraisal fell from $130 million in 2014 to $68.4 million in June. . "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. Last year, the mall was dealt another blow when Sears vacated its store. Malls like Southland may struggle to refinance, said Melissa Che, a senior director at Fitch. May 6, 2022 / 6:00 AM However, the list below shows better . The COVID-19 pandemic has claimed its first Miami-Dade indoor shopping mall. Fitness, Regal Cinemas, Kay Jewelers, and Applebee's. Pleasenote that Town Hall is a drug, alcohol and tobacco-free workplace. Jump to. Get browser notifications for breaking news, live events, and exclusive reporting. "Unfortunately, this whole Covid thing has thrown the experiential pitch out the window," Moody's Calanog said in a phone interview. Theyre not meant to treat viruses, however. 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. 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. 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. That number is expected to shrink to 182 in February. 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. 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. In June 2020, Wells Fargo filed a foreclosure lawsuit against Southland Mall Properties for defaulting on a $65.1 million mortgage. Brookfield and Southland officials could not be reached for comment on how the unmet loan payment will be handled. 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. SHARE THIS ARTICLE. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. There may be just 150 malls left in the US in 10 years, according to . 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. Absolutely, I am concerned about the loss of sales tax revenue. A Division of NBCUniversal. Coresight Research estimates 25% of America's roughly 1,000 malls will close over the next three to five years. In April, analysts at UBS projected that 40,000-50,000 American retail stores would shut down by 2027. Get this delivered to your inbox, and more info about our products and services. Lender Takes Control of Southland Mall in Cutler Bay - The Real Deal "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. 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. This is not a dead mall, not at all, Duski 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. 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. These closures come on the heels of Macys opening multiple off-mall, small-format stores in 2022. But even office space is a risky bet now, as the working-from-home trend could become permanent for some. 10:00 am to 9:00 pm. The mall features more than 100 inline stores, with JCPenney and Kohl's serving as anchor stores. 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. 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. Westland Shopping Center - Wikipedia In some states, such as New York and California, movie theaters remain closed to this day. apartment development in the U.S. is expected to be down 15.6% in a post-Covid . In 2020, Coresight Research projected that 25% of the country's approximately 1,000 malls would close shop in the following 3-5 years. 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. Target team members impacted by store closures will be given priority consideration for new roles created in Kmart and Catch as these businesses . 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 final two Zellers stores will shut down later this month. US Malls Are Dying and There May Be Just 150 Left in 10 Years 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. 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. Southland Mall Holiday Hours. You must have JavaScript enabled to use this form. Southland Mall Hours Of Operation [Updated 2023] Store closures also happened in 2020, 2021, and 2022. With Department Stores Disappearing, Malls Could Be Next A representative from Hudson's Bay-owned Saks was not immediately available to comment. It's unclear if Macy's plans to close any additional stores in 2023. 2023 CNBC LLC. 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. Southland is the closest area mall to the Canadian border crossing, Brookfield said. Experts estimate that hundreds of malls will close in the near future. The mall opens at noon on Sunday and closes by 6 pm. The world's biggest Wall Street bank by revenue has said itcould shutter backup trading floors located outside New York and London as a result of the move. 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.
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