is southland mall closing down

A lender has taken control of Southland Mall in Cutler Bay after a foreclosure auction failed to yield any bids over $2,600. The LLC is owned by the New York-based Investcorp International Realty, an investment firm founded in 1982 with holdings around the world. Stay up to date with what you want to know. 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. 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. 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. Macy's Southland Mall location to close - Action News 5 How much did it cost to buy a home in Miami-Dade County last week. Northland Center in Southfield is undergoing a makeover into a mixed-use development for retail, residential and office development. 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. You may login with either your assigned username or your e-mail address. Once it shuts down, the only department store left is Sears. However, the list below shows better . The final clearance will start Monday, January 12. The massive Sears store in Southland Mall, long a fixture of the shopping center in Cutler Bay and an anchor . Tens of thousands of stores could still close even after the - CNN Wells Fargo, representing the CMBS investors, placed a credit bid, or a bid using its existing debt, of $2,600. There are currently around 700 malls in the US, down from 2,500 in the 1980s. At the end of 2020, occupancy was just 74 percent, according to Trepp. The COVID-19 pandemic . The Southland Mall follows the schedule given below in the table. 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. 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. 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. Town officials preparing for changes to Southland Mall You have entered an incorrect email address! Southland Center (Michigan) - Wikipedia Now the lenders plans for the mall are unclear. That number is expected to shrink to 182 in February. Southland Mall had financial issues prior to the coronavirus pandemic. A joint venture paid $100.3 million for a shopping mall in a Cutler Bay Opportunity Zone, with plans for a major renovation while . Office development is set to drop 10%, it said, while retail falls 15.7%. 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. 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 . But those businesses have also not fared well in an age of social distancing. Those are:Central New Jersey, Northern New Jersey, Long Island, Memphis and Detroit. The mall opens at noon on Sunday and closes by 6 pm. 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. Sears' store in Louisiana will close soon - The Courier 2022 CBS Broadcasting Inc. All Rights Reserved. By clicking Sign up, you agree to receive marketing emails from Insider As final Zellers stores close, former employees swap memories - CBC Fitness, Regal Cinemas, Kay Jewelers, and Applebee's. Copyright 2023 Nexstar Media Inc. All rights reserved. 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. UPDATE: Southlake Mall under new management after owner defaulted on This is an archived article and the information in the article may be outdated. Its unclear if Macys plans to close any additional stores in 2023. According to Egelanian, the malls that will weather the storm will be premium locations with entertainment, dining, and luxury stores. Penney emerged from bankruptcy in 2020. The two-level mall was home to Macy's, JCPenny and Sears and was adorned in many red-brown tile foundations with plants surrounding them. Southland Center defaults on $75M loan, but analyst says it's 'not a The locations included Market by Macys, according to a July press release from the company, a smaller store that offers customers more to love.. 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. 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. Theres nothing like lazy summer days relaxing on the patio. 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. We never give up, Collins said. Southland Center defaults on $75M loan, but, Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), Southland Center defaults on $75M loan, but analyst says its not a dead mall, Big changes starting today in how mortgage fees are calculated, Fire destroys group home in Taylor; passer-by assists in rescue, Bank of America offers free financial counseling at three nearby locations, Man arrested after allegedly exposing himself to girlfriend in Taylor store aisle, Grosse Ile man identified, charged in major Michigan auto insurance scheme, 2022 Hebda Cup Rowing Regatta photo gallery, Fleeing Dodge Challenger doing 135 mph evades Allen Park police, Southgate officer pulls suicidal woman from ledge as she prepared to jump, Another high-speed chase spurs Wyandotte police official to call for reform, Two people robbed at gunpoint in Flat Rock, Robotics team in Allen Park builds more than just robots, Wife charged with delivering drugs after traffic stop in Wyandotte; husband denies involvement, Man playing lottery tickets at Melvindale bar wins $589,042 jackpot, Do Not Sell/Share My Personal Information. Sears has no other full department store locations south of Coral Gables, and it likely will be missed by shoppers and former employees. The Sunrise Mall has been a mainstay in . "You know, everybody moving out a little bit further." The coronavirus pandemic has accelerated a demise that was already underway. 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). Oct 12, 2022, 9:40 AM PDT. With Department Stores Disappearing, Malls Could Be Next 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. 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. Sign up for free newsletters and get more CNBC delivered to your inbox. Macys also helped Toys R Us make a comeback, opening locations in nearly every state last year. The new owners will provide more information about those plans at a later date, the spokesperson added. The final two Zellers stores will shut down later this month. The mall features more than 100 inline stores, with JCPenney and Kohl's serving as anchor stores. 6796 SW 62nd AvenueSouth Miami, Florida 33143(305)669-7030, Miami Community Newspaper Sponsored Content, Latin Builders Association Community News. A Bureau of Prisons monitor gets his sentence. One of its largest anchor tenants, Kmart, left in 2017. 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. CoStar said Brookfield is likely working with a specialist to manage loan issues affecting Southland. An attorney representing Wells Fargo in the suit did not return a request for comment. Real-time updates and all local stories you want right in the palm of your hand. 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. Concerns and frustrations over Macy's closing in Southland Mall 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. 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. A year later its loan was transferred to special servicing due to the retail vacancy, and its maturity date was extended. Connect To Your Customers & Grow Your Business, There is Sears In key west which is south of southland. Tuesday. Miami-Dade Circuit Court Judge Mavel Ruiz entered a final judgment on behalf of Wells Fargo in January 2021. The lack of interest in the once bustling mall previously owned by . Main content; . 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. Could Blue Crush, COACT units hold lessons for MPD? 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. Facebook agrees to pay $725M settlement: Whats the deadline to file a claim? Sign up for notifications from Insider! 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? The foreclosure was first reported by The Real Deal. Data is a real-time snapshot *Data is delayed at least 15 minutes. No other investor sought to pay more, and the lender was able to seize the property, documents show. Investment Firms Buy Southland Mall, Plan To Modernize It, Build High