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. The locations included Market by Macys, according to a July press release from the company, a smaller store that offers customers more to love.. Cutler Bay Town Hall How much did it cost to buy a home in Miami-Dade County last week. The property at 23000 Eureka accounts for more than $2 million in community tax payments. A representative for Macy's did not immediately respond to Nexstar . 2023 Miami's Community Newspapers a Miller Publishing Company. A representative for Macys did not immediately respond to Nexstars request for comment. The joint venture plans to redevelop the waterfront property into a luxury condominium. 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. 6796 SW 62nd AvenueSouth Miami, Florida 33143(305)669-7030, Miami Community Newspaper Sponsored Content, Latin Builders Association Community News. "Often, that requires rezoning areas a long and tedious process with a low probability of success.". A Bureau of Prisons monitor gets his sentence. GNC Closing Stores: List of Addresses That Will Close - Business Insider In April, analysts at UBS projected that 40,000-50,000 American retail stores would shut down by 2027. 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. 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. Macys has yet to give an exact reason, but said this is part of a greater plan to streamline in-store and online shopping. It is still owned by SPG and they owe . www .westlandcenter .com. Southland is the closest area mall to the Canadian border crossing, Brookfield said. The Sunrise Mall has been a mainstay in . Those are:Central New Jersey, Northern New Jersey, Long Island, Memphis and Detroit. 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. We have a never quit attitude out here. The new owners are planning for a mixed-use redevelopment of the 80-acre site with commercial and residential components. Theyre not meant to treat viruses, however. "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. Connect To Your Customers & Grow Your Business, There is Sears In key west which is south of southland. Malls have suffered as online sales boomed. 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. The new owners are planning for a mixed-use redevelopment of the 80-acre site with commercial and residential components. The Associated Press contributed to this report. As final Zellers stores close, former employees swap memories - CBC Wells Fargo, representing CMBS investors, made a credit bid of just $2,600, Southland Mall in Cutler Bay (Google Maps). Once-bustling American malls are going bust as shoppers flock to online retailers instead of sprawling, brick-and-mortar locations. There are currently around 700 malls in the US, down from 2,500 in the 1980s. In some states, such as New York and California, movie theaters remain closed to this day. Last year, the mall was dealt another blow when Sears vacated its store. Part of the challenge is buying out anchor tenants, which own their spaces. 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. Rene Rodriguez has worked at the Miami Herald in a variety of roles since 1989. Fitness, Regal Cinemas, Kay Jewelers, and Applebee's. The foreclosure marks another gloomy chapter in the ongoing slide of traditional retail. A lender has taken control of Southland Mall in Cutler Bay after a foreclosure auction failed to yield any bids over $2,600. In May, Macys reported better-than-expected earnings for its national network of department stores. But even office space is a risky bet now, as the working-from-home trend could become permanent for some. Later, in 2011, the Borders store shut down when that chain became defunct. 10:00 am to 9:00 pm. Fitness, Regal Cinemas and Old Navy. "It is nearly impossible to find a property of this quality and size throughout South Florida. 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 . Investment Firms Buy Southland Mall, Plan To Modernize It, Build High "You know, everybody moving out a little bit further." There may be just 150 malls left in the US in 10 years, according to one industry watcher. Sears' store in Louisiana will close soon - The Courier According to Egelanian, the malls that will weather the storm will be premium locations with entertainment, dining, and luxury stores. Website. The LLC is owned by the New York-based Investcorp International Realty, an investment firm founded in 1982 with holdings around the world. From bad to worse: Student misbehavior rises further since return of in-person McConnell insists hes sitting out debt talks to disbelief. What was the decrease in real estate prices in Broward County in April? Business Update | Target Australia 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. 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. Even high-end malls are under pressure, though. Investors have foreclosed on Southland Mall, 20505 S. Dixie Highway in Cutler Bay, after defaulting on a $67.5 million loan. Sign up for notifications from Insider! It has said malls rated C and below "are not viable retail centers long term.". Town officials preparing for changes to Southland Mall 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. J.C. Penney stores closing: Full list of closures due to bankruptcy and 1998 - 2023 Nexstar Media Inc. | All Rights Reserved. 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. Top editors give you the stories you want delivered right to your inbox each weekday. Is DeSantis a hometown hero in this Florida city or just someone who lived there? 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. 4,560 [1] Public transit access. 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. 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. 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. Sales continued to decline and the parent company filed for Chapter 11 bankruptcy on Oct. 15, 2018. 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. Southland Mall had financial issues prior to the coronavirus pandemic. Investcorp had defaulted on its $65 million CMBS loan in April and initially asked its special servicer KeyBank for relief. 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. Fitch Ratings Inc. said Brookfield Properties a global company with more than 200 retail holdings owes nearly $65.1 million on a $78.5 million loan from 2012. 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. SMART 210, 250. 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. Sunrise Mall in Massapequa tells tenants to vacate, leaving store 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 . You have entered an incorrect email address! 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. How much longer can Kansas City's shopping malls hang on? Here's where The new owners will provide more information about those plans at a later date, the spokesperson added. Cutler Bay, FL 33189, Phone:(305) 234-4262 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? One of its largest anchor tenants, Kmart, left in 2017. But later the firm said the property will be unsustainable, according to Trepp. In 2004, Southland Mall Properties paid $46 million for the retail site, according to records. 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. Facebook agrees to pay $725M settlement: Whats the deadline to file a claim? He currently writes for the business desk covering real estate and the citys affordability crisis. The Southland Mall follows the schedule given below in the table. Workers in JPMorgan Chase's corporate and investment bank, for example, will cycle between days spent at the office and at home, keeping the ability to work remotely on a part-time basis. The company is closing 14 stores across the county as part of a restructuring plan. 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.. Southland is the closest area mall to the Canadian border crossing, Brookfield said. After 24 years, Sears is closing its Baton Rouge location at the Mall of Louisiana, the last location in the state. / CBS Miami. Macys confirmed to USA Today and Axios that these four stores will close this year: Store closures also happened in 2020, 2021, and 2022. 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. 10720 Caribbean Boulevard 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. North Palm Beach-based Electra America and Miami-based BH Group teamed up to acquire the 808,776-square-foot indoor mall on a nearly 80-acre site at 20505 South Dixie Highway, according to a press release. This is an archived article and the information in the article may be outdated. 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. 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. (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. 10:00 am to 9:00 pm. Oct 12, 2022, 9:40 AM PDT. . A foreclosure suit was filed in June and a receiver for the mall was appointed in the summer. Southland Mall in Miami-Dade faces foreclosure | Miami Herald And so with minimal revenue coming in, these are the businesses that are most likely requesting rent reductions, or not paying rent at all. Pleasenote that Town Hall is a drug, alcohol and tobacco-free workplace. This property has not changed hands since 2013. 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. Operating hours. The Southland Mall Macy's is closing along with 14 other stores nationwide. The malls most at risk of going dark are classified as so-called B-, C- and D-rated malls, meaning they bring in fewer sales per square foot than an A mall. Miami's retail market has rebounded strongly over the past year and currently has a vacancy rate of just under four percent. The rise and fall of the American mall - Business Insider Copyright 2023 Nexstar Media Inc. All rights reserved. US Malls Are Dying and There May Be Just 150 Left in 10 Years It is an older store, has been in the mall for a long time. Coresight Research estimates 25% of America's roughly 1,000 malls will close over the next three to five years. Eastland Center in Harper Woods closed in early 2022 to clear the way for warehouses and a distribution center. You may login with either your assigned username or your e-mail address. ABOUT US: 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. A month later, the bank bought the property for $2,600 in a foreclosure sale, court records show. Southland Center (Michigan) - Wikipedia Southland Mall Holiday Hours. 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? Everything left in the store is being sold at up to 70 percent off original prices. Avison Youngs Michael T. Fay, John Crotty, David Duckworth and Brian de la F brokered the Southland Mall sale. This story was originally published June 10, 2020, 6:10 PM. It's starting with these 248 stores. Rouse Properties was spun off from General Growth Properties in January 2012. May 6, 2022 / 6:00 AM Tuesday. Jump to. Southland Mall, 1215 East Shelby Drive, Memphis, TN. What were the changes in real estate prices in Broward County last week? 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. Chang W. Lee/The New York Times. A year later its loan was transferred to special servicing due to the retail vacancy, and its maturity date was extended. 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. Sign up for free newsletters and get more CNBC delivered to your inbox. The mall is the collateral for the loan. Current tenants include JCPenney, Macys, TJ Maxx, L.A. 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. Real-time updates and all local stories you want right in the palm of your hand. 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. 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. That number is expected to shrink to 182 in February. NOW: After an uptick in crime and a down-tick in customers, Bannister closed its doors in April 2007. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Copyright 2023 Nexstar Media Inc. All rights reserved. Demand for logistics buildings is skyrocketing as e-commerce sales balloon. The massive Sears store in Southland Mall, long a fixture of the shopping center in Cutler Bay and an anchor . A joint venture paid $100.3 million for a shopping mall in a Cutler Bay Opportunity Zone, with plans for a major renovation while . Department stores account for about 30 percent of the mall square footage in the United States, with 10 percent of that coming from Sears (which filed for .