Eastland Center in Harper Woods closed in early 2022 to clear the way for warehouses and a distribution center. That number is expected to shrink to 182 in February. 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. "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.". The rise and fall of the American mall - Business Insider These closures come on the heels of Macys opening multiple off-mall, small-format stores in 2022. One of Macy's department stores locations at an indoor shopping mall. Im also concerned about the quality of life, he said. Wells Fargo is the trustee. Last week, Macys tempered its sales outlook for the fiscal fourth quarter after shoppers spent less than expected during the lull between Thanksgiving weekend and the final days before Christmas. 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. The new owners are planning for a mixed-use redevelopment of the 80-acre site with commercial and residential components. Wells Fargo, representing CMBS investors, made a credit bid of just $2,600, Southland Mall in Cutler Bay (Google Maps). 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. The judge ordered the 990,000-square-foot indoor mall at 20505 South Dixie Highway to be sold in a foreclosure auction on Feb. 10. Sears has no other full department store locations south of Coral Gables, and it likely will be missed by shoppers and former employees. 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. Penney emerged from bankruptcy in 2020. In October, the commercial brokerage JLL was tapped to sell the $65.1 million CMBS loan tied to the mall. Theres nothing like lazy summer days relaxing on the patio. As final Zellers stores close, former employees swap memories - CBC Fitch analysts said the Southland experience is increasingly familiar among bricks-and-mortar retail centers, from coast to coast. But later the firm said the property will be unsustainable, according to Trepp. 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. 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. Malls have suffered as online sales boomed. This story was originally published June 10, 2020, 6:10 PM. SHARE THIS ARTICLE. 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. UPDATE: Southlake Mall under new management after owner defaulted on Most store employees at the Southland Mall location were reluctant to talk about the store closing, but the customers were not. 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. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Copyright 2023 Nexstar Media Inc. All rights reserved. "It is nearly impossible to find a property of this quality and size throughout South Florida. Southland Center (Michigan) - Wikipedia Northland Center mall could close by spring - hometownlife.com Southland Mall Hours Of Operation [Updated 2023] Sears store in Southland Mall expected to close by Feb. 15 Southland Mall in Miami-Dade faces foreclosure | Miami Herald Four Macy's locations at shopping malls are slated to close, the company told Axios. Tens of thousands of stores could still close even after the - CNN 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. But the hurdles include the need to have properties rezoned, which could be met with pushback from local municipalities. Data is a real-time snapshot *Data is delayed at least 15 minutes. The mall offers more than 900,000 square feet of retail space, 4,990 parking spaces and features J.C. Penney and Macys as key tenants. In more expensive real estate markets, the change could shift total mortgage closing costs by thousands of dollars. The companys adjusted earnings per share for the period should meet the projected range of $1.47 to $1.67, Macys said. Those are:Central New Jersey, Northern New Jersey, Long Island, Memphis and Detroit. He wants to make sure the closure doesnt have a domino effect. You may login with either your assigned username or your e-mail address. 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. Save my name, email, and website in this browser for the next time I comment. A joint venture paid $100.3 million for a shopping mall in a Cutler Bay Opportunity Zone, with plans for a major renovation while . According to Egelanian, the malls that will weather the storm will be premium locations with entertainment, dining, and luxury stores. 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 . 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. 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. Other industry watchers predict a similarly painful fate for malls and retail stores more generally. Part of the challenge is buying out anchor tenants, which own their spaces. 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. In 2004, Southland Mall Properties paid $46 million for the retail site, according to records. 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. Coresight Research estimates 25% of America's roughly 1,000 malls will close over the next three to five years. 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. The Southland Mall follows the schedule given below in the table. The partnership converted the building into an AKA hotel. Call 305.669.7030 or view our Media Kit. Tuesday. Floodplain Mitigation Plan Advisory Committee, Watch this video to hear Mayor Tim Meerbott, Invasive Exotic Plant Species in Cutler Bay, 6th Annual Wings Over the Bay & Country Concert. Store closures also happened in 2020, 2021, and 2022. 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. The partners are planning a major mixed-use redevelopment of the site. A Division of NBCUniversal. Chang W. Lee/The New York Times. Theyre not meant to treat viruses, however. Sign up for free newsletters and get more CNBC delivered to your inbox. An A++ mall could bring in as much as $1,000 in sales per square foot, for example, while a C+ mall does about $320. The property at 23000 Eureka accounts for more than $2 million in community tax payments. The mall features more than 100 inline stores, with JCPenney and Kohl's serving as anchor stores. ABOUT US: 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. Southland Center defaults on $75M loan, but analyst says it's 'not a 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. 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. Access your favorite topics in a personalized feed while you're on the go. A clearance sale will begin in January and run for approximately eight to 12 weeks, Macy's said. There may be just 150 malls left in the US in 10 years, according to . 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? 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. 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. She had an armful of clothes in one hand and was pushing her childs stroller with the other. The shortfall cited by the real estate data service CoStar Group Inc. came as shopping centers across the nation try to rebound from the double whammy of online shopping and the COVID-19 pandemic. Fairlane Town Center in Dearborn was placed under new ownership after a loan default. Town officials preparing for changes to Southland Mall 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. WREG is told the 112 employees will be offered jobs in other nearby locations or severance packages. Investcorp had defaulted on its $65 million CMBS loan in April and initially asked its special servicer KeyBank for relief. 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. An attorney representing Wells Fargo in the suit did not return a request for comment. Main content; . Rouse Properties was spun off from General Growth Properties in January 2012. At the end of 2020, occupancy was just 74 percent, according to Trepp. 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. Fitness, Regal Cinemas and Old Navy. What was the decrease in real estate prices in Broward County in April? The New York-based department store chain, which also operates upscale Bloomingdales and Bluemercury stores, said Friday that sales for the November-to-January period will fall in the low end to the midpoint of its expected range of $8.16 billion to $8.4 billion. 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. 1998 - 2023 Nexstar Media Inc. | All Rights Reserved. "Then we will see what the most viable format is," he 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. The foreclosure was first reported by The Real Deal. I wish that the store were staying open, Miranda said in Spanish. It is an older store, has been in the mall for a long time. City leaders said the closure came as a huge surprise. (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. 25% of the country's approximately 1,000 malls. This property has not changed hands since 2013. It is still owned by SPG and they owe . The Mall at Partridge Creek in Clinton Township faltered under debt and entered receivership. 6796 SW 62nd AvenueSouth Miami, Florida 33143(305)669-7030, Miami Community Newspaper Sponsored Content, Latin Builders Association Community News. 2023 Miami's Community Newspapers a Miller Publishing Company. From bad to worse: Student misbehavior rises further since return of in-person McConnell insists hes sitting out debt talks to disbelief. 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. 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. NOW: After an uptick in crime and a down-tick in customers, Bannister closed its doors in April 2007. Westland Shopping Center, also known as Westland Center, is an enclosed shopping mall located in the city of Westland, Michigan, a suburb of Detroit. Brookfield acquired Southland in 2016 when it acquired Rouse Properties Inc., the malls original developer. 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. Last year, the mall was dealt another blow when Sears vacated its store. Southland is the closest area mall to the Canadian border crossing, Brookfield said. Demand for logistics buildings is skyrocketing as e-commerce sales balloon. 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Get this delivered to your inbox, and more info about our products and services. The timings are subject to change depending upon different locations and any special event coming by: Week Days. "Must be a reason, you know, sales might be down in this area," said Whitehaven resident Eric Hillard. 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. A foreclosure suit was filed in June and a receiver for the mall was appointed in the summer. No other investor sought to pay more, and the lender was able to seize the property, documents show. According to court documents, JPMorgan Chase Bank, National Association made a $67.5 million loan to Investcorp on May 2, 2014. That's down from around 2,500 locations in the 1980s and 700 today, Egelanian said. Mayor Wharton admits this is a blow to Whitehaven, and is worried about the 112 people losing jobs, and shoppers leaving the city. Monday. Brookfield and Southland officials could not be reached for comment on how the unmet loan payment will be handled. Business Update | Target Australia 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. 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. Southland Mall Holiday Hours. 2023 CNBC LLC. 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. Once it shuts down, the only department store left is Sears. / CBS Miami. The Southland Mall Macy's is closing along with 14 other stores nationwide. Southland Mall is the oldest in the city, and Macys has been there a decade. More Macy's stores to close in 2023. See the list of closing - MSN 25% of U.S. malls are set to shut within 5 years. What comes next? - CNBC SMART 210, 250. THE HILL 1625 K STREET, NW SUITE 900 WASHINGTON DC 20006 | 202-628-8500 TEL | 202-628-8503 FAX. Like every other business in America, Southland Mall opens and closes on certain holidays. 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. apartment development in the U.S. is expected to be down 15.6% in a post-Covid . 10:00 am to 9:00 pm. Collins is frustrated, because he had no idea this was coming. Later, in 2011, the Borders store shut down when that chain became defunct. 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. "Unfortunately, this whole Covid thing has thrown the experiential pitch out the window," Moody's Calanog said in a phone interview. Sales continued to decline and the parent company filed for Chapter 11 bankruptcy on Oct. 15, 2018. Get browser notifications for breaking news, live events, and exclusive reporting. A representative for Macy's did not immediately respond to Nexstar . The joint venture plans to redevelop the waterfront property into a luxury condominium. The mall is the collateral for the loan. 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. There may be just 150 malls left in the US in 10 years, according to one industry watcher. 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. Industrial development, meantime, is expected to pick up 3.6%. Office development is set to drop 10%, it said, while retail falls 15.7%.
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