Now the lenders plans for the mall are unclear. These closures are part of a plan announced in February 2020 when Macys confirmed it planned to close 125 of its least productive stores over three years.
Southland is the closest area mall to the Canadian border crossing, Brookfield said.
Westland Shopping Center - Wikipedia "Bal Harbour Shops has worked tirelessly to ensure our business and our tenants can survive and thrive in this environment," he said. But even office space is a risky bet now, as the working-from-home trend could become permanent for some. A month later, the bank bought the property for $2,600 in a foreclosure sale, court records show. In June 2020, Wells Fargo filed a foreclosure lawsuit against Southland Mall Properties for defaulting on a $65.1 million mortgage. Main content; . It's part of a restructuring plan that includes new stores in some markets.
Electra America JV Pays $100M For Cutler Bay's Southland Mall However, the list below shows better . 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. According to Egelanian, the malls that will weather the storm will be premium locations with entertainment, dining, and luxury stores. 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. 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. Wells Fargo, representing the CMBS investors, placed a credit bid, or a bid using its existing debt, of $2,600. 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. 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. (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. 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 foreclosure was first reported by The Real Deal. Target team members impacted by store closures will be given priority consideration for new roles created in Kmart and Catch as these businesses . Part of the challenge is buying out anchor tenants, which own their spaces. By. 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. He wants to make sure the closure doesnt have a domino effect. Southland is the closest area mall to the Canadian border crossing, Brookfield said. 4,560 [1] Public transit access. All Rights Reserved. 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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. A representative for Macy's did not immediately respond to Nexstar . City leaders said the closure came as a huge surprise. 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. Office development is set to drop 10%, it said, while retail falls 15.7%. SOUTHLAND MALL. Sign up for free newsletters and get more CNBC delivered to your inbox. 2023 CNBC LLC. 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. But the hurdles include the need to have properties rezoned, which could be met with pushback from local municipalities. That number is expected to shrink to 182 in February. Im also concerned about the quality of life, he said. 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. In some states, such as New York and California, movie theaters remain closed to this day. On Jan. 16, 2019 Sears announced that it had won its bankruptcy auction and would shrink and remain open with 425 stores nationwide. "Often, that requires rezoning areas a long and tedious process with a low probability of success.". 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. Jump to. 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. Collins is frustrated, because he had no idea this was coming. A representative for Macys did not immediately respond to Nexstars request for comment.
Concerns and frustrations over Macy's closing in Southland Mall 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. Experts estimate that hundreds of malls will close in the near future. Coresight Research estimates 25% of America's roughly 1,000 malls will close over the next three to five years. Copyright 2023 Nexstar Media Inc. All rights reserved. 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. GNC will close hundreds of stores as it restructures in bankruptcy. In 2020, Coresight Research projected that 25% of the country's approximately 1,000 malls would close shop in the following 3-5 years. SHARE THIS ARTICLE. 2023 Miami's Community Newspapers a Miller Publishing Company. They said traditional shopping malls are at particularly high risk because shoppers now prefer to make quick trips to close-by stores, per CNBC. www .westlandcenter .com. 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. 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. 10:00 am to 9:00 pm. The COVID-19 pandemic has claimed its first Miami-Dade indoor shopping mall. "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. Avison Youngs Michael T. Fay, John Crotty, David Duckworth and Brian de la F brokered the Southland Mall sale. Sears closed its store at Southland Mall in Houma in Houma in summer 2016.
Largest U.S. Mall Operator Simon Shuts Down, More Mall Closings Likely This material may not be published, broadcast, rewritten, or redistributed. 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 Southfield mall defaulted on a $31 . In October, the commercial brokerage JLL was tapped to sell the $65.1 million CMBS loan tied to the mall. Get this delivered to your inbox, and more info about our products and services. 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.
Sunrise Mall in Massapequa tells tenants to vacate, leaving store Wells Fargo is the trustee. Data is a real-time snapshot *Data is delayed at least 15 minutes. 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. 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. 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. Heads up, homebuyers! This property has not changed hands since 2013. 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.. Pleasenote that Town Hall is a drug, alcohol and tobacco-free workplace. The company is closing 14 stores across the county as part of a restructuring plan. A lender has taken control of Southland Mall in Cutler Bay after a foreclosure auction failed to yield any bids over $2,600. The new owners are planning for a mixed-use redevelopment of the 80-acre site with commercial and residential components. Fitness, Regal Cinemas and Old Navy. That's a million-dollar question plaguingretailers and real estate developers. 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 South Florida Business Journal first reported the news of the judgment and the auction. 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. It's unclear if Macy's plans to close any additional stores in 2023. After 24 years, Sears is closing its Baton Rouge location at the Mall of Louisiana, the last location in the state. 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?