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. Tenant vacancies have had a sizable impact on the malls appraised value, according to Trepp. Please look at the time stamp on the story to see when it was last updated. A year later its loan was transferred to special servicing due to the retail vacancy, and its maturity date was extended. Macy's Southland Mall location to close - Action News 5 We want to hear from you. Southland is the closest area mall to the Canadian border crossing, Brookfield said. All four of the impacted stores are located in malls, a company representative told USA Today. 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. 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. Copyright 2023 Nexstar Media Inc. All rights reserved. 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 mall features more than 100 inline stores, with JCPenney and Kohl's serving as anchor stores. WREG is told the 112 employees will be offered jobs in other nearby locations or severance packages. How much longer can Kansas City's shopping malls hang on? Here's where 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. In October, the commercial brokerage JLL was tapped to sell the $65.1 million CMBS loan tied to the mall. The mall is the collateral for the loan. In June 2020, Wells Fargo filed a foreclosure lawsuit against Southland Mall Properties for defaulting on a $65.1 million mortgage. It's unclear if Macy's plans to close any additional stores in 2023. 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. The massive Sears store in Southland Mall, long a fixture of the shopping center in Cutler Bay and an anchor . The coronavirus pandemic has accelerated a demise that was already underway. The Mall at Partridge Creek in Clinton Township faltered under debt and entered receivership. Bill Lee and First Lady give away meal boxes, Southaven Police search for car theft, shooting suspects, Shooting in Orange Mound leaves 1 injured, School truancy could fuel juvenile crime trend, Concerns rise after escapes, assaults at TN youth. 25% of the country's approximately 1,000 malls. MIAMI (CBSMiami) - Southland Mall in Cutler Bay has been acquired by two real estate investment firms that have big plans for the property. Cutler Bay, FL 33189, Phone:(305) 234-4262 The rise and fall of the American mall - Business Insider 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. 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. The company is closing 14 stores across the county as part of a restructuring plan. 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. On June 7, 2019, Investcorp secured an extension agreement that pushed the maturity date of the loan back to May 8, 2020. Updated June 18, 2020 9:36 AM. The South Florida Business Journal first reported the news of the judgment and the auction. They said traditional shopping malls are at particularly high risk because shoppers now prefer to make quick trips to close-by stores, per CNBC. Northland Center mall could close by spring - hometownlife.com It's starting with these 248 stores. Current tenants include JCPenney, Macys, TJ Maxx, L.A. By clicking Sign up, you agree to receive marketing emails from Insider 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. Wells Fargo, representing CMBS investors, made a credit bid of just $2,600, Southland Mall in Cutler Bay (Google Maps). 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. From bad to worse: Student misbehavior rises further since return of in-person McConnell insists hes sitting out debt talks to disbelief. "Must be a reason, you know, sales might be down in this area," said Whitehaven resident Eric Hillard. Sears' store in Louisiana will close soon - The Courier 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. Get this delivered to your inbox, and more info about our products and services. But those businesses have also not fared well in an age of social distancing. SHARE THIS ARTICLE. 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. 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 mall was devastated by Hurricane Andrew in 1992, reopened the following year and was renamed Southland Mall in 2003. We never give up, Collins said. 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. 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. 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. The final two Zellers stores will shut down later this month. 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. But shopping malls are likely going to be shuttering in suburbs all across the country, as store closures grow in number and landlords capitulate. The Southland Mall in Miami opens at 10 am Monday to Saturday and closes by 8 pm but has different opening and closing times on Sunday. Rene Rodriguez has worked at the Miami Herald in a variety of roles since 1989. 4,560 [1] Public transit access. 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? America's Malls and Department Stores Are Dying Off | Time Its unclear if Macys plans to close any additional stores in 2023. Sign up for free newsletters and get more CNBC delivered to your inbox. There may be just 150 malls left in the US in 10 years, according to one industry watcher. 10720 Caribbean Boulevard apartment development in the U.S. is expected to be down 15.6% in a post-Covid . Northland Center in Southfield is undergoing a makeover into a mixed-use development for retail, residential and office development. More Macy's stores to close in 2023. See the list of closing - MSN 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 . Sales continued to decline and the parent company filed for Chapter 11 bankruptcy on Oct. 15, 2018. SMART 210, 250. Data is a real-time snapshot *Data is delayed at least 15 minutes. 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. Starwood, which acquired the mall from Westfield Group in a $1.6 billion deal in 2013 and dropped the much-maligned Westfield Southlake Mall name, defaulted on its debt last March after its . Like every other business in America, Southland Mall opens and closes on certain holidays. And so with minimal revenue coming in, these are the businesses that are most likely requesting rent reductions, or not paying rent at all. Get browser notifications for breaking news, live events, and exclusive reporting. Southland Mall Hours Of Operation [Updated 2023] By 1975 . 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. Four Macy's locations at shopping malls are slated to close, the company told Axios. In May, Macys reported better-than-expected earnings for its national network of department stores. 1998 - 2023 Nexstar Media Inc. | All Rights Reserved. 2023 CNBC LLC. I wish that the store were staying open, Miranda said in Spanish. Francisco Alvarado. The foreclosure marks another gloomy chapter in the ongoing slide of traditional retail. It was bought by the management of the Kmart chain in 2005, becoming Sears Holdings after the merger. The Southfield mall defaulted on a $31 . The company then added several new tenants; . 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. 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. This material may not be published, broadcast, rewritten, or redistributed. In April, analysts at UBS projected that 40,000-50,000 American retail stores would shut down by 2027. A clearance sale will begin in January and run for approximately eight to 12 weeks, Macy's said. 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? Electra America JV Pays $100M For Cutler Bay's Southland Mall Other industry watchers predict a similarly painful fate for malls and retail stores more generally. 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. The new owners are planning for a mixed-use redevelopment of the 80-acre site with commercial and residential components.
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