The Tuttle mall property is actually 5 separate parcels of land. 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. We have a never quit attitude out here. 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Macys has yet to give an exact reason, but said this is part of a greater plan to streamline in-store and online shopping. The company is also weighed down by $4 billion in debt and had previously closed numerous stores in recent years to help cut costs. 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. Sales continued to decline and the parent company filed for Chapter 11 bankruptcy on Oct. 15, 2018. There are currently around 700 malls in the US, down from 2,500 in the 1980s. 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. Experts estimate that hundreds of malls will close in the near future. Top editors give you the stories you want delivered right to your inbox each weekday. It's part of a restructuring plan that includes new stores in some markets. 10:00 am to 9:00 pm. 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 . The company is closing 14 stores across the county as part of a restructuring plan. Fort Lauderdale-based property management firm Gumberg Asset Management, which manages the mall, declined to comment. 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. Wells Fargo, representing CMBS investors, made a credit bid of just $2,600, Southland Mall in Cutler Bay (Google Maps). Starting Monday, some fees will rise for homebuyers with higher credit scores, while buyers with lower scores will see a fee reduction. 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. Affected employees will be offered jobs at nearby locations or severance packages. What were the changes in real estate prices in Broward County last week? Northland Center in Southfield is undergoing a makeover into a mixed-use development for retail, residential and office development. 1998 - 2023 Nexstar Media Inc. | All Rights Reserved. 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. All Rights Reserved. But later the firm said the property will be unsustainable, according to Trepp. Investcorp declined to comment through a spokesperson. apartment development in the U.S. is expected to be down 15.6% in a post-Covid . Get this delivered to your inbox, and more info about our products and services. Connect To Your Customers & Grow Your Business, There is Sears In key west which is south of southland. Its unclear if Macys plans to close any additional stores in 2023. 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. Save my name, email, and website in this browser for the next time I comment. Macys also helped Toys R Us make a comeback, opening locations in nearly every state last year. Below is a list of the J.C. Penney stores that are closing: Alabama Collins is frustrated, because he had no idea this was coming. An upscale mall owner in Miami, Bal Harbour Shops, is currently moving to evict the luxury department store chain Saks Fifth Avenue for not paying rent since mid-March. Four Macy's locations at shopping malls are slated to close, the company told Axios. 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. Oct 12, 2022, 9:40 AM PDT. Facebook agrees to pay $725M settlement: Whats the deadline to file a claim? 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. 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. 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. Francisco Alvarado. 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 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). Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. 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. 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. The Southland Mall Macy's is closing along with 14 other stores nationwide. Tenant vacancies have had a sizable impact on the malls appraised value, according to Trepp. This material may not be published, broadcast, rewritten, or redistributed. It has said malls rated C and below "are not viable retail centers long term.". 1998 - 2023 Nexstar Media Inc. | All Rights Reserved. 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. Southland is the closest area mall to the Canadian border crossing, Brookfield said. 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No other investor sought to pay more, and the lender was able to seize the property, documents show. The pandemic sped up the shift to online shopping, and the continued growth of e-commerce sales will lead to more stores shutting down after the pandemic ends, UBS retail analysts led by Michael . The Mall at Partridge Creek in Clinton Township faltered under debt and entered receivership. Brookfield and Southland officials could not be reached for comment on how the unmet loan payment will be handled. 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. In 2004, Southland Mall Properties paid $46 million for the retail site, according to records. A foreclosure suit was filed in June and a receiver for the mall was appointed in the summer. What was the decrease in real estate prices in Broward County in April? Southland Mall, 1215 East Shelby Drive, Memphis, TN. Miami-Dade Circuit Court Judge Mavel Ruiz entered a final judgment on behalf of Wells Fargo in January 2021. 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 . 10:00 am to 9:00 pm. Brookfield acquired Southland in 2016 when it acquired Rouse Properties Inc., the malls original developer. The LLC is owned by the New York-based Investcorp International Realty, an investment firm founded in 1982 with holdings around the world. Operating hours. "Bal Harbour Shops has worked tirelessly to ensure our business and our tenants can survive and thrive in this environment," he said. One of its largest anchor tenants, Kmart, left in 2017. 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. One of Macy's department stores locations at an indoor shopping mall. 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. Industrial development, meantime, is expected to pick up 3.6%. "Until we resolve this pandemic, I suspect we are going to be in a holding pattern with hollow retail space.". The property at 23000 Eureka accounts for more than $2 million in community tax payments. Absolutely, I am concerned about the loss of sales tax revenue. 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