In June 2020, Wells Fargo filed a foreclosure lawsuit against Southland Mall Properties for defaulting on a $65.1 million mortgage. We never give up, Collins said. Penney emerged from bankruptcy in 2020. "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. Copyright 2023 Nexstar Media Inc. All rights reserved. Theyre not meant to treat viruses, however. 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. Office development is set to drop 10%, it said, while retail falls 15.7%. "Often, that requires rezoning areas a long and tedious process with a low probability of success.". Starting Monday, some fees will rise for homebuyers with higher credit scores, while buyers with lower scores will see a fee reduction. No one is really immune.
/ CBS Miami.
Tens of thousands of stores could still close even after the - CNN 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. Part of the challenge is buying out anchor tenants, which own their spaces.
UPDATE: Southlake Mall under new management after owner defaulted on The foreclosure marks another gloomy chapter in the ongoing slide of traditional retail. Industrial development, meantime, is expected to pick up 3.6%. MIAMI (CBSMiami) - Southland Mall in Cutler Bay has been acquired by two real estate investment firms that have big plans for the property. Eastland Center in Harper Woods closed in early 2022 to clear the way for warehouses and a distribution center. The mall is also home to Regal Southland Mall cinema, which remains closed. Coresight Research estimates 25% of America's roughly 1,000 malls will close over the next three to five years. The final clearance will start Monday, January 12. The mall is the collateral for the loan. Target team members impacted by store closures will be given priority consideration for new roles created in Kmart and Catch as these businesses . 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. Mayor Wharton admits this is a blow to Whitehaven, and is worried about the 112 people losing jobs, and shoppers leaving the city. "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.". Sears has no other full department store locations south of Coral Gables, and it likely will be missed by shoppers and former employees.
Southland Mall in Miami-Dade faces foreclosure | Miami Herald 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. Once it shuts down, the only department store left is Sears. Macys confirmed to USA Today and Axios that these four stores will close this year: Store closures also happened in 2020, 2021, and 2022. 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. 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 . Fax:(305) 234-4251. .
America's Malls and Department Stores Are Dying Off | Time 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. 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. 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. Office development is set to drop 10%, it said, while retail falls 15.7%. 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. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. 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. Not in these states, Does Keurig owe you money? But shopping malls are likely going to be shuttering in suburbs all across the country, as store closures grow in number and landlords capitulate. A representative from Hudson's Bay-owned Saks was not immediately available to comment. 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. 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. This material may not be published, broadcast, rewritten, or redistributed. Once-bustling American malls are going bust as shoppers flock to online retailers instead of sprawling, brick-and-mortar locations.
"It is nearly impossible to find a property of this quality and size throughout South Florida. 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. 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. It's starting with these 248 stores. Brookfield acquired Southland in 2016 when it acquired Rouse Properties Inc., the malls original developer. Below is a list of the J.C. Penney stores that are closing: Alabama Demand for logistics buildings is skyrocketing as e-commerce sales balloon. 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. 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. Dog and cat antibiotics are medications prescribed by a veterinarian that can help treat a bacterial infection. Southland Mall Holiday Hours. This is an archived article and the information in the article may be outdated. Southland Mall, 1215 East Shelby Drive, Memphis, TN. 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. SOUTHFIELD - Stripped of its last anchor stores and losing nearly $250,000 every month, the entire Northland Center mall is now in danger of shutting down. What was the decrease in real estate prices in Broward County in April? 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 rise and fall of the American mall - Business Insider 25% of U.S. malls are set to shut within 5 years. What comes next? - CNBC May 2, 2022, 1:30 PM. It was bought by the management of the Kmart chain in 2005, becoming Sears Holdings after the merger. 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. 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. Facebook agrees to pay $725M settlement: Whats the deadline to file a claim? document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Copyright 2023 Nexstar Media Inc. All rights reserved. You may login with either your assigned username or your e-mail address. The lack of interest in the once bustling mall previously owned by . Store closures also happened in 2020, 2021, and 2022. The Associated Press contributed to this report. The companys adjusted earnings per share for the period should meet the projected range of $1.47 to $1.67, Macys said. 25% of the country's approximately 1,000 malls. Homicides in 2022: Police data shows who, what, why, Memphis seeks a blueprint for police reform, How departments can help protect officers mental, County commissioner wants Halbert to step down, Dillon Brooks future in Memphis uncertain heading, NBA fined Dillon Brooks $25K for violating media, Brooks fined $25K for violating interview access, Grizzlies season comes to a close after blowout loss, Kennard in question as tip time approaches for Game, Grizzlies Kennard listed as questionable before, Grizzlies defeat Lakers in Game 5, now hit the road, Morant, Grizzlies stave off elimination, beat Lakers, Veteran head coach Rick Stansbury joins Penny Hardaways, Johnathan Lawson decides to put his name in the transfer, Memphis signee Mikey Williams pleads not guilty, Hardaway says top recruit Mikey Williams remains, Memphis basketball top recruit Mikey Williams arrested, Penny Hardaway loses top assistant to Texas, Former Lady Vol Alex Simmons introduced as Memphis, Davis and Williams repping the Tigers at Portsmouth, Memphis close weekend with win over No.25 Wichita, Former student reflects on Whitehaven High band director, BestReviews.com - Top gifts to make everyone happy this spring, Surprise your mom with one of these Mothers Day, Mothers Day inspo: This foot massager has 20,000, Drew Barrymores Walmart collection is perfect for, Best Mothers Day gifts for the budding plant mom, Best Mothers Day Gifts for moms obsessed with books, 5 new restaurants to try in the Memphis area, Happy the dog finds a home after 10 years in a shelter, Do Not Sell or Share My Personal Information.
Northland Center mall could close by spring - hometownlife.com 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. Get browser notifications for breaking news, live events, and exclusive reporting. 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. Southland Mall is the oldest in the city, and Macys has been there a decade.
Malls like Southland may struggle to refinance, said Melissa Che, a senior director at Fitch. A clearance sale will begin in January and run for approximately eight to 12 weeks, Macy's said. On Jan. 16, 2019 Sears announced that it had won its bankruptcy auction and would shrink and remain open with 425 stores nationwide. According to court documents, JPMorgan Chase Bank, National Association made a $67.5 million loan to Investcorp on May 2, 2014. Southland Center is the latest mall in metropolitan Detroit to face a financial challenge. But those businesses have also not fared well in an age of social distancing.
Southland Mall Hours Of Operation [Updated 2023] 1998 - 2023 Nexstar Media Inc. | All Rights Reserved. But later the firm said the property will be unsustainable, according to Trepp. But the hurdles include the need to have properties rezoned, which could be met with pushback from local municipalities.