The expecting mother will need diapers and bottles, but she will also need comfy maternity clothes to wear throughout her pregnancy or a maternity pillow. How much longer can Kansas City's shopping malls hang on? Here's where 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 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. The coronavirus pandemic has accelerated a demise that was already underway. On its website, Brookfield describes Southland as the only regional center located in the Detroit suburbs south of I-94 and less than one-quarter mile from I-75. But an active community of former employees hopes to keep the doomed department store remembered through memorabilia and online. The company is closing 14 stores across the county as part of a restructuring plan. Southland Mall Holiday Hours. 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. The Mall at Partridge Creek in Clinton Township faltered under debt and entered receivership. I am sad to see it go.. Dog and cat antibiotics are medications prescribed by a veterinarian that can help treat a bacterial infection. It is still owned by SPG and they owe . 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. It was bought by the management of the Kmart chain in 2005, becoming Sears Holdings after the merger. Four Macy's locations at shopping malls are slated to close, the company told Axios. Get this delivered to your inbox, and more info about our products and services. On Jan. 16, 2019 Sears announced that it had won its bankruptcy auction and would shrink and remain open with 425 stores nationwide. 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. Sears store in Southland Mall expected to close by Feb. 15 Investors have foreclosed on Southland Mall, 20505 S. Dixie Highway in Cutler Bay, after defaulting on a $67.5 million loan. The mall offers more than 900,000 square feet of retail space, 4,990 parking spaces and features J.C. Penney . Collins is frustrated, because he had no idea this was coming. City leaders said the closure came as a huge surprise. A month later, the bank bought the property for $2,600 in a foreclosure sale, court records show. Eastland Center in Harper Woods closed in early 2022 to clear the way for warehouses and a distribution center. 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. The mall is the collateral for the loan. However, the list below shows better . 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. Another roadblock can be scoring the necessary zoning approvals from city and government officials. Town officials preparing for changes to Southland Mall The COVID-19 pandemic . 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. Southland is the closest area mall to the Canadian border crossing, Brookfield said. You must have JavaScript enabled to use this form. By 1960, just four years after Gruen's first mall, there were 4,500 large shopping complexes in the United States, which averages to at least three new shopping centers opening every day. 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. 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 Mall in Miami-Dade faces foreclosure | Miami Herald More Macy's stores to close in 2023. See the list of closing - MSN Call 305.669.7030 or view our Media Kit. Monday. 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. During the pandemic, movie theaters and clothing shops have faced long windows of being closed, while consumers could still flock to strip centers for food, cleaning products and other essentials. All four of the impacted stores are located in malls, a company representative told USA Today. 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. WREG is told the 112 employees will be offered jobs in other nearby locations or severance packages. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. These closures come on the heels of Macys opening multiple off-mall, small-format stores in 2022. 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. Starting Monday, some fees will rise for homebuyers with higher credit scores, while buyers with lower scores will see a fee reduction. Business Update | Target Australia Southland Mall, 1215 East Shelby Drive, Memphis, TN. But those businesses have also not fared well in an age of social distancing. According to court documents, JPMorgan Chase Bank, National Association made a $67.5 million loan to Investcorp on May 2, 2014. Sign up for notifications from Insider! We never give up, Collins said. A joint venture paid $100.3 million for a shopping mall in a Cutler Bay Opportunity Zone, with plans for a major renovation while . Affected employees will be offered jobs at nearby locations or severance packages. Office development is set to drop 10%, it said, while retail falls 15.7%. 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. "Then we will see what the most viable format is," he said. 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. 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 . Sears has no other full department store locations south of Coral Gables, and it likely will be missed by shoppers and former employees. "Often, that requires rezoning areas a long and tedious process with a low probability of success.". He raped a Miami woman on house arrest, Live blog: Dolphins add these 19 undrafted rookies after NFL Draft, including two Hurricanes, With few rentals available, states push local officials to allow more housing, See the decrease in real estate prices in Monroe County in April, See how much real estate prices increased in Miami-Dade County in April. 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. No other investor sought to pay more, and the lender was able to seize the property, documents show. 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. 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. Stay up to date with what you want to know. (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. May 2, 2022, 1:30 PM. 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. Two of its other anchors, Macys and JCPenney, have also been highly stressed and have closed stores around the U.S. over the last year. Demand for logistics buildings is skyrocketing as e-commerce sales balloon. J.C. Penney stores closing: Full list of closures due to bankruptcy and Not in these states, Does Keurig owe you money? A lender has taken control of Southland Mall in Cutler Bay after a foreclosure auction failed to yield any bids over $2,600. But shopping malls are likely going to be shuttering in suburbs all across the country, as store closures grow in number and landlords capitulate. 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Cutler Bay, FL 33189, Phone:(305) 234-4262 The deal does not include a Mercedes-Benz dealership and a former Sears store and auto center that are also on the property, a spokesperson for the joint venture said. America's Malls and Department Stores Are Dying Off | Time Please look at the time stamp on the story to see when it was last updated. 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. "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.". Malls have suffered as online sales boomed. Brookfield and Southland officials could not be reached for comment on how the unmet loan payment will be handled. 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. The Southfield mall defaulted on a $31 . 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. 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. Amazon and the whole digital entity of ordering stuff online is the main reason that malls are shutting down nowadays," mall patron Kevin Winston said. Southland Center (Michigan) - Wikipedia In June 2020, Wells Fargo filed a foreclosure lawsuit against Southland Mall Properties for defaulting on a $65.1 million mortgage. There may be just 150 malls left in the US in 10 years, according to one industry watcher. Concerns and frustrations over Macy's closing in Southland Mall Connect To Your Customers & Grow Your Business, There is Sears In key west which is south of southland. 6796 SW 62nd AvenueSouth Miami, Florida 33143(305)669-7030, Miami Community Newspaper Sponsored Content, Latin Builders Association Community News. 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. Its unclear if Macys plans to close any additional stores in 2023. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Copyright 2023 Nexstar Media Inc. All rights reserved. Store closures also happened in 2020, 2021, and 2022. At the end of 2020, occupancy was just 74 percent, according to Trepp. Fort Lauderdale-based property management firm Gumberg Asset Management, which manages the mall, declined to comment. The South Florida Business Journal first reported the news of the judgment and the auction. 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. So, if not warehouses and entertainment complexes, analysts have pondered other potential use cases for so-called dead malls: Churches, medical facilities, office spaces and even apartment complexes. Mayor Wharton admits this is a blow to Whitehaven, and is worried about the 112 people losing jobs, and shoppers leaving the city. In some states, such as New York and California, movie theaters remain closed to this day. Westland Shopping Center, also known as Westland Center, is an enclosed shopping mall located in the city of Westland, Michigan, a suburb of Detroit. You may login with either your assigned username or your e-mail address. In 2004, Southland Mall Properties paid $46 million for the retail site, according to records. And so with minimal revenue coming in, these are the businesses that are most likely requesting rent reductions, or not paying rent at all. Experts estimate that hundreds of malls will close in the near future. 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. The news that the largest U.S. mall operator, Simon Property Group, has decided to close all of its more than 200 shopping centers is expected to trigger more mass mall closings across the country . SOUTHLAND MALL. Current tenants include JCPenney, Macys, TJ Maxx, L.A. 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. Tenant vacancies have had a sizable impact on the malls appraised value, according to Trepp. Theres nothing like lazy summer days relaxing on the patio. Chang W. Lee/The New York Times. Rene Rodriguez has worked at the Miami Herald in a variety of roles since 1989. Wells Fargo is the trustee. as well as other partner offers and accept our. It is an older store, has been in the mall for a long time. It owes Bal Harbour roughly $1.9 million, according to court documents. Brookfield acquired Southland in 2016 when it acquired Rouse Properties Inc., the malls original developer. GNC Closing Stores: List of Addresses That Will Close - Business Insider Sears offering discounts of up to 70 percent on merchandise ahead of store closing. From bad to worse: Student misbehavior rises further since return of in-person McConnell insists hes sitting out debt talks to disbelief. On June 7, 2019, Investcorp secured an extension agreement that pushed the maturity date of the loan back to May 8, 2020. 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. A foreclosure suit was filed in June and a receiver for the mall was appointed in the summer. Miami's retail market has rebounded strongly over the past year and currently has a vacancy rate of just under four percent. The property at 23000 Eureka accounts for more than $2 million in community tax payments. 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. Investment Firms Buy Southland Mall, Plan To Modernize It, Build High Main content; . The mall features more than 100 inline stores, with JCPenney and Kohl's serving as anchor stores. We want to hear from you. This is an archived article and the information in the article may be outdated. You have entered an incorrect email address! Get browser notifications for breaking news, live events, and exclusive reporting. This material may not be published, broadcast, rewritten, or redistributed. 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. 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. Electra America JV Pays $100M For Cutler Bay's Southland Mall Based on current macro-economic indicators and our proprietary credit card data, we believe the consumer will continue to be pressured in 2023, particularly in the first half, and have planned inventory mix and depth of initial buys accordingly, said Macys CEO Jeff Gennette in a statement. It has said malls rated C and below "are not viable retail centers long term.". Could Blue Crush, COACT units hold lessons for MPD? "Bal Harbour Shops has worked tirelessly to ensure our business and our tenants can survive and thrive in this environment," he said. 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. In 2020, Coresight Research projected that 25% of the country's approximately 1,000 malls would close shop in the following 3-5 years. Fax:(305) 234-4251. THE HILL 1625 K STREET, NW SUITE 900 WASHINGTON DC 20006 | 202-628-8500 TEL | 202-628-8503 FAX. No one is really immune. 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. 10:00 am to 9:00 pm. But the hurdles include the need to have properties rezoned, which could be met with pushback from local municipalities. GNC will close hundreds of stores as it restructures in bankruptcy. 25% of U.S. malls are set to shut within 5 years. What comes next? - CNBC In October, the commercial brokerage JLL was tapped to sell the $65.1 million CMBS loan tied to the mall. The final clearance will start Monday, January 12. "Unfortunately, this whole Covid thing has thrown the experiential pitch out the window," Moody's Calanog said in a phone interview. With a report circulating earlier this month that the biggest U.S. mall owner Simon Property Group has been in talks with Amazon to convert some shuttered Sears and J.C. Penney department stores into fulfillment centers, many industry analysts have been pontificating on the future of malls as logistics hubs.
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