is southland mall closing down

Southland Mall, formerly known as Cutler Ridge Mall, opened in 1978 as an extension of the Cutler Ridge Shopping Center, which opened in 1960. A representative from Hudson's Bay-owned Saks was not immediately available to comment. Lender Takes Control of Southland Mall in Cutler Bay - The Real Deal Connect To Your Customers & Grow Your Business, There is Sears In key west which is south of southland. According to court documents, JPMorgan Chase Bank, National Association made a $67.5 million loan to Investcorp on May 2, 2014. Starting Monday, some fees will rise for homebuyers with higher credit scores, while buyers with lower scores will see a fee reduction. Copyright 2023 Nexstar Media Inc. All rights reserved. Like every other business in America, Southland Mall opens and closes on certain holidays. Brookfield acquired Southland in 2016 when it acquired Rouse Properties Inc., the malls original developer. It is still owned by SPG and they owe . Southland Mall is the oldest in the city, and Macys has been there a decade. Southland Center defaults on $75M loan, but analyst says it's 'not a Call 305.669.7030 or view our Media Kit. The Southland Mall follows the schedule given below in the table. Destiny USA mall reopens as the coronavirus disease (COVID-19) restrictions are eased in Syracuse, New York, U.S. How shrinking American mall will impact local tax revenue, cycle between days spent at the office and at home. 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.. Department stores account for about 30 percent of the mall square footage in the United States, with 10 percent of that coming from Sears (which filed for . GNC Closing Stores: List of Addresses That Will Close - Business Insider But the hurdles include the need to have properties rezoned, which could be met with pushback from local municipalities. As final Zellers stores close, former employees swap memories - CBC An A++ mall could bring in as much as $1,000 in sales per square foot, for example, while a C+ mall does about $320. By 1975 . More Macy's stores to close in 2023. See the list of closing - MSN Tenant vacancies have had a sizable impact on the malls appraised value, according to Trepp. Malls like Southland may struggle to refinance, said Melissa Che, a senior director at Fitch. US Malls Are Dying and There May Be Just 150 Left in 10 Years 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. From bad to worse: Student misbehavior rises further since return of in-person McConnell insists hes sitting out debt talks to disbelief. Website. Office development is set to drop 10%, it said, while retail falls 15.7%. Southland Center (also known as Southland Mall) is an enclosed mall located at 23000 Eureka Road in Taylor, Michigan . Everything left in the store is being sold at up to 70 percent off original prices. 1998 - 2023 Nexstar Media Inc. | All Rights Reserved. Concerns and frustrations over Macy's closing in Southland Mall The outdoor retailer REI is also looking to sell its recently completed corporate campus in suburban Seattle, shifting instead to more satellite offices, as a result of the pandemic. 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. This property has not changed hands since 2013. In April, analysts at UBS projected that 40,000-50,000 American retail stores would shut down by 2027. 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. What is going to happen to America's dead malls? Investcorp had defaulted on its $65 million CMBS loan in April and initially asked its special servicer KeyBank for relief. Im also concerned about the quality of life, he said. 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. There may be just 150 malls left in the US in 10 years, according to one industry watcher. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Copyright 2023 Nexstar Media Inc. All rights reserved. It owes Bal Harbour roughly $1.9 million, according to court documents. In October, the commercial brokerage JLL was tapped to sell the $65.1 million CMBS loan tied to the mall. Sears offering discounts of up to 70 percent on merchandise ahead of store closing. 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. The seller is Wells Fargo Bank as trustee for a JP Morgan Chase commercial mortgage-backed securities trust, which seized the property in February of last year as a result of a $68.7 million foreclosure judgment against the previous owner. Investment Firms Buy Southland Mall, Plan To Modernize It, Build High 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. Wells Fargo, representing CMBS investors, made a credit bid of just $2,600, Southland Mall in Cutler Bay (Google Maps). Southland Center (Michigan) - Wikipedia 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. The new owners are planning for a mixed-use redevelopment of the 80-acre site with commercial and residential components. "Often, that requires rezoning areas a long and tedious process with a low probability of success.". Once-bustling American malls are going bust as shoppers flock to online retailers instead of sprawling, brick-and-mortar locations. Save my name, email, and website in this browser for the next time I comment. "Just because retail space has gone vacant or remained fallow does not mean that it is automatically a good candidate for repurposing into industrial space," Moody's Analytics real estate analyst Victor Calanog said. 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. J.C. Penney stores closing: Full list of closures due to bankruptcy and The COVID-19 pandemic has claimed its first Miami-Dade indoor shopping mall. The new owners are planning for a mixed-use redevelopment of the 80-acre site with commercial and residential components. In June 2020, Wells Fargo filed a foreclosure lawsuit against Southland Mall Properties for defaulting on a $65.1 million mortgage. Is it true tuttle mall is closing? : r/Columbus - Reddit 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 property at 23000 Eureka accounts for more than $2 million in community tax payments. We have a never quit attitude out here. How much longer can Kansas City's shopping malls hang on? Here's where "Until we resolve this pandemic, I suspect we are going to be in a holding pattern with hollow retail space.". Macy's has yet to give an exact reason, but said this . 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. Wells Fargo is the trustee. Malls have suffered as online sales boomed. 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. "Unfortunately, this whole Covid thing has thrown the experiential pitch out the window," Moody's Calanog said in a phone interview. Theyre not meant to treat viruses, however. Macy's Southland Mall location to close - Action News 5 2023 CBS Broadcasting Inc. All Rights Reserved. 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. Main content; . 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. 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. SMART 210, 250. But an active community of former employees hopes to keep the doomed department store remembered through memorabilia and online. I wish that the store were staying open, Miranda said in Spanish. Fitness, Regal Cinemas, Kay Jewelers, and Applebee's.
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