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Business Update | Target Australia All rights reserved 2023 The Real Deal is a registered Trademark of Korangy Publishing Inc. Watch: Developer Patrick Carroll "spits" on restaurant manager, Connecticut private island sells for $3.5M, Investcorp wants out of struggling Southland Mall, Southland Malls $65M loan heads back to special servicing, Southland Malls troubled $65M CMBS loan for sale. The mall is the collateral for the loan. Rene Rodriguez has worked at the Miami Herald in a variety of roles since 1989. That's a million-dollar question plaguingretailers and real estate developers. But even office space is a risky bet now, as the working-from-home trend could become permanent for some. A foreclosure suit was filed in June and a receiver for the mall was appointed in the summer. 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. 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.. We want to hear from you. Northland Center mall could close by spring - hometownlife.com Southland Center is the latest mall in metropolitan Detroit to face a financial challenge. And so with minimal revenue coming in, these are the businesses that are most likely requesting rent reductions, or not paying rent at all. The mall is also home to Regal Southland Mall cinema, which remains closed. America's Malls and Department Stores Are Dying Off | Time as well as other partner offers and accept our. The company then added several new tenants; . One of its largest anchor tenants, Kmart, left in 2017. But an active community of former employees hopes to keep the doomed department store remembered through memorabilia and online. 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? 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. In May, Macys reported better-than-expected earnings for its national network of department stores. Sign up for notifications from Insider! Stay up to date with what you want to know. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Copyright 2023 Nexstar Media Inc. All rights reserved. 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. Southland Mall will be dramatically renovated and upgraded and plans are being developed for beautiful residential spaces on excess land, the spokesperson said. 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. Store closures also happened in 2020, 2021, and 2022. I am sad to see it go.. 2022 CBS Broadcasting Inc. All Rights Reserved. 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. By 1975 . Dog and cat antibiotics are medications prescribed by a veterinarian that can help treat a bacterial infection. 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 . Its appraisal fell from $130 million in 2014 to $68.4 million in June. Fairlane Town Center in Dearborn was placed under new ownership after a loan default. It is still owned by SPG and they owe . Coresight Research estimates 25% of America's roughly 1,000 malls will close over the next three to five years. Concerns and frustrations over Macy's closing in Southland Mall 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. Last year, the mall was dealt another blow when Sears vacated its store. I wish that the store were staying open, Miranda said in Spanish. The Sunrise Mall has been a mainstay in . A lender has taken control of Southland Mall in Cutler Bay after a foreclosure auction failed to yield any bids over $2,600. It has said malls rated C and below "are not viable retail centers long term.". 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. The company is closing 14 stores across the county as part of a restructuring plan. 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. SHARE THIS ARTICLE. 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. . Top editors give you the stories you want delivered right to your inbox each weekday. Heads up, homebuyers! 1998 - 2023 Nexstar Media Inc. | All Rights Reserved. "Then we will see what the most viable format is," he said. 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. The massive Sears store in Southland Mall, long a fixture of the shopping center in Cutler Bay and an anchor store there since even before Hurricane Andrew in 1992 forced major remodeling of the mall, is closing. 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. Southland Mall in Miami-Dade faces foreclosure | Miami Herald 25% of the country's approximately 1,000 malls. A representative from Hudson's Bay-owned Saks was not immediately available to comment. Wells Fargo is the trustee. 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. GNC will close hundreds of stores as it restructures in bankruptcy. Got a confidential news tip? Miami-Dade Circuit Court Judge Mavel Ruiz entered a final judgment on behalf of Wells Fargo in January 2021. Cutler Bay, FL 33189, Phone:(305) 234-4262 The mall was devastated by Hurricane Andrew in 1992, reopened the following year and was renamed Southland Mall in 2003. 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. This material may not be published, broadcast, rewritten, or redistributed. 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. Most store employees at the Southland Mall location were reluctant to talk about the store closing, but the customers were not. Current tenants include JCPenney, Macys, TJ Maxx, L.A. 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. 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? Southland Mall Hours: Opening, Closing & Holidays Hours | January 2023 Get the Android Weather app from Google Play, Gas Price Tracker Cheapest gas around Memphis, Tennessee Lottery College Basketball Bracket Challenge, Hammocks, outdoor lounge chairs and cushions to make, MPD: Woman gets into fight, shoots gun in Margaritas, 2 hurt, 2 detained following Beale Street shooting, 1 critical following shooting outside East Memphis, Dolphland: Young Dolph museum coming to Memphis, Mayor Jim Strickland makes a statement about gun, Accused South Memphis rapist, kidnapper faces judge, Gov. 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. Fitness, Regal . 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. Office development is set to drop 10%, it said, while retail falls 15.7%. 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. Starting Monday, some fees will rise for homebuyers with higher credit scores, while buyers with lower scores will see a fee reduction. Macy's Southland Mall location to close - Action News 5 The companys adjusted earnings per share for the period should meet the projected range of $1.47 to $1.67, Macys said. On June 7, 2019, Investcorp secured an extension agreement that pushed the maturity date of the loan back to May 8, 2020. Oct 12, 2022, 9:40 AM PDT. 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. Another shopper, who was uncomfortable with questions about her shopping experience, said that she was sad to see the store close, but that her opinion didnt seem to matter. 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