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. In April, analysts at UBS projected that 40,000-50,000 American retail stores would shut down by 2027. A foreclosure suit was filed in June and a receiver for the mall was appointed in the summer. 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. Mayor Wharton admits this is a blow to Whitehaven, and is worried about the 112 people losing jobs, and shoppers leaving the city. 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. Pleasenote that Town Hall is a drug, alcohol and tobacco-free workplace. "You know, everybody moving out a little bit further." 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. WREG is told the 112 employees will be offered jobs in other nearby locations or severance packages. apartment development in the U.S. is expected to be down 15.6% in a post-Covid . 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. Sign up for free newsletters and get more CNBC delivered to your inbox. Its appraisal fell from $130 million in 2014 to $68.4 million in June. The foreclosure was first reported by The Real Deal. The rise and fall of the American mall - Business Insider You may login with either your assigned username or your e-mail address. No other investor sought to pay more, and the lender was able to seize the property, documents show. The timings are subject to change depending upon different locations and any special event coming by: Week Days. Operating hours. All four of the impacted stores are located in malls, a company representative told USA Today. But an active community of former employees hopes to keep the doomed department store remembered through memorabilia and online. The company is also weighed down by $4 billion in debt and had previously closed numerous stores in recent years to help cut costs. Fort Lauderdale-based property management firm Gumberg Asset Management, which manages the mall, declined to comment. In November, BH Group partnered with Related Group and billionaire Teddy Sagi to buy the long-shuttered White House Inn in North Miami for $11.3 million. What is going to happen to America's dead malls? 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. Wells Fargo, representing CMBS investors, made a credit bid of just $2,600, Southland Mall in Cutler Bay (Google Maps). 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. There may be just 150 malls left in the US in 10 years, according to one industry watcher. The lack of interest in the once bustling mall previously owned by . The Southfield mall defaulted on a $31 . J.C. Penney stores closing: Full list of closures due to bankruptcy and There are currently around 700 malls in the US, down from 2,500 in the 1980s. Experts estimate that hundreds of malls will close in the near future. Absolutely, I am concerned about the loss of sales tax revenue. 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. May 2, 2022, 1:30 PM. Affected employees will be offered jobs at nearby locations or severance packages. 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. One shopper, Rebecca Miranda, an area resident, was happy with the low prices on her finds but was not happy about the reason behind them. The malls most at risk of going dark are classified as so-called B-, C- and D-rated malls, meaning they bring in fewer sales per square foot than an A mall. Fitch analysts said the Southland experience is increasingly familiar among bricks-and-mortar retail centers, from coast to coast. as well as other partner offers and accept our. Tens of thousands of stores could still close even after the - CNN The company is closing 14 stores across the county as part of a restructuring plan. Updated June 18, 2020 9:36 AM. The locations included Market by Macys, according to a July press release from the company, a smaller store that offers customers more to love.. It was bought by the management of the Kmart chain in 2005, becoming Sears Holdings after the merger. / CBS Miami. Fitness, Regal Cinemas and Old Navy. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. 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. 4,560 [1] Public transit access. 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. Southland Mall SoldA Message from the Mayor It is an older store, has been in the mall for a long time. 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. The Southland Mall follows the schedule given below in the table. Concerns and frustrations over Macy's closing in Southland Mall Investment Firms Buy Southland Mall, Plan To Modernize It, Build High Real-time updates and all local stories you want right in the palm of your hand. 25% of the country's approximately 1,000 malls. 10720 Caribbean Boulevard Its remaining tenants include JCPenney, TJ Maxx, Regal Cinemas and LA Fitness. . Sears closed its store at Southland Mall in Houma in Houma in summer 2016. 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. 10:00 am to 9:00 pm. Website. A representative for Macys did not immediately respond to Nexstars request for comment. The Associated Press contributed to this report. Brookfield and Southland officials could not be reached for comment on how the unmet loan payment will be handled. She had an armful of clothes in one hand and was pushing her childs stroller with the other. 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. Largest U.S. Mall Operator Simon Shuts Down, More Mall Closings Likely By 1975 . NOW: After an uptick in crime and a down-tick in customers, Bannister closed its doors in April 2007. We have a never quit attitude out here. It is still owned by SPG and they owe . 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. Miami-Dade Circuit Court Judge Mavel Ruiz entered a final judgment on behalf of Wells Fargo in January 2021. No one is really immune. Electra America and BH Group acquired 80-acre site in Cutler Bay Opportunity Zone, Electra America managing partner Joe Lubeck and Southland Mall at 20505 South Dixie Highway in Cutler Bay (Google Maps, Electra America). Top editors give you the stories you want delivered right to your inbox each weekday. A representative for Macy's did not immediately respond to Nexstar . 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. Wells Fargo, representing the CMBS investors, placed a credit bid, or a bid using its existing debt, of $2,600. Most of the businesses have resumed operations since the mall reopened on May 21. Fax:(305) 234-4251. The world's biggest Wall Street bank by revenue has said itcould shutter backup trading floors located outside New York and London as a result of the move. These closures come on the heels of Macys opening multiple off-mall, small-format stores in 2022. Eastland Center in Harper Woods closed in early 2022 to clear the way for warehouses and a distribution center. Westland Shopping Center, also known as Westland Center, is an enclosed shopping mall located in the city of Westland, Michigan, a suburb of Detroit. Last year, the mall was dealt another blow when Sears vacated its store. Its unclear if Macys plans to close any additional stores in 2023. In June 2020, Wells Fargo filed a foreclosure lawsuit against Southland Mall Properties for defaulting on a $65.1 million mortgage. Please look at the time stamp on the story to see when it was last updated. Macy's Southland Mall location to close - Action News 5 Im also concerned about the quality of life, he said. Southland Center defaults on $75M loan, but analyst says it's 'not a We want to hear from you. It has said malls rated C and below "are not viable retail centers long term.". However, the list below shows better . Cutler Bay Town Hall 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. A representative from Hudson's Bay-owned Saks was not immediately available to comment. But even office space is a risky bet now, as the working-from-home trend could become permanent for some. Save my name, email, and website in this browser for the next time I comment. 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. 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. 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. Southland Mall will be dramatically renovated and upgraded and plans are being developed for beautiful residential spaces on excess land, the spokesperson said. Northland Center mall could close by spring - hometownlife.com A Division of NBCUniversal. On Jan. 16, 2019 Sears announced that it had won its bankruptcy auction and would shrink and remain open with 425 stores nationwide. Southland Mall Hours: Opening, Closing & Holidays Hours | January 2023 This makes malls the most vulnerable type of shopping centers to the Covid-19 impact, it said, compared with other properties like strip centers that have grocery stores and outlet centers that offer consumers bargains. This is an archived article and the information in the article may be outdated. 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. 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. Sunrise Mall in Massapequa tells tenants to vacate, leaving store Data is a real-time snapshot *Data is delayed at least 15 minutes. 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 month later, the bank bought the property for $2,600 in a foreclosure sale, court records show. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. He wants to make sure the closure doesnt have a domino effect. US Malls Are Dying and There May Be Just 150 Left in 10 Years Theyre not meant to treat viruses, however. Industrial development, meantime, is expected to pick up 3.6%. 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 final clearance will start Monday, January 12. They said traditional shopping malls are at particularly high risk because shoppers now prefer to make quick trips to close-by stores, per CNBC.
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