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. You must have JavaScript enabled to use this form. After 24 years, Sears is closing its Baton Rouge location at the Mall of Louisiana, the last location in the state. 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. According to Egelanian, the malls that will weather the storm will be premium locations with entertainment, dining, and luxury stores. What is going to happen to America's dead malls? 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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. WREG is told the 112 employees will be offered jobs in other nearby locations or severance packages. It was bought by the management of the Kmart chain in 2005, becoming Sears Holdings after the merger. It began opening retail locations in 1925, starting in Chicago, and eventually became the largest retailer in the United States until Walmart and Kmart surpassed Sears in sales in 1990. Westland Shopping Center, also known as Westland Center, is an enclosed shopping mall located in the city of Westland, Michigan, a suburb of Detroit. Theres nothing like lazy summer days relaxing on the patio. The mall features more than 100 inline stores, with JCPenney and Kohl's serving as anchor stores. Miami-Dade Circuit Court Judge Mavel Ruiz entered a final judgment on behalf of Wells Fargo in January 2021. The mall was completely demolished in 2009, and in 2013 Cerner bought the property to redevelop. City leaders said the closure came as a huge surprise. At the end of 2020, occupancy was just 74 percent, according to Trepp. A Bureau of Prisons monitor gets his sentence. 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. 6796 SW 62nd AvenueSouth Miami, Florida 33143(305)669-7030, Miami Community Newspaper Sponsored Content, Latin Builders Association Community News. The Southfield mall defaulted on a $31 . Operating hours. Investcorp had defaulted on its $65 million CMBS loan in April and initially asked its special servicer KeyBank for relief. Southland Mall is the oldest in the city, and Macys has been there a decade. 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. Pleasenote that Town Hall is a drug, alcohol and tobacco-free workplace. Southland Mall, formerly known as Cutler Ridge Mall, opened in 1978 as an extension of the Cutler Ridge Shopping Center, which opened in 1960. There are currently around 700 malls in the US, down from 2,500 in the 1980s. Target team members impacted by store closures will be given priority consideration for new roles created in Kmart and Catch as these businesses . However, the list below shows better . 4,560 [1] Public transit access. But shopping malls are likely going to be shuttering in suburbs all across the country, as store closures grow in number and landlords capitulate. 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. Its unclear if Macys plans to close any additional stores in 2023. Get browser notifications for breaking news, live events, and exclusive reporting. There are roughly 380 C- and D-rated malls in the U.S., according to an analysis by the commercial real estate firm Green Street Advisors. as well as other partner offers and accept our. Tenant vacancies have had a sizable impact on the malls appraised value, according to Trepp. An attorney representing Wells Fargo in the suit did not return a request for comment. Is DeSantis a hometown hero in this Florida city or just someone who lived there? What were the changes in real estate prices in Broward County last week? No one is really immune. The mall was devastated by Hurricane Andrew in 1992, reopened the following year and was renamed Southland Mall in 2003. Got a confidential news tip? 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. You have entered an incorrect email address! Theyre not meant to treat viruses, however. Not in these states, Does Keurig owe you money? He wants to make sure the closure doesnt have a domino effect. Main content; . Avison Youngs Michael T. Fay, John Crotty, David Duckworth and Brian de la F brokered the Southland Mall sale. Its appraisal fell from $130 million in 2014 to $68.4 million in June. Tom Pennington/Getty Images. Sears closed its store at Southland Mall in Houma in Houma in summer 2016. 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.. 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. If they would have told us what they need to maintain their operation, Im sure they would have had one advocate for them and thats me, Councilman Harold Collins said. In 2020, Coresight Research projected that 25% of the country's approximately 1,000 malls would close shop in the following 3-5 years. 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. A representative for Macy's did not immediately respond to Nexstar . It is still owned by SPG and they owe . Its remaining tenants include JCPenney, TJ Maxx, Regal Cinemas and LA Fitness. Top editors give you the stories you want delivered right to your inbox each weekday. 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. 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. Coresight Research estimates 25% of America's roughly 1,000 malls will close over the next three to five years. 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. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. It's part of a restructuring plan that includes new stores in some markets. "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.". How much did it cost to buy a home in Miami-Dade County last week. Fort Lauderdale-based property management firm Gumberg Asset Management, which manages the mall, declined to comment. Fitness, Regal . No other investor sought to pay more, and the lender was able to seize the property, documents show. 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 . Macys confirmed to USA Today and Axios that these four stores will close this year: Store closures also happened in 2020, 2021, and 2022. 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. Southland is the closest area mall to the Canadian border crossing, Brookfield said. 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. But those businesses have also not fared well in an age of social distancing. Malls have suffered as online sales boomed. 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. The property at 23000 Eureka accounts for more than $2 million in community tax payments. 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. 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. It owes Bal Harbour roughly $1.9 million, according to court documents. Fitness, Regal Cinemas, Kay Jewelers, and Applebee's. 10720 Caribbean Boulevard Tuesday. A Division of NBCUniversal. CoStar said Southlands net revenue declined to $16 million last year, from $18.5 million in 2019, while operating income was $8.97 million last year, compared with $7.95 million in 2019. Penney emerged from bankruptcy in 2020. 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. Even high-end malls are under pressure, though. Office development is set to drop 10%, it said, while retail falls 15.7%. Absolutely, I am concerned about the loss of sales tax revenue. The company then added several new tenants; . By clicking Sign up, you agree to receive marketing emails from Insider 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. 2023 CBS Broadcasting Inc. All Rights Reserved. You may login with either your assigned username or your e-mail address. The marketing pitch cited the malls Opportunity Zone designation and redevelopment potential. Later, in 2011, the Borders store shut down when that chain became defunct. Save my name, email, and website in this browser for the next time I comment. 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. 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. The company is closing 14 stores across the county as part of a restructuring plan. We want to hear from you. www .westlandcenter .com. But later the firm said the property will be unsustainable, according to Trepp. A lender has taken control of Southland Mall in Cutler Bay after a foreclosure auction failed to yield any bids over $2,600. A joint venture paid $100.3 million for a shopping mall in a Cutler Bay Opportunity Zone, with plans for a major renovation while adding a residential component. 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. There may be just 150 malls left in the US in 10 years, according to . Sales continued to decline and the parent company filed for Chapter 11 bankruptcy on Oct. 15, 2018. A longtime fixture of American culture, shopping malls have suffered for decades amid a rise in online shopping, a decline in visitors to department stores, and, more recently, the COVID-19 pandemic, which kept consumers home. Northland Center in Southfield is undergoing a makeover into a mixed-use development for retail, residential and office development. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. 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. What was the decrease in real estate prices in Broward County in April? Southland Mall Holiday Hours. "Bal Harbour Shops has worked tirelessly to ensure our business and our tenants can survive and thrive in this environment," he said. Macy's has yet to give an exact reason, but said this . A clearance sale will begin in January and run for approximately eight to 12 weeks, Macy's said. Access your favorite topics in a personalized feed while you're on the go. 25% of the country's approximately 1,000 malls. 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. A joint venture paid $100.3 million for a shopping mall in a Cutler Bay Opportunity Zone, with plans for a major renovation while . Fairlane Town Center in Dearborn was placed under new ownership after a loan default. The final clearance will start Monday, January 12. Sign up for notifications from Insider! 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. Real-time updates and all local stories you want right in the palm of your hand. "It is nearly impossible to find a property of this quality and size throughout South Florida. 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. Malls like Southland may struggle to refinance, said Melissa Che, a senior director at Fitch. 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. There may be just 150 malls left in the US in 10 years, according to one industry watcher. The companys adjusted earnings per share for the period should meet the projected range of $1.47 to $1.67, Macys said. 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. The Associated Press contributed to this report. Southland Mall will be dramatically renovated and upgraded and plans are being developed for beautiful residential spaces on excess land, the spokesperson said. Another roadblock can be scoring the necessary zoning approvals from city and government officials. 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. I wish that the store were staying open, Miranda said in Spanish. But the hurdles include the need to have properties rezoned, which could be met with pushback from local municipalities. Updated June 18, 2020 9:36 AM. Southland Mall had financial issues prior to the coronavirus pandemic. 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. 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. To make the most of your backyard, look for durable and comfortable seating options. Mall developers had up until now been courting entertainment companies likeDave& Buster's and iFly indoor skydiving, and restaurants like Cheesecake Factory, to lessen their dependence on shrinking retailers. Could Blue Crush, COACT units hold lessons for MPD? 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. 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. SMART 210, 250. Industrial development, meantime, is expected to pick up 3.6%. Sears offering discounts of up to 70 percent on merchandise ahead of store closing. 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. That's a million-dollar question plaguingretailers and real estate developers. One of its largest anchor tenants, Kmart, left in 2017. May 2, 2022, 1:30 PM. Now the lenders plans for the mall are unclear. 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. And so with minimal revenue coming in, these are the businesses that are most likely requesting rent reductions, or not paying rent at all. 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. 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. 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. This material may not be published, broadcast, rewritten, or redistributed. All Rights Reserved. The foreclosure marks another gloomy chapter in the ongoing slide of traditional retail. Wells Fargo, representing CMBS investors, made a credit bid of just $2,600, Southland Mall in Cutler Bay (Google Maps). 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. 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. Current tenants include JCPenney, Macys, TJ Maxx, L.A. The final two Zellers stores will shut down later this month. The South Florida Business Journal first reported the news of the judgment and the auction. "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. These closures come on the heels of Macys opening multiple off-mall, small-format stores in 2022. Facebook agrees to pay $725M settlement: Whats the deadline to file a claim? The mall is also home to Regal Southland Mall cinema, which remains closed. 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, 1215 East Shelby Drive, Memphis, TN. 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. 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. The Southland Mall Macy's is closing along with 14 other stores nationwide. Office development is set to drop 10%, it said, while retail falls 15.7%. 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 LLC is owned by the New York-based Investcorp International Realty, an investment firm founded in 1982 with holdings around the world. Jump to. 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. sevier county sheriff sale, how to use jigsaw block minecraft bedrock,