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10:00 am to 9:00 pm. "Until we resolve this pandemic, I suspect we are going to be in a holding pattern with hollow retail space.". 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. "Unfortunately, this whole Covid thing has thrown the experiential pitch out the window," Moody's Calanog said in a phone interview. 2023 Miami's Community Newspapers a Miller Publishing Company. 1998 - 2023 Nexstar Media Inc. | All Rights Reserved. But even office space is a risky bet now, as the working-from-home trend could become permanent for some. Southland Mall had financial issues prior to the coronavirus pandemic. Southland Mall Holiday Hours. We never give up, Collins said. . 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. Macys also helped Toys R Us make a comeback, opening locations in nearly every state last year. What is going to happen to America's dead malls? The new owners will provide more information about those plans at a later date, the spokesperson added. Other industry watchers predict a similarly painful fate for malls and retail stores more generally. Avison Youngs Michael T. Fay, John Crotty, David Duckworth and Brian de la F brokered the Southland Mall sale. 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. SOUTHLAND MALL. GNC will close hundreds of stores as it restructures in bankruptcy. Oct 12, 2022, 9:40 AM PDT. The partnership converted the building into an AKA hotel. Sales continued to decline and the parent company filed for Chapter 11 bankruptcy on Oct. 15, 2018. "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.". 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. Main content; . But the hurdles include the need to have properties rezoned, which could be met with pushback from local municipalities. This material may not be published, broadcast, rewritten, or redistributed. Wells Fargo, representing the CMBS investors, placed a credit bid, or a bid using its existing debt, of $2,600. 4,560 [1] Public transit access. Those are:Central New Jersey, Northern New Jersey, Long Island, Memphis and Detroit. SMART 210, 250. 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. 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. MIAMI (CBSMiami) - Southland Mall in Cutler Bay has been acquired by two real estate investment firms that have big plans for the property. According to court documents, JPMorgan Chase Bank, National Association made a $67.5 million loan to Investcorp on May 2, 2014. A Bureau of Prisons monitor gets his sentence. 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. 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. It has said malls rated C and below "are not viable retail centers long term.". 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. But those businesses have also not fared well in an age of social distancing. Northland Center in Southfield is undergoing a makeover into a mixed-use development for retail, residential and office development. There may be just 150 malls left in the US in 10 years, according to . CoStar said Brookfield is likely working with a specialist to manage loan issues affecting Southland. Store closures also happened in 2020, 2021, and 2022. 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. 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 two-level mall was home to Macy's, JCPenny and Sears and was adorned in many red-brown tile foundations with plants surrounding them. Sears offering discounts of up to 70 percent on merchandise ahead of store closing. "Despite being given months to honor its past due rental obligations and despite Saks' impressive post-COVID sales at Bal Harbour Shops, Saks steadfastly refused to makeanyeffort to pay anypartof its rent," Bal Harbour Shops President and Chief Executive Matthew Whitman Lazenby said in a statement. 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. "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," the head of Moody's Analytics commercial real estateeconomics division, Victor Calanog,said in a report released Thursday. Southland Center (Michigan) - Wikipedia 10720 Caribbean Boulevard In October, the commercial brokerage JLL was tapped to sell the $65.1 million CMBS loan tied to the mall. Fort Lauderdale-based property management firm Gumberg Asset Management, which manages the mall, declined to comment. America's Malls and Department Stores Are Dying Off | Time Its unclear if Macys plans to close any additional stores in 2023. The property at 23000 Eureka accounts for more than $2 million in community tax payments. 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. Fitness, Regal . All four of the impacted stores are located in malls, a company representative told USA Today. The foreclosure marks another gloomy chapter in the ongoing slide of traditional retail. Town officials preparing for changes to Southland Mall You have entered an incorrect email address! The company is also weighed down by $4 billion in debt and had previously closed numerous stores in recent years to help cut costs. The firm did find five markets where it said it would make the most sense to covert vacant retail space into warehouse space, based on where retail has been underperforming and where warehouse demand is hot. Get browser notifications for breaking news, live events, and exclusive reporting. 2023 CNBC LLC. "State and local governments typically tax industrial properties at anywhere from half to two-thirds the rate of commercial properties, so municipalities have little incentive to rezone areas from commercial to industrial use, as they will collect less tax revenues," Calanog said. The company is closing 14 stores across the county as part of a restructuring plan. The Southland Mall follows the schedule given below in the table. "Must be a reason, you know, sales might be down in this area," said Whitehaven resident Eric Hillard. 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.. . (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. The South Florida Business Journal first reported the news of the judgment and the auction. At the end of 2020, occupancy was just 74 percent, according to Trepp. The final two Zellers stores will shut down later this month. GNC Closing Stores: List of Addresses That Will Close - Business Insider Another roadblock can be scoring the necessary zoning approvals from city and government officials. Please look at the time stamp on the story to see when it was last updated. The Associated Press contributed to this report. Southland Mall Hours Of Operation [Updated 2023] The Mall at Partridge Creek in Clinton Township faltered under debt and entered receivership. There may be just 150 malls left in the US in 10 years, according to one industry watcher. Once-bustling American malls are going bust as shoppers flock to online retailers instead of sprawling, brick-and-mortar locations. The Southfield mall defaulted on a $31 . According to Egelanian, the malls that will weather the storm will be premium locations with entertainment, dining, and luxury stores. But an active community of former employees hopes to keep the doomed department store remembered through memorabilia and online. 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. Real-time updates and all local stories you want right in the palm of your hand. Tuesday. 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. However, the list below shows better . 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. 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. You must have JavaScript enabled to use this form. The joint venture plans to redevelop the waterfront property into a luxury condominium. Absolutely, I am concerned about the loss of sales tax revenue. But later the firm said the property will be unsustainable, according to Trepp. Starwood, which acquired the mall from Westfield Group in a $1.6 billion deal in 2013 and dropped the much-maligned Westfield Southlake Mall name, defaulted on its debt last March after its . Southland Mall SoldA Message from the Mayor as well as other partner offers and accept our. He wants to make sure the closure doesnt have a domino effect. Most of the businesses have resumed operations since the mall reopened on May 21. And so with minimal revenue coming in, these are the businesses that are most likely requesting rent reductions, or not paying rent at all. A lender has taken control of Southland Mall in Cutler Bay after a foreclosure auction failed to yield any bids over $2,600. The massive Sears store in Southland Mall, long a fixture of the shopping center in Cutler Bay and an anchor . Below is a list of the J.C. Penney stores that are closing: Alabama Later, in 2011, the Borders store shut down when that chain became defunct. Sign up for notifications from Insider! How much did it cost to buy a home in Miami-Dade County last week. He said hes first going to see if its worth talking to Macys to see if it will reconsider, and then hell sit down with the malls owners and create a plan even if that means offering tax incentives. Heads up, homebuyers! Industrial development, meantime, is expected to pick up 3.6%. Dog and cat antibiotics are medications prescribed by a veterinarian that can help treat a bacterial infection. 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. ABOUT US: Brookfield acquired Southland in 2016 when it acquired Rouse Properties Inc., the malls original developer. The timings are subject to change depending upon different locations and any special event coming by: Week Days. 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. City leaders said the closure came as a huge surprise. Im also concerned about the quality of life, he said. The loan, which was classified as a Commercial Mortgage Backed Securities financing (CMBS), is essentially a syndicated mortgage held by a trust made up of various banks and lenders. Four Macy's locations at shopping malls are slated to close, the company told Axios. The mall offers more than 900,000 square feet of retail space, 4,990 parking spaces and features J.C. Penney . Penney emerged from bankruptcy in 2020. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. J.C. Penney stores closing: Full list of closures due to bankruptcy and 25% of the country's approximately 1,000 malls. Target team members impacted by store closures will be given priority consideration for new roles created in Kmart and Catch as these businesses . "One cannot simply build industrial buildings in areas zoned for commercial use," he explained. The new owners are planning for a mixed-use redevelopment of the 80-acre site with commercial and residential components. 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.