A year later its loan was transferred to special servicing due to the retail vacancy, and its maturity date was extended. Investcorp declined to comment through a spokesperson. 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. 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. 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. 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. But Investcorp was unable to make its April 9 payment last month, battered by the coronavirus shutdown and the brick-and-mortar retail slump that shuttered one of its three anchor stores (Sears). 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. 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. 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. The company is closing 14 stores across the county as part of a restructuring plan. 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. MIAMI (CBSMiami) - Southland Mall in Cutler Bay has been acquired by two real estate investment firms that have big plans for the property. Get browser notifications for breaking news, live events, and exclusive reporting. Fitness, Regal Cinemas, Kay Jewelers, and Applebee's. Not in these states, Does Keurig owe you money? Industrial development, meantime, is expected to pick up 3.6%. "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. Oct 12, 2022, 9:40 AM PDT. Starting Monday, some fees will rise for homebuyers with higher credit scores, while buyers with lower scores will see a fee reduction. Southland Center is the latest mall in metropolitan Detroit to face a financial challenge. Most of the businesses have resumed operations since the mall reopened on May 21. Malls have suffered as online sales boomed. A foreclosure suit was filed in June and a receiver for the mall was appointed in the summer. The final clearance will start Monday, January 12. Southland Mall, formerly known as Cutler Ridge Mall, opened in 1978 as an extension of the Cutler Ridge Shopping Center, which opened in 1960. It's starting with these 248 stores. This is not a dead mall, not at all, Duski said. The Southland Mall follows the schedule given below in the table. Website. 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. The Associated Press contributed to this report. 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. 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. The news that the largest U.S. mall operator, Simon Property Group, has decided to close all of its more than 200 shopping centers is expected to trigger more mass mall closings across the country . However, the list below shows better . City leaders said the closure came as a huge surprise. "You know, everybody moving out a little bit further." 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. But those businesses have also not fared well in an age of social distancing. The mall opens at noon on Sunday and closes by 6 pm. 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 . 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. The company is closing 14 stores across the county as part of a restructuring plan. It is still owned by SPG and they owe . 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. 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. 2023 CBS Broadcasting Inc. All Rights Reserved. Cutler Bay, FL 33189, Phone:(305) 234-4262 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. 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. 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. He currently writes for the business desk covering real estate and the citys affordability crisis. Demand for various commercial real estate asset types is expected to shift noticeably because of the coronavirus pandemic, with more people now working from home, flocking to the suburbs for space and buying online things they used to browse for in stores. Like every other business in America, Southland Mall opens and closes on certain holidays. Four Macy's locations at shopping malls are slated to close, the company told Axios. 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. Current tenants include JCPenney, Macys, TJ Maxx, L.A. 10:00 am to 9:00 pm. 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. This material may not be published, broadcast, rewritten, or redistributed. Penney emerged from bankruptcy in 2020. . A clearance sale will begin in January and run for approximately eight to 12 weeks, Macy's said. Other industry watchers predict a similarly painful fate for malls and retail stores more generally. Its unclear if Macys plans to close any additional stores in 2023. In some states, such as New York and California, movie theaters remain closed to this day. 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. This year alone, more than 8,600 stores could close, according to industry estimates, many of them the brand-name anchor outlets that real estate developers once stumbled over themselves to court . 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. These closures come on the heels of Macys opening multiple off-mall, small-format stores in 2022. 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. Main content; . He wants to make sure the closure doesnt have a domino effect. Investcorp had defaulted on its $65 million CMBS loan in April and initially asked its special servicer KeyBank for relief. Monday. Everything left in the store is being sold at up to 70 percent off original prices. Is DeSantis a hometown hero in this Florida city or just someone who lived there? CBL & Associates, a Tennessee-based mall owner that has a number of B- and C-rated malls in its portfolio, has said it plans to file for bankruptcy by Oct. 1, highlighting just how much pressure these landlords are facing. Macy's has yet to give an exact reason, but said this . apartment development in the U.S. is expected to be down 15.6% in a post-Covid . The massive Sears store in Southland Mall, long a fixture of the shopping center in Cutler Bay and an anchor . The company then added several new tenants; . What were the changes in real estate prices in Broward County last week? 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. Sears closed its store at Southland Mall in Houma in Houma in summer 2016. Got a confidential news tip? The company is also weighed down by $4 billion in debt and had previously closed numerous stores in recent years to help cut costs. All Rights Reserved. The mall was completely demolished in 2009, and in 2013 Cerner bought the property to redevelop. Im also concerned about the quality of life, he said. The marketing pitch cited the malls Opportunity Zone designation and redevelopment potential. No one is really immune. Data is a real-time snapshot *Data is delayed at least 15 minutes. "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. Southland Mall, 1215 East Shelby Drive, Memphis, TN. . 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. SOUTHLAND MALL. Rouse Properties was spun off from General Growth Properties in January 2012. Macys has yet to give an exact reason, but said this is part of a greater plan to streamline in-store and online shopping. From bad to worse: Student misbehavior rises further since return of in-person McConnell insists hes sitting out debt talks to disbelief. 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. Fitch analysts said the Southland experience is increasingly familiar among bricks-and-mortar retail centers, from coast to coast. City leaders said the closure came as a huge surprise. Another roadblock can be scoring the necessary zoning approvals from city and government officials. 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. 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. WREG is told the 112 employees will be offered jobs in other nearby locations or severance packages. On Jan. 16, 2019 Sears announced that it had won its bankruptcy auction and would shrink and remain open with 425 stores nationwide. 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. You may login with either your assigned username or your e-mail address. GNC will close hundreds of stores as it restructures in bankruptcy. 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. In 2004, Southland Mall Properties paid $46 million for the retail site, according to records. But the hurdles include the need to have properties rezoned, which could be met with pushback from local municipalities. It is an older store, has been in the mall for a long time. Below is a list of the J.C. Penney stores that are closing: Alabama 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. The South Florida Business Journal first reported the news of the judgment and the auction. A Division of NBCUniversal. North Palm Beach-based Electra America and Miami-based BH Group teamed up to acquire the 808,776-square-foot indoor mall on a nearly 80-acre site at 20505 South Dixie Highway, according to a press release. 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? 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. A Bureau of Prisons monitor gets his sentence. Southland is the closest area mall to the Canadian border crossing, Brookfield said. Affected employees will be offered jobs at nearby locations or severance packages. At the end of 2020, occupancy was just 74 percent, according to Trepp. Tuesday. 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. Miami-Dade Circuit Court Judge Mavel Ruiz entered a final judgment on behalf of Wells Fargo in January 2021. Updated June 18, 2020 9:36 AM. 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. In October, the commercial brokerage JLL was tapped to sell the $65.1 million CMBS loan tied to the mall. "Must be a reason, you know, sales might be down in this area," said Whitehaven resident Eric Hillard. 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. We never give up, Collins said. 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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. There are currently around 700 malls in the US, down from 2,500 in the 1980s. Sales continued to decline and the parent company filed for Chapter 11 bankruptcy on Oct. 15, 2018. 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 2020, Coresight Research projected that 25% of the country's approximately 1,000 malls would close shop in the following 3-5 years. 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. Even high-end malls are under pressure, though. 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. How much did it cost to buy a home in Miami-Dade County last week. Francisco Alvarado. Pleasenote that Town Hall is a drug, alcohol and tobacco-free workplace. 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. Southland Mall is the oldest in the city, and Macys has been there a decade. The new owners are planning for a mixed-use redevelopment of the 80-acre site with commercial and residential components. But even office space is a risky bet now, as the working-from-home trend could become permanent for some. Fax:(305) 234-4251. The new owners are planning for a mixed-use redevelopment of the 80-acre site with commercial and residential components. Once-bustling American malls are going bust as shoppers flock to online retailers instead of sprawling, brick-and-mortar locations.
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