4,560 [1] Public transit access. Avison Youngs Michael T. Fay, John Crotty, David Duckworth and Brian de la F brokered the Southland Mall sale. Sales continued to decline and the parent company filed for Chapter 11 bankruptcy on Oct. 15, 2018. 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. In 2004, Southland Mall Properties paid $46 million for the retail site, according to records. Could Blue Crush, COACT units hold lessons for MPD? 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 Cinemas, Kay Jewelers, and Applebee's. Other industry watchers predict a similarly painful fate for malls and retail stores more generally. On June 7, 2019, Investcorp secured an extension agreement that pushed the maturity date of the loan back to May 8, 2020. 1998 - 2023 Nexstar Media Inc. | All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The final two Zellers stores will shut down later this month. 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. The mall opens at noon on Sunday and closes by 6 pm. The mall is also home to Regal Southland Mall cinema, which remains closed. Absolutely, I am concerned about the loss of sales tax revenue. Southland Mall, 1215 East Shelby Drive, Memphis, TN. THE HILL 1625 K STREET, NW SUITE 900 WASHINGTON DC 20006 | 202-628-8500 TEL | 202-628-8503 FAX. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Copyright 2023 Nexstar Media Inc. All rights reserved. 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. Malls have suffered as online sales boomed. Fitness, Regal . 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. Office development is set to drop 10%, it said, while retail falls 15.7%. 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. Stay up to date with what you want to know. 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. Heads up, homebuyers! A month later, the bank bought the property for $2,600 in a foreclosure sale, court records show. 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. 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. 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. Theyre not meant to treat viruses, however. 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. . 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. Copyright 2023 Nexstar Media Inc. All rights reserved. In April, analysts at UBS projected that 40,000-50,000 American retail stores would shut down by 2027. "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. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. The Tuttle mall property is actually 5 separate parcels of land. City leaders said the closure came as a huge surprise. 25% of the country's approximately 1,000 malls. Chang W. Lee/The New York Times. Lender Takes Control of Southland Mall in Cutler Bay - The Real Deal The Southland Mall Macy's is closing along with 14 other stores nationwide. Southland is the closest area mall to the Canadian border crossing, Brookfield said. 10720 Caribbean Boulevard J.C. Penney stores closing: Full list of closures due to bankruptcy and 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? Real-time updates and all local stories you want right in the palm of your hand. How much longer can Kansas City's shopping malls hang on? Here's where 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. 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. 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? A foreclosure suit was filed in June and a receiver for the mall was appointed in the summer. Southland Center (Michigan) - Wikipedia With the majority of the proposed Target store closures planned to occur in the 2021 calendar year, this provides considerable time to explore all available options to redeploy affected team members. Oct 12, 2022, 9:40 AM PDT. There may be just 150 malls left in the US in 10 years, according to one industry watcher. The Mall at Partridge Creek in Clinton Township faltered under debt and entered receivership. 10:00 am to 9:00 pm. Southland Mall in Miami-Dade faces foreclosure | Miami Herald . America's Malls and Department Stores Are Dying Off | Time Eastland Center in Harper Woods closed in early 2022 to clear the way for warehouses and a distribution center. It is still owned by SPG and they owe . 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 . Westland Shopping Center, also known as Westland Center, is an enclosed shopping mall located in the city of Westland, Michigan, a suburb of Detroit.