The mall offers more than 900,000 square feet of retail space, 4,990 parking spaces and features J.C. Penney . In May, Macys reported better-than-expected earnings for its national network of department stores. The Sunrise Mall has been a mainstay in . Avison Youngs Michael T. Fay, John Crotty, David Duckworth and Brian de la F brokered the Southland Mall sale. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. 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. Business Update | Target Australia 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. 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. The pandemic sped up the shift to online shopping, and the continued growth of e-commerce sales will lead to more stores shutting down after the pandemic ends, UBS retail analysts led by Michael . A lot of clothing for men and women still remains, as do some area rugs and appliances, but some parts of the store already are empty. Southland is the closest area mall to the Canadian border crossing, Brookfield said. 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. 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. Wells Fargo, representing a trust of commercial mortgage-backed securities investors, was awarded a foreclosure judgment of $68.7 million in January, which included the loans principal plus interest and fees, according to the filing. Sears store in Southland Mall expected to close by Feb. 15 The outdoor retailer REI is also looking to sell its recently completed corporate campus in suburban Seattle, shifting instead to more satellite offices, as a result of the pandemic. 10:00 am to 9:00 pm. Is it true tuttle mall is closing? : r/Columbus - Reddit 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. The Tuttle mall property is actually 5 separate parcels of land. How much did it cost to buy a home in Miami-Dade County last week. That's a million-dollar question plaguingretailers and real estate developers. The new owners are planning for a mixed-use redevelopment of the 80-acre site with commercial and residential components. Penney emerged from bankruptcy in 2020. Cutler Bay, FL 33189, Phone:(305) 234-4262 1998 - 2023 Nexstar Media Inc. | All Rights Reserved. NOW: After an uptick in crime and a down-tick in customers, Bannister closed its doors in April 2007. But even office space is a risky bet now, as the working-from-home trend could become permanent for some. 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. All Rights Reserved. Rene Rodriguez has worked at the Miami Herald in a variety of roles since 1989. Al Franken blasts Supreme Court: Its illegitimate, Rices departure brings relief to immigration advocates, Cardin wont seek reelection, opening up Maryland Senate seat, Saudi alfalfa sparks tension in Arizonas Sonoran Desert, Watch live: White House monkeypox response team holds briefing, Do Not Sell or Share My Personal Information, Los Angeles, California Baldwin Hills Crenshaw Plaza on Crenshaw Boulevard, Fort Collins, Colorado Foothills Mall on Foothills Parkway, Gaithersburg, Maryland Lakeforest Mall on Russell Avenue. 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. The mall was devastated by Hurricane Andrew in 1992, reopened the following year and was renamed Southland Mall in 2003. The property at 23000 Eureka accounts for more than $2 million in community tax payments. 10720 Caribbean Boulevard Sign up for free newsletters and get more CNBC delivered to your inbox. Access your favorite topics in a personalized feed while you're on the go. 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. Most store employees at the Southland Mall location were reluctant to talk about the store closing, but the customers were not. A Division of NBCUniversal. You may login with either your assigned username or your e-mail address. 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. www .westlandcenter .com. The shortfall cited by the real estate data service CoStar Group Inc. came as shopping centers across the nation try to rebound from the double whammy of online shopping and the COVID-19 pandemic. 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. Miami-Dade Circuit Court Judge Mavel Ruiz entered a final judgment on behalf of Wells Fargo in January 2021. Lender Takes Control of Southland Mall in Cutler Bay - The Real Deal Sears offering discounts of up to 70 percent on merchandise ahead of store closing. 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? Sears closed its store at Southland Mall in Houma in Houma in summer 2016. On Jan. 16, 2019 Sears announced that it had won its bankruptcy auction and would shrink and remain open with 425 stores nationwide. 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. Coresight Research estimates 25% of America's roughly 1,000 malls will close over the next three to five years. A month later, the bank bought the property for $2,600 in a foreclosure sale, court records show. (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 judge ordered the 990,000-square-foot indoor mall at 20505 South Dixie Highway to be sold in a foreclosure auction on Feb. 10. 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. SOUTHLAND MALL. Southland Mall Hours: Opening, Closing & Holidays Hours | January 2023 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. The final clearance will start Monday, January 12. 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. This is an archived article and the information in the article may be outdated. GNC Closing Stores: List of Addresses That Will Close - Business Insider Below is a list of the J.C. Penney stores that are closing: Alabama 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. Current tenants include JCPenney, Macys, TJ Maxx, L.A. Facebook agrees to pay $725M settlement: Whats the deadline to file a claim? This property has not changed hands since 2013. According to Egelanian, the malls that will weather the storm will be premium locations with entertainment, dining, and luxury stores. 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. 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). Westland Shopping Center - Wikipedia SMART 210, 250. Fitch analysts said the Southland experience is increasingly familiar among bricks-and-mortar retail centers, from coast to coast. 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. Redeveloping malls has proven to be a difficult task even for the largest mall owners in the country like Simon Property Group and Brookfield Property Partners. Its remaining tenants include JCPenney, TJ Maxx, Regal Cinemas and LA Fitness. Save my name, email, and website in this browser for the next time I comment. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. Malls like Southland may struggle to refinance, said Melissa Che, a senior director at Fitch. Macys also helped Toys R Us make a comeback, opening locations in nearly every state last year. Southland Mall Hours Of Operation [Updated 2023] 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. The lack of interest in the once bustling mall previously owned by . Sales continued to decline and the parent company filed for Chapter 11 bankruptcy on Oct. 15, 2018. Mayor Wharton admits this is a blow to Whitehaven, and is worried about the 112 people losing jobs, and shoppers leaving the city. Macy's has yet to give an exact reason, but said this . Store closures also happened in 2020, 2021, and 2022. 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. I wish that the store were staying open, Miranda said in Spanish. Its unclear if Macys plans to close any additional stores in 2023. Four Macy's locations at shopping malls are slated to close, the company told Axios. 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. Operating hours. The company is closing 14 stores across the county as part of a restructuring plan. A year later its loan was transferred to special servicing due to the retail vacancy, and its maturity date was extended. 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. The joint venture plans to redevelop the waterfront property into a luxury condominium. "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. Other industry watchers predict a similarly painful fate for malls and retail stores more generally. Like every other business in America, Southland Mall opens and closes on certain holidays. An attorney representing Wells Fargo in the suit did not return a request for comment. 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? Tenant vacancies have had a sizable impact on the malls appraised value, according to Trepp. apartment development in the U.S. is expected to be down 15.6% in a post-Covid . 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. But the hurdles include the need to have properties rezoned, which could be met with pushback from local municipalities. Target team members impacted by store closures will be given priority consideration for new roles created in Kmart and Catch as these businesses . 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. 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. "Unfortunately, this whole Covid thing has thrown the experiential pitch out the window," Moody's Calanog said in a phone interview. 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. 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. 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 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. 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. 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 .