Got a confidential news tip? 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. 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. 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. 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). CoStar said Brookfield is likely working with a specialist to manage loan issues affecting Southland. The new owners are planning for a mixed-use redevelopment of the 80-acre site with commercial and residential components. Sears closed its store at Southland Mall in Houma in Houma in summer 2016. 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 . Northland Center mall could close by spring - hometownlife.com That's a million-dollar question plaguingretailers and real estate developers. In more expensive real estate markets, the change could shift total mortgage closing costs by thousands of dollars. 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. Facebook agrees to pay $725M settlement: Whats the deadline to file a claim? She had an armful of clothes in one hand and was pushing her childs stroller with the other. 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 mall is also home to Regal Southland Mall cinema, which remains closed. Tuesday. Below is a list of the J.C. Penney stores that are closing: Alabama 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. The mall opens at noon on Sunday and closes by 6 pm. Southland Center defaults on $75M loan, but analyst says it's 'not a 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. The mall offers more than 900,000 square feet of retail space, 4,990 parking spaces and features J.C. Penney . Lender Takes Control of Southland Mall in Cutler Bay - The Real Deal In October, the commercial brokerage JLL was tapped to sell the $65.1 million CMBS loan tied to the mall. Cutler Bay Town Hall SOUTHLAND MALL. Is it true tuttle mall is closing? : r/Columbus - Reddit What was the decrease in real estate prices in Broward County in April? 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 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. On Jan. 16, 2019 Sears announced that it had won its bankruptcy auction and would shrink and remain open with 425 stores nationwide. Southland Mall Hours: Opening, Closing & Holidays Hours | January 2023 As final Zellers stores close, former employees swap memories - CBC 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 is the closest area mall to the Canadian border crossing, Brookfield said. 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? 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. The lack of interest in the once bustling mall previously owned by . 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 . GNC Closing Stores: List of Addresses That Will Close - Business Insider According to court documents, JPMorgan Chase Bank, National Association made a $67.5 million loan to Investcorp on May 2, 2014. "Until we resolve this pandemic, I suspect we are going to be in a holding pattern with hollow retail space.". Town officials preparing for changes to Southland Mall SHARE THIS ARTICLE. It owes Bal Harbour roughly $1.9 million, according to court documents. 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 . Save my name, email, and website in this browser for the next time I comment. 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. Investors have foreclosed on Southland Mall, 20505 S. Dixie Highway in Cutler Bay, after defaulting on a $67.5 million loan. 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. 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. Industrial development, meantime, is expected to pick up 3.6%. He currently writes for the business desk covering real estate and the citys affordability crisis. Sears has no other full department store locations south of Coral Gables, and it likely will be missed by shoppers and former employees. That's down from around 2,500 locations in the 1980s and 700 today, Egelanian said. Rouse Properties was spun off from General Growth Properties in January 2012. Concerns and frustrations over Macy's closing in Southland Mall Operating hours. But the hurdles include the need to have properties rezoned, which could be met with pushback from local municipalities. And so with minimal revenue coming in, these are the businesses that are most likely requesting rent reductions, or not paying rent at all. All four of the impacted stores are located in malls, a company representative told USA Today. Southland Mall in Miami-Dade faces foreclosure | Miami Herald UPDATE: Southlake Mall under new management after owner defaulted on Starting Monday, some fees will rise for homebuyers with higher credit scores, while buyers with lower scores will see a fee reduction. Oct 12, 2022, 9:40 AM PDT. From bad to worse: Student misbehavior rises further since return of in-person McConnell insists hes sitting out debt talks to disbelief. The Sunrise Mall has been a mainstay in . Data is a real-time snapshot *Data is delayed at least 15 minutes. The new owners will provide more information about those plans at a later date, the spokesperson added. To make the most of your backyard, look for durable and comfortable seating options. 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. The rise and fall of the American mall - Business Insider Brookfield and Southland officials could not be reached for comment on how the unmet loan payment will be handled. Copyright 2023 Nexstar Media Inc. All rights reserved. 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. Cutler Bay, FL 33189, Phone:(305) 234-4262 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. ABOUT US: With Department Stores Disappearing, Malls Could Be Next J.C. Penney stores closing: Full list of closures due to bankruptcy and 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. 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. A lender has taken control of Southland Mall in Cutler Bay after a foreclosure auction failed to yield any bids over $2,600. In 2020, Coresight Research projected that 25% of the country's approximately 1,000 malls would close shop in the following 3-5 years. 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. Southland Mall will be dramatically renovated and upgraded and plans are being developed for beautiful residential spaces on excess land, the spokesperson said. "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.". Northland Center in Southfield is undergoing a makeover into a mixed-use development for retail, residential and office development. The mall itself almost looks like a 4 spoke wheel where the mall itself owned the center of the mall and portions of the parking lot going out to the perimeter and around the other 4 parcels. The company then added several new tenants; . 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. The Southfield mall defaulted on a $31 . 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. 2023 CNBC LLC. It's part of a restructuring plan that includes new stores in some markets. Fax:(305) 234-4251. The partners are planning a major mixed-use redevelopment of the site.
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