Affected employees will be offered jobs at nearby locations or severance packages. Target team members impacted by store closures will be given priority consideration for new roles created in Kmart and Catch as these businesses . Macys also helped Toys R Us make a comeback, opening locations in nearly every state last year. When the loan matured on May 8, the trustee for the CMBS filed the $67.5 million suit against the mall, which includes accrued interest and legal fees. 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. Collins is frustrated, because he had no idea this was coming. Cutler Bay Town Hall A month later, the bank bought the property for $2,600 in a foreclosure sale, court records show. . You may login with either your assigned username or your e-mail address. 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 . With a report circulating earlier this month that the biggest U.S. mall owner Simon Property Group has been in talks with Amazon to convert some shuttered Sears and J.C. Penney department stores into fulfillment centers, many industry analysts have been pontificating on the future of malls as logistics hubs. 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. 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). 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. What is going to happen to America's dead malls? 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. Tom Pennington/Getty Images. Southland Mall, 1215 East Shelby Drive, Memphis, TN. It owes Bal Harbour roughly $1.9 million, according to court documents. 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.. Sears has no other full department store locations south of Coral Gables, and it likely will be missed by shoppers and former employees. In April, analysts at UBS projected that 40,000-50,000 American retail stores would shut down by 2027. ABOUT US: Southland Mall, formerly known as Cutler Ridge Mall, opened in 1978 as an extension of the Cutler Ridge Shopping Center, which opened in 1960. Sign up for free newsletters and get more CNBC delivered to your inbox. 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. We have a never quit attitude out here. Industrial development, meantime, is expected to pick up 3.6%. The Mall at Partridge Creek in Clinton Township faltered under debt and entered receivership. "One cannot simply build industrial buildings in areas zoned for commercial use," he explained. 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. Southland Center (Michigan) - Wikipedia The company then added several new tenants; . Access your favorite topics in a personalized feed while you're on the go. 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SMART 210, 250. Largest U.S. Mall Operator Simon Shuts Down, More Mall Closings Likely More than 30 percent of LGBTQ youth attribute poor mental health to anti-LGBTQ laws, Human brains show larger-than-life activity at moment of death, Not going to be 80: Michael J. There may be just 150 malls left in the US in 10 years, according to . Francisco Alvarado. Data is a real-time snapshot *Data is delayed at least 15 minutes. Jump to. "You know, everybody moving out a little bit further." 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. The LLC is owned by the New York-based Investcorp International Realty, an investment firm founded in 1982 with holdings around the world. Investment Firms Buy Southland Mall, Plan To Modernize It, Build High Sales continued to decline and the parent company filed for Chapter 11 bankruptcy on Oct. 15, 2018. Like every other business in America, Southland Mall opens and closes on certain holidays. The mall is also home to Regal Southland Mall cinema, which remains closed. 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. She had an armful of clothes in one hand and was pushing her childs stroller with the other. Westland Shopping Center - Wikipedia 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. Whether youre a real estate professional or simply an aficionado, the Miami Heralds new RE | source newsletter is your link to residential, commercial and industry news. One of Macy's department stores locations at an indoor shopping mall. 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. You must have JavaScript enabled to use this form. The final two Zellers stores will shut down later this month. 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. Could Blue Crush, COACT units hold lessons for MPD? May 2, 2022, 1:30 PM. It's unclear if Macy's plans to close any additional stores in 2023. There may be just 150 malls left in the US in 10 years, according to one industry watcher. Southland Mall SoldA Message from the Mayor It's starting with these 248 stores. The lack of interest in the once bustling mall previously owned by private equity firm Investcorp could signal just how bad things have gotten for Class B suburban malls in South Florida and across the country. We never give up, Collins said. A joint venture paid $100.3 million for a shopping mall in a Cutler Bay Opportunity Zone, with plans for a major renovation while . A lender has taken control of Southland Mall in Cutler Bay after a foreclosure auction failed to yield any bids over $2,600. Website. Even high-end malls are under pressure, though. Wells Fargo, representing CMBS investors, made a credit bid of just $2,600, Southland Mall in Cutler Bay (Google Maps). Save my name, email, and website in this browser for the next time I comment.