Sears offering discounts of up to 70 percent on merchandise ahead of store closing. An attorney representing Wells Fargo in the suit did not return a request for comment. Wells Fargo, representing the CMBS investors, placed a credit bid, or a bid using its existing debt, of $2,600. Collins is frustrated, because he had no idea this was coming. 4,560 [1] Public transit access. Absolutely, I am concerned about the loss of sales tax revenue. Later, in 2011, the Borders store shut down when that chain became defunct. Fairlane Town Center in Dearborn was placed under new ownership after a loan default. SMART 210, 250. / CBS Miami. 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. 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. City leaders said the closure came as a huge surprise. You have entered an incorrect email address! Four Macy's locations at shopping malls are slated to close, the company told Axios. Sears closed its store at Southland Mall in Houma in Houma in summer 2016. Malls like Southland may struggle to refinance, said Melissa Che, a senior director at Fitch. Could Blue Crush, COACT units hold lessons for MPD? Monday. 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. 10:00 am to 9:00 pm. "Bal Harbour Shops has worked tirelessly to ensure our business and our tenants can survive and thrive in this environment," he said. 25% of the country's approximately 1,000 malls. The locations included Market by Macys, according to a July press release from the company, a smaller store that offers customers more to love.. Everything left in the store is being sold at up to 70 percent off original prices. Cutler Bay, FL 33189, Phone:(305) 234-4262 The partners are planning a major mixed-use redevelopment of the site. 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. 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. 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 . Southland Mall Holiday Hours. Updated June 18, 2020 9:36 AM. One of its largest anchor tenants, Kmart, left in 2017. Southland Mall had financial issues prior to the coronavirus pandemic. How much did it cost to buy a home in Miami-Dade County last week. After 24 years, Sears is closing its Baton Rouge location at the Mall of Louisiana, the last location in the state. I wish that the store were staying open, Miranda said in Spanish. 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. I am sad to see it go.. 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Rouse Properties was spun off from General Growth Properties in January 2012. 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? Macys confirmed to USA Today and Axios that these four stores will close this year: Store closures also happened in 2020, 2021, and 2022. 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. 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. Southland Mall is the oldest in the city, and Macys has been there a decade. Got a confidential news tip? 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. By clicking Sign up, you agree to receive marketing emails from Insider 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 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 . There may be just 150 malls left in the US in 10 years, according to one industry watcher. Heads up, homebuyers! The new owners will provide more information about those plans at a later date, the spokesperson added. Access your favorite topics in a personalized feed while you're on the go. The new owners are planning for a mixed-use redevelopment of the 80-acre site with commercial and residential components. 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. A clearance sale will begin in January and run for approximately eight to 12 weeks, Macy's said. Current tenants include JCPenney, Macys, TJ Maxx, L.A. But shopping malls are likely going to be shuttering in suburbs all across the country, as store closures grow in number and landlords capitulate. Sign up for free newsletters and get more CNBC delivered to your inbox. MIAMI (CBSMiami) - Southland Mall in Cutler Bay has been acquired by two real estate investment firms that have big plans for the property. "Then we will see what the most viable format is," he said. We want to hear from you. It has said malls rated C and below "are not viable retail centers long term.". 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. The mall is also home to Regal Southland Mall cinema, which remains closed. 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. 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. Starting Monday, some fees will rise for homebuyers with higher credit scores, while buyers with lower scores will see a fee reduction. 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 Mall will be dramatically renovated and upgraded and plans are being developed for beautiful residential spaces on excess land, the spokesperson said. That number is expected to shrink to 182 in February. Part of the challenge is buying out anchor tenants, which own their spaces. Rene Rodriguez has worked at the Miami Herald in a variety of roles since 1989. 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. The coronavirus pandemic has accelerated a demise that was already underway. Top editors give you the stories you want delivered right to your inbox each weekday. 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. 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. Westland Shopping Center, also known as Westland Center, is an enclosed shopping mall located in the city of Westland, Michigan, a suburb of Detroit. 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. Northland Center in Southfield is undergoing a makeover into a mixed-use development for retail, residential and office development. Tom Pennington/Getty Images. On Jan. 16, 2019 Sears announced that it had won its bankruptcy auction and would shrink and remain open with 425 stores nationwide. Facebook agrees to pay $725M settlement: Whats the deadline to file a claim? "It is nearly impossible to find a property of this quality and size throughout South Florida. 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. An A++ mall could bring in as much as $1,000 in sales per square foot, for example, while a C+ mall does about $320. The property at 23000 Eureka accounts for more than $2 million in community tax payments. Stay up to date with what you want to know. But an active community of former employees hopes to keep the doomed department store remembered through memorabilia and online. 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. May 2, 2022, 1:30 PM. apartment development in the U.S. is expected to be down 15.6% in a post-Covid . 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. By. The foreclosure marks another gloomy chapter in the ongoing slide of traditional retail. Macy's has yet to give an exact reason, but said this . A representative for Macys did not immediately respond to Nexstars request for comment. This material may not be published, broadcast, rewritten, or redistributed. Store closures also happened in 2020, 2021, and 2022. Francisco Alvarado. SOUTHLAND MALL. The mall was devastated by Hurricane Andrew in 1992, reopened the following year and was renamed Southland Mall in 2003. We are excited to be partnering with BH Group to revitalize this key Miami asset, and we appreciate the opportunity to work with the Town of Cutler Bay in the redevelopment of the site to create new high-quality housing and employment opportunities for its residents," said Joe Lubeck, Managing Partner of Electra America, in a statement.