J.C. Penney stores closing: Full list of closures due to bankruptcy and Website. This material may not be published, broadcast, rewritten, or redistributed. "It is nearly impossible to find a property of this quality and size throughout South Florida. Eastland Center in Harper Woods closed in early 2022 to clear the way for warehouses and a distribution center. The final clearance will start Monday, January 12. 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. Coresight Research estimates 25% of America's roughly 1,000 malls will close over the next three to five years. She had an armful of clothes in one hand and was pushing her childs stroller with the other. "Unfortunately, this whole Covid thing has thrown the experiential pitch out the window," Moody's Calanog said in a phone interview. 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 Southland Mall follows the schedule given below in the table. "One cannot simply build industrial buildings in areas zoned for commercial use," he explained. With Department Stores Disappearing, Malls Could Be Next Jump to. Now the lenders plans for the mall are unclear. The property could attract investors seeking tax benefits from funding a project in an Opportunity Zone, a federally designated area meant to encourage development and job creation in low-income communities. Facebook agrees to pay $725M settlement: Whats the deadline to file a claim? Save my name, email, and website in this browser for the next time I comment. "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," the head of Moody's Analytics commercial real estateeconomics division, Victor Calanog,said in a report released Thursday. Sunrise Mall in Massapequa tells tenants to vacate, leaving store Penney emerged from bankruptcy in 2020. Southland Mall, 1215 East Shelby Drive, Memphis, TN. This is not a dead mall, not at all, Duski said. Malls like Southland may struggle to refinance, said Melissa Che, a senior director at Fitch. Floodplain Mitigation Plan Advisory Committee, Watch this video to hear Mayor Tim Meerbott, Invasive Exotic Plant Species in Cutler Bay, 6th Annual Wings Over the Bay & Country Concert. Other industry watchers predict a similarly painful fate for malls and retail stores more generally. In some states, such as New York and California, movie theaters remain closed to this day. Concerns and frustrations over Macy's closing in Southland Mall In April, analysts at UBS projected that 40,000-50,000 American retail stores would shut down by 2027. 10720 Caribbean Boulevard Data is a real-time snapshot *Data is delayed at least 15 minutes. The timings are subject to change depending upon different locations and any special event coming by: Week Days. What were the changes in real estate prices in Broward County last week? www .westlandcenter .com. During the pandemic, movie theaters and clothing shops have faced long windows of being closed, while consumers could still flock to strip centers for food, cleaning products and other essentials. 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. I am sad to see it go.. Get browser notifications for breaking news, live events, and exclusive reporting. City leaders said the closure came as a huge surprise. 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. After 24 years, Sears is closing its Baton Rouge location at the Mall of Louisiana, the last location in the state. The company is closing 14 stores across the county as part of a restructuring plan. Macys also helped Toys R Us make a comeback, opening locations in nearly every state last year. Wells Fargo, representing the CMBS investors, placed a credit bid, or a bid using its existing debt, of $2,600. Brookfield said Southland features the best mix of national retailers, big box brands and local vendors. Among those cited by Brookfield: Best Buy, Victorias Secret, Pink, American Eagle, H&M, Pandora and a Cinemark theater. Miami's retail market has rebounded strongly over the past year and currently has a vacancy rate of just under four percent. Current tenants include JCPenney, Macys, TJ Maxx, L.A. In June 2020, Wells Fargo filed a foreclosure lawsuit against Southland Mall Properties for defaulting on a $65.1 million mortgage. WREG is told the 112 employees will be offered jobs in other nearby locations or severance packages. The company is closing 14 stores across the county as part of a restructuring plan. Office development is set to drop 10%, it said, while retail falls 15.7%. Theres nothing like lazy summer days relaxing on the patio. 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. The lack of interest in the once bustling mall previously owned by . This is an archived article and the information in the article may be outdated. The South Florida Business Journal first reported the news of the judgment and the auction. 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 seller is Wells Fargo Bank as trustee for a JP Morgan Chase commercial mortgage-backed securities trust, which seized the property in February of last year as a result of a $68.7 million foreclosure judgment against the previous owner. Please look at the time stamp on the story to see when it was last updated. But the hurdles include the need to have properties rezoned, which could be met with pushback from local municipalities. The Tuttle mall property is actually 5 separate parcels of land. It's starting with these 248 stores. In May, Macys reported better-than-expected earnings for its national network of department stores. Southland Mall had financial issues prior to the coronavirus pandemic. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. The mall is the collateral for the loan. "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. 1998 - 2023 Nexstar Media Inc. | All Rights Reserved. apartment development in the U.S. is expected to be down 15.6% in a post-Covid . 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. / CBS Miami. 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 representative for Macys did not immediately respond to Nexstars request for comment. Investors have foreclosed on Southland Mall, 20505 S. Dixie Highway in Cutler Bay, after defaulting on a $67.5 million loan. Last year, the mall was dealt another blow when Sears vacated its store. 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. Updated June 18, 2020 9:36 AM. May 6, 2022 / 6:00 AM The marketing pitch cited the malls Opportunity Zone designation and redevelopment potential. There may be just 150 malls left in the US in 10 years, according to one industry watcher. 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 October, the commercial brokerage JLL was tapped to sell the $65.1 million CMBS loan tied to the mall. More Macy's stores to close in 2023. See the list of closing - MSN 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. This story was originally published June 10, 2020, 6:10 PM. 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. 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. 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. 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 mall was devastated by Hurricane Andrew in 1992, reopened the following year and was renamed Southland Mall in 2003. 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. Tens of thousands of stores could still close even after the - CNN

Juco Baseball Showcases 2022 Texas, How To Make Hot Tamales With Aluminum Foil, Carnival Spirit Deck Plan 7, Articles I