Website. 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. But shopping malls are likely going to be shuttering in suburbs all across the country, as store closures grow in number and landlords capitulate. And so with minimal revenue coming in, these are the businesses that are most likely requesting rent reductions, or not paying rent at all. The final clearance will start Monday, January 12. Coresight Research estimates 25% of America's roughly 1,000 malls will close over the next three to five years. Office development is set to drop 10%, it said, while retail falls 15.7%. Tenant vacancies have had a sizable impact on the malls appraised value, according to Trepp. SOUTHLAND MALL. Southland is the closest area mall to the Canadian border crossing, Brookfield said. "Unfortunately, this whole Covid thing has thrown the experiential pitch out the window," Moody's Calanog said in a phone interview. As final Zellers stores close, former employees swap memories - CBC The South Florida Business Journal first reported the news of the judgment and the auction. 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. Fitch analysts said the Southland experience is increasingly familiar among bricks-and-mortar retail centers, from coast to coast. Tuesday. The coronavirus pandemic has accelerated a demise that was already underway. 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 . These closures come on the heels of Macys opening multiple off-mall, small-format stores in 2022. More Macy's stores to close in 2023. See the list of closing - MSN Electra America, a real estate private equity firm, and BH Group, a Miami-based private real estate investment firm, paid just over one hundred million dollars for the roughly 809,000 square foot mall which is on about 80 acres of land. 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. May 2, 2022, 1:30 PM. Investcorp had defaulted on its $65 million CMBS loan in April and initially asked its special servicer KeyBank for relief. But an active community of former employees hopes to keep the doomed department store remembered through memorabilia and online. Miami's retail market has rebounded strongly over the past year and currently has a vacancy rate of just under four percent. 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. 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. The locations included Market by Macys, according to a July press release from the company, a smaller store that offers customers more to love.. The two-level mall was home to Macy's, JCPenny and Sears and was adorned in many red-brown tile foundations with plants surrounding them. Call 305.669.7030 or view our Media Kit. The new owners are planning for a mixed-use redevelopment of the 80-acre site with commercial and residential components.