southland mall sold

Id rather Metrorail be extended to Miami Beach east, and Little Havana, Doral, and FIU west, before any extension southbound into a low-density suburban area. At zip code level, there are 11 commercial properties, of which 9 are retail buildings over 50,000 square feet. Southland Mall at 1215 E. Shelby Drive has sold for $20 million to a New York-based investor. Leila Batista agreed, saying, "It concerns me about the property value in the area because it's already going up. Jeremy Larkin, co-chairman of commercial brokerage NAI Miami, who wasn't involved in the deal, told the Miami Heraldthat the mall has redevelopment potential considering the population in Cutler Bay has grown 15% over the past decade. It was announced on Mar. The auction was scheduled after the court ruling was handed down. The mall was nearly destroyed by Hurricane Andrew in 1992. Past mayor Gimnez now represents us at a federal level. Pantry Pride became a Phar-Mor. The owner of Southland Mall, B.V. Belk Jr., opened the ceremony with a welcome and thank you to the tenants. Already have an account? Leveraging decades of expertise, Electra America is committed to transparency, the alignment of interests between sponsors and investors, and delivering superior risk-adjusted returns to its investors and partners. Canes and other Cutler Bay residents who feel the same will soon get their wish of a facelift. "The mall has been decaying quite a bit, as you can see in the background it needs a major facelift to say the least," added Canes. Located at 20505 South Dixie Highway, the Southland Mall is currently 80% occupied with a mix of more than 100 tenants including JCPenney, Macy's, TJ Max, L.A. In addition to its core competencies, the BH team brings a vitality and spirit to the business that is most often found in driven entrepreneurs who come from challenging business environments abroad. The Cayre Group produces children's, juniors' and ladies' apparel, according to its Web site. MEMPHIS, Tenn. Project developments at Southland Mall have moved off the drawing board and toward reality with a storage facility set to open in July in the space formally occupied by Sears.. In June 2020, Wells Fargo filed a foreclosure lawsuit against Southland Mall Properties for. Minnesota is cold. After buying the property in 2015, the city prepared it for purchase by making repairs, removing asbestos, and . Southland Mall features JCPenney and Macy's as its anchor stores. Fitness, Regal Cinemas, Old Navy . Southland Mall | Houma LA Coordinates: .mw-parser-output .geo-default,.mw-parser-output .geo-dms,.mw-parser-output .geo-dec{display:inline}.mw-parser-output .geo-nondefault,.mw-parser-output .geo-multi-punct{display:none}.mw-parser-output .longitude,.mw-parser-output .latitude{white-space:nowrap}253428N 802207W / 25.574392N 80.368735W / 25.574392; -80.368735. Southland Mobile Accessories. South Dade's Southland Mall has been sold, and the new owners are said to be planning thousands of new residential units, according to the SFBJ. Electra America is a partnership between The Lubeck Family and a subsidiary ofElectra Real Estate Ltd., an Israeli company founded in 1972 and publicly traded on the Tel Aviv stock exchange (TLV: ELCRE). Downtown Miami Development Site Trades for $1.2B, EDEN, Dermot Plan Downtown Miami Luxury Apartment, ZOM Living Sells Mezzo Dallas Multifamily Development, Unlimited access to GlobeSt and other free ALM publications, Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications, 1 free article* every 30 days across the ALM subscription network, Exclusive discounts on ALM events and publications. A Kmart store closed in 2017 and a Sears closed in early 2020. Like every other business in America, Southland Mall opens and closes on certain holidays. Level boarding. Good more density near future metrorail stations hopfully. What is more important , what will the People get for the tidy sum of $ 368 million. Stamp It! Download this white paper and dive into location intelligence data to see which 10 retail brands are dominating their local market and making a mark on their region -- and beyond. On April 29, 2022, Southland Mall was sold to Electra America and BH Group, a Miami-based private real estate investment and development firm, for $100.35 million. are retail buildings over 50,000 square feet. Taxpayers half cent sales tax increase paid for the 2.4 mile airport Metrorail expansion, plus maintenance and repairs to existing Metrorail. At zip code level, there are 11 commercial properties, of which 9 Pyramid Promises In 2017, The Galleria at Pittsburgh Mills Mall sold for $100at auction in a similar credit bid situation. 2023 CBS Broadcasting Inc. All Rights Reserved. BH Group is a Miami-based real estate development firm focused on the ground-up development of luxury projects throughout South Florida. google_cpa_choice = "CAEQjMGkgwIQ0MCkgwIQlMCkgwIQ2L-kgwIQnL-kgwIQ4L6kgwIQpL6kgwIQ6L2kgwIQrL2kgwIQ8LykgwIQtLykgwIQ7Pa39gEQsPa39gEQ9PW39gEaCPGka20_VnAHKJDD4IEBKJDD4IEBKJDD4IEBKJDD4IEBKJDD4IEBKJDD4IEBKJDD4IEBKJDD4IEBKJDD4IEBKJDD4IEBKJDD4IEBKJDD4IEBKJDD4IEBKJDD4IEB"; 1,018 were here. This is why so many people are being bled out of Miami because the quality of life there sucks now. The site is conveniently bordered by the Florida Turnpike on the east and U.S. 1 on the west, placing it on major commercial crossroads in suburban Miami-Dade County, directly along the new South Corridor Rapid Transit Project, expected to open in . Minneapolis gained 50k people in the past decade and all neighborhoods in Minneapolis continue to increase in population. Southland Mall features JCPenney and Macy's as its anchor stores. Existing zoning allows 15 floors and 720 apartments, according to the Herald. Southroads, ironically, took the opposite. The development team acquired the mall and adjacent parcels totaling 80 acres in May of this year. In 2002, management of the mall was assigned to T/S Development of Miami, Florida, which changed the name of the mall in November 2003 to Southland Mall. "We have worked hard over the last two years and plan to continue to work hard to ensure Southland Mall has 40 more great years," Belk said. You must have JavaScript enabled to use this form. Copyright 2023 ALM Global, LLC. The mall had been owned by a subsidiary of Investcorp, a global firm with headquarters in Bahrain and $35B in assets under. The joint venture to develop the 430-unit multifamily tower in the Park West district of Miami. A Liberty House (later Emporium Capwell and then Macy's) was part of a major expansion completed in 1972, which included an indoor ice rink. We have been in contact with many groups looking to redevelop the mall, Mayor Meerbott said. Ground-breaking on the first residential building is expected in mid-2023 and would deliver in approximately 18 months (early 2025), with rents starting at $2,500. [4] Lord & Taylor closed in 1990 and became Mervyns in 1991. The site incorporated a freestanding Sears location and a few other stores operating as the Palma Ceia Center (Palma Ceia being Portuguese for "Palm Supper", a reflection of the ethnic Portuguese heritage of Oakland and its newly developing suburbs) and a $20 million expansion program was announced in the fall of 1963, in which the facility would become an enclosed mall. [5] The owner, Simon DeBartolo (now Simon Property Group) declared bankruptcy in the late 1990s and ownership was transferred to Lender Ocwen Federal Bank. Town of Cutler Bay By Brian Bandell - Real Estate Editor, South Florida Business Journal May 2, 2022 Updated May 2,. It seems likely at this point, based on announced intentions, that most existing stores and restaurants will remain, with new features being added to surrounding areas of the mall property. List your spaces with ease and generate only verified leads with CommercialEdge Marketing. As part of our marketing strategy, the town has developed a promotional video which highlights the Vision, Zoning and Federal Opportunity Zone designation., The video may be viewed at features a total of 146,658 SF. Bro are you that dumb? 2023 Top Security Trends: User Experience and Convenience Are Driving More Effective Security for CRE. Delivery. of floors. Originally developed in 1959, it has about 100 tenants. The city of Southfield has sold the historic Northland Center. Southland Mall, originally known as Cutler Ridge Mall, is a shopping mall in Cutler Bay (formerly Cutler Ridge), Florida. There are no extensions planned, and no funds for expansion. Wells Fargo Bank, trustee for the CMBS trust that issued the loan for the 977K SF Southland Mall in Cutler Bay, Florida, filed a foreclosure lawsuit in June and won a judgment of $68.7M in principal and interest. The partners paid $100.35 million to purchase the 808,776-square-foot mall located on approximately 80 acres of land. A Miami-area mall has been seized by its lender, which won a Feb. 10 foreclosure auction with a $2,600credit bid, the South Florida Business Journalreported. Carry Out. The Southlands mall, which opened in 2005, was recently sold for $ 141 million. Call 305.669.7030 or view our Media Kit. With three groups, ranging from little ones to teenagers, they entertained the crowd with their routine. no different just a fancier bus stop; or fancier place for homeless population to sleep in. Southland Mall - 20507 South Dixie Hwy totals 146,658 square feet. The peak population of Minneapolis was in 1950, when its population was 521,718. Based in Tampa, Florida, American Landmark specializes in the acquisition and management of value-added multifamily properties located in high-growth markets throughout the Sunbelt, including Arizona, Georgia, Florida, North Carolina, South Carolina, Tennessee and Texas. On November 7, 2019, it was announced that Sears would be closing this location a part of a plan to close 96 stores nationwide. For more information, please visit www.alapts.com. A Liberty House (later Emporium Capwell and then Macy's) was part of a major expansion completed in 1972, which included an indoor ice rink. On Aug. 23, an appreciation ceremony was held to recognize the accomplishments and successes of the mall throughout the years. Yeah. Nine bays of the 76 in the mall and on the outparcels are vacant, he said. //-->, Memphis Links The current owner is a Charlotte, N.C. investor who is, reportedly, poised to sell the 220,721-square-foot property for $91 per square foot. Thats what the half-cent sales tax raise was for, and it sunsets for that cause in two years. CommercialEdge: Lol. Southland Mall, at 20503 S. Dixie Highway, totals 976,889 square feet. We need additional data to finish your registration. The total project, to be completed over a seven-year time frame, is expected to create approximately 2,700 new jobs and generate $44 million in property taxes ad valorem revenue in the first five years ($6.1 million to Cutler Bay), and up to $491 million ($75.2 million to Cutler Bay) over a 20-year period. According to town officials, the mall, which was in bankruptcy, was recently sold for more than $100 million and the new owners have agreed to work with the town to transform the more than 80-acre property. The Southland Mall in Cutler Bay was sold to Electra America and BH Group. For more information, visitwww.electramerica.com. CUTLER BAY (CBSMiami) Southland Mall in Cutler Bay will soon be transformed into a multimillion-dollar mixed-use development with homes, restaurants and retails shops. Build the MetroRail This could help the housing situation. The property tax for Southland Mall - 20507 South Dixie Hwy in 2022 was $94,936. Look at Minneapolis. Unless youre aware of some magic funding source that no leaders know of. Investcorp reportedly bought the mall for$145M in 2007. May 3, 2022 / 11:15 PM Our news is free and we intend to keep it that way. On Aug. 26, the 40 Years Walk/Stroll began at 8 a.m. and showed appreciation to Southland Mall's faithful mall walkers by giving free T-shirts and Coke products. The site is ready for change and this project will check so many boxes on our communitys wish listthousands of jobs, more restaurants, entertainment, and a fresh look, to name a few. "It's an embarrassment here, it's dilapidated," said longtime Cutler Bay resident Dahlia Canes as she walked around Southland Mall. Exclusive discounts on ALM and GlobeSt events. Just before 10 p.m. Sunday, Aurora . First Republic Bank Sold to JPMorgan Chase, Aprils Apartment Rent Growth Hits Several Grim Milestones, Those New Office Building Amenities Come With Legal Risks, W&D Thinks Apartment Deals Will Start Up Again in H2, First Republic Largest Lender to San Francisco Multifamily Sector. Fortunately, some of our favorite mall stores still exist including The Gap, Hickory Farms, and Bloomingdale's. But far more have been consolidated, rebranded, or just closed down (we're looking at you with sadness, Esprit de Corps ). Steps New York (305) 235-6662. Get browser notifications for breaking news, live events, and exclusive reporting. In 2004, Walgreens moved out of Southland. CommercialEdge. www.dropbox.com/sh/hfjb3syv30f23j6/AACZhJB8vv0SA4Mcbsb78d5za?dl=0&preview=Cutler+Bay+Town+Center+2019.mp4. It opened in 1978[3] as an extension of the Cutler Ridge Shopping Center, which itself was opened in 1960 (shortly after its "grand reopening", Cutler Ridge Mall moniker was subsequently applied to the entire shopping center complex). We would go to that mall a lot in my childhood years. Not gonna happen. The CMBS trust. They really need to extend that metro rail, traffic south of the metro is a nightmare but the new housing units is a good start. You can kick the entire amount of people that live in Minnesota out of Florida and still Florida will have a population thats almost or probably is three times larger that Minnesota. The plan also calls for a new vehicular entrance directly off U.S. 1, featuring a welcoming entrance square with a large fountain and extensive green space, along with a pedestrian bridge connecting the community to the new bus rapid transit stop. On July 10, 2020, it was announced that Sears would be closing as part of a plan to close 28 stores nationwide. 6796 SW 62nd AvenueSouth Miami, Florida 33143(305)669-7030, Miami Community Newspaper Sponsored Content, Latin Builders Association Community News. Supply and demand. The grand finale of Southland Mall's 40th anniversary week opened with a live performance by Memphis Soul Revue and included drawings for gift certificates from City Gear, Silver Time, Piccadilly and Mr. Goldman's. Download this report and discover how CRE organizations are driving process efficiencies, sustainability and security for spaces, buildings and lives. The comparison would not make sense, because Miamis population has been increasing since then. American Landmark is committed to delivering great service and outstanding living environments to residents and delivering consistent, attractive risk-adjusted returns to investors and partners. There was also a freestanding Sears. Thousands Of Units Planned At Southland Mall, Next To New BRT Stop, All Rights Reserved 2023 The Next Miami. When Cutler Ridge Mall reopened the following year, none of the original Cutler Ridge Shopping Center (except Sears) remained standing. Not enough people are riding the bus and that is the excuse the city will make to not expand metro rail. Not at the federal level (most important) and surely not at the county level. owners, building management, representatives from permits and tenants. Our zoning is very favorable to development which can include high density mixed use type of development. Photo by Philip B. Poston/Sentinel AURORA | With thousands of cars cruising by on the E-470 toll road everyday and a steady stream of new rooftops in the neighborhood, Southlands Mall doesn't struggle to lure shoppers.