These closures come on the heels of Macys opening multiple off-mall, small-format stores in 2022. The outdoor retailer REI is also looking to sell its recently completed corporate campus in suburban Seattle, shifting instead to more satellite offices, as a result of the pandemic. Fairlane Town Center in Dearborn was placed under new ownership after a loan default. This makes malls the most vulnerable type of shopping centers to the Covid-19 impact, it said, compared with other properties like strip centers that have grocery stores and outlet centers that offer consumers bargains. Miami-Dade Circuit Court Judge Mavel Ruiz entered a final judgment on behalf of Wells Fargo in January 2021. But Investcorp was unable to make its April 9 payment last month, battered by the coronavirus shutdown and the brick-and-mortar retail slump that shuttered one of its three anchor stores (Sears). The mall was devastated by Hurricane Andrew in 1992, reopened the following year and was renamed Southland Mall in 2003. Investcorp had defaulted on its $65 million CMBS loan in April and initially asked its special servicer KeyBank for relief. Macy's to close some locations in 2023: Here's where Got a confidential news tip? 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. Oct 12, 2022, 9:40 AM PDT. Cutler Bay, FL 33189, Phone:(305) 234-4262 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. We have a never quit attitude out here. Office development is set to drop 10%, it said, while retail falls 15.7%. The mall was completely demolished in 2009, and in 2013 Cerner bought the property to redevelop. The Southland Mall in Miami opens at 10 am Monday to Saturday and closes by 8 pm but has different opening and closing times on Sunday. "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. A clearance sale will begin in January and run for approximately eight to 12 weeks, Macy's said. Mayor Wharton admits this is a blow to Whitehaven, and is worried about the 112 people losing jobs, and shoppers leaving the city. Collins is frustrated, because he had no idea this was coming. If they would have told us what they need to maintain their operation, Im sure they would have had one advocate for them and thats me, Councilman Harold Collins said. Attention focused on the Taylor shopping center after a New York financial rating service reported that the Toronto-based owner of Southland Center had defaulted on a multimillion-dollar loan payment due in July. 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 . "Regrettably, this injudicious behavior has left us with no other option than to terminate the Saks lease and sue to evict Saks from Bal Harbour Shops.". This property has not changed hands since 2013. Cutler Bay Town Hall Northland Center in Southfield is undergoing a makeover into a mixed-use development for retail, residential and office development. UPDATE: Southlake Mall under new management after owner defaulted on "Then we will see what the most viable format is," he said. It was bought by the management of the Kmart chain in 2005, becoming Sears Holdings after the merger. MIAMI (CBSMiami) - Southland Mall in Cutler Bay has been acquired by two real estate investment firms that have big plans for the property. 6796 SW 62nd AvenueSouth Miami, Florida 33143(305)669-7030, Miami Community Newspaper Sponsored Content, Latin Builders Association Community News. "Often, that requires rezoning areas a long and tedious process with a low probability of success.". 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