In October, the commercial brokerage JLL was tapped to sell the $65.1 million CMBS loan tied to the mall. A representative for Macys did not immediately respond to Nexstars request for comment. SMART 210, 250. 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. Brookfield and Southland officials could not be reached for comment on how the unmet loan payment will be handled. From bad to worse: Student misbehavior rises further since return of in-person McConnell insists hes sitting out debt talks to disbelief. A lender has taken control of Southland Mall in Cutler Bay after a foreclosure auction failed to yield any bids over $2,600. 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. It's starting with these 248 stores. The mall offers more than 900,000 square feet of retail space, 4,990 parking spaces and features J.C. Penney . A year later its loan was transferred to special servicing due to the retail vacancy, and its maturity date was extended. According to Egelanian, the malls that will weather the storm will be premium locations with entertainment, dining, and luxury stores. By clicking Sign up, you agree to receive marketing emails from Insider Fairlane Town Center in Dearborn was placed under new ownership after a loan default. Operating hours. Absolutely, I am concerned about the loss of sales tax revenue. But even office space is a risky bet now, as the working-from-home trend could become permanent for some. 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. Other industry watchers predict a similarly painful fate for malls and retail stores more generally. Southland Mall in Miami-Dade faces foreclosure | Miami Herald 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. The consensus seems to be that turning old retail space into new warehouses might not be so easy, even though it might seem like a logical solution. Penney emerged from bankruptcy in 2020. Fitch Ratings Inc. said Brookfield Properties a global company with more than 200 retail holdings owes nearly $65.1 million on a $78.5 million loan from 2012. 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.
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