Minneapolis is currently 17.7% smaller than it was in 1950. The mall features a full-sized Italian carousel. Investcorp engaged Gumberg Asset Management Corp in Fort Lauderdale to handle the day-to-day management and leasing of Southland Mall.[11]. The population in the state of Minnesota is about five 5.8 million people. CommercialEdge. Some people may have been surprised when it was announced on various real estate news websites that Cutler Bays Southland Mall, 20505 S. Dixie Hwy., had been seized by Wells Fargo Bank, representing a commercial mortgage-backed securities trust, as the result of a foreclosure auction on Feb. 10. But he adds those housing units will be different from other developments. Pantry Pride became a Phar-Mor. And todays most quickly growing access control solution leverages what almost everyone today keeps with them at all times: their smartphones. Our news is free and we intend to keep it that way. Apparently many commentators here are unaware of Miamis current public transportation crisis that is set to become a complete catastrophe in the near future. Southland Mall is the large retail landlord's first Memphis property. "I love to assist children in need," Terry said. How is this good news? Copyright 2023 ALM Global, LLC. Southland Mall, originally known as Cutler Ridge Mall, is a shopping mall in Cutler Bay (formerly Cutler Ridge), Florida. People have been leaving Minneapolis in droves since two weeks from today, two years ago. [6][7][8] The Luria's building later became Garden Ridge Pottery, while Dillard's took the former Mervyns which closed in 1997. It was announced on Mar. Old Sears building at Southland Mall is sold By David Volz Oct 28, 2022 0 Work is continuing on the new development of the project involving the former Southland Mall. Electra America and BH Group recently announced they have purchased the former Sears building on the Mall's site. Isnt it like any other public service tho? After buying the property in 2015, the city prepared it for purchase by making repairs, removing asbestos, and . The town is very excited of the endless development opportunities surrounding the Southland Mall area, Casals said. The Retail building was completed in 1981 and features a total of 146,658 SF. Thats what the half-cent sales tax raise was for, and it sunsets for that cause in two years. Build the MetroRail This could help the housing situation. Try legalizing Recreational Cannabiz and tax it. Unless youre aware of some magic funding source that no leaders know of. 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. "It would be a good opportunity, but the high-quality, high-pricing housing, a lot of people can't afford that," said Cutler Bay resident Latoya McCray. Cutler Bay, FL 33189, Phone:(305) 234-4262 The Memphis Business Journal is reporting that a New York-based private investment partnership, Southland Mall Shopping Center LLC, has bought the Southland Mall for $20 million. The new, fully enclosed mall included a Woolworth and JCPenney. google_ad_width = 125; Southland Mall is an enclosed shopping center featuring nearly 100 stores, dining, and entertainment options located in Cutler Bay, Florida. I think its not dense enough to support metro rail and frankly would be too far for a convenient commute but its the perfect distance for commuter trains. Nah, market rate is what we need. This is not a step Carry Out. For more information, please visit www.alapts.com. Miami Dade county taxpayers have paid *for years* for Metrorail extension that has never happened. And better is what town officials say they are working towards. Phar-Mor was torn down for a Kmart. Steve & Barry's closed in late 2008. "It's an embarrassment. Hiw about just staying out of South Dade. Southland Mall is located at 20505 South Dixie Hwy in the Cutler Ridge Center neighborhood, Cutler Bay, FL 33189. features a total of 683,488 SF. Payment systems are touchless and link directly to any of your payment platforms (ApplePay, Google, Zelle, PayPal, your bankwhatever). Generating an unprecedented response from a broad range of local, national, and international buyers. 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. "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. With initial capital commitments totaling approximately$2.5 billionacross multiple funds managed by the firm and its affiliates, Electra Americas portfolio encompasses more than $6 billion in commercial real estate property holdings and debt in the multifamily, hospitality and single-family rental home sectors. Electra America and BH Group paid just over $100 million for the property. The mall had been owned by a subsidiary of Investcorp, a global firm with headquarters in Bahrain and $35B in assets under. Access researched data with nationwide coverage on This. 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. Actually, you wont Shawn. Lucky's closed its doors on August 2, 2008. 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. Southroads, ironically, took the opposite. List your spaces with ease and generate only verified leads with CommercialEdge Marketing. Investcorp reportedly bought the mall for$145M in 2007. Extensive light rail is the only solution where the US1 busway and 117th Ave run as main corridorsalong with other main thoroughfares. Drunk with self-love, criticism has hugely overestimated the centrality of language to western culture. Mobile access control is not a fad. You wanna get taxed outta Miami? Hopefully at least some new asphalt and some really spiffy 21 st. century benches. The platforms are state of the art and are set up exactly the level of Metrorails. Additional businesses on the mall property include Ross Dress for Less, SunTrust, Olive Garden, Applebee's, Regions Bank, Churromania, and Baby Elegant. 2 that long-troubled Southland Mall had been sold to a team of two companies private equity investor Electra America and developer BH Group for $100.35 million.. Specifically, the developers master plan calls for updating the existing 808,766-square-foot mall with cosmetic improvements and the addition of several new high-quality retailers; the phased development of 4,395 new market-rate apartments catering to a full spectrum of household budgets; the addition of several new retail and restaurant concepts, situated around a series of man-made lakes and open spaces; a new specialty grocer, a 150-key hotel, and 60,000 square feet of medical office space; and a terraced community amphitheater/bandshell. Literally all thats missing is rail and itd be a modern metrorail stop. 10720 Caribbean Boulevard The landmark property, co-owned by Investcorp and Gumberg Asset Management Corp., had been having financial difficulties for years. The market value* for Southland Mall - 20507 South Dixie Hwy in 2022 was $5,283,774. A 60-foot battery electric articulated bus with electric traction motors with 150% better performance and no vibration. This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector. Just hit yes and continue on your way. When the main building of Southland Mall was built, the Palma Ceia name was dropped. Metromover doesnt cut it. Originally developed in 1959, it has about 100 tenants. Devin Greaney-Writer In 2004, Southland Mall Properties paid $46 million for the retail site, according to records. *This represents the market value determined by the appropriate local tax/financial authority, and not the latest sale price or current market value based on recent sales. Call 305.669.7030 or view our Media Kit. google_ad_format = "125x125_as"; Were delighted to work with the Town of Cutler Bay and its residents to breathe new life into a property that has been underutilized for decades, and in so doing, create thousands of new jobs, as well as help alleviate the housing crunch facing many Miami-Dade residents today, said Ron Gaither, Chief Development Officer of Electra America. 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 ). In 1995, a new Mervyns store opened, replacing Joseph Magnins, an earlier Southland store. The quality of life will go down hill in a hurry. On July 7, 2017, it was announced that Kmart would be closing on October 1 as part of a plan to close 43 Kmart and Sears stores nationwide. Southland Mall, which opened its doors to the community in 1966 as the first enclosed mall in Memphis, celebrated its 40th anniversary last month. Wd dont want anh more peopke and traffic. The city of Southfield has sold the historic Northland Center. 2023 CBS Broadcasting Inc. All Rights Reserved. In 1950, Minneapolis was the 17th largest city in the US; now its fallen to the 46th largest city in the US. Investcorp's $65M commercial mortgage-backed securities loan, issued in 2014, went into special servicing in April 2020. Your article was successfully shared with the contacts you provided. We will have to wait and see who buys the note before we have a more clear idea of where they want to go.. Enter your email below. Southland Mall, Cutler Bay, FL 33189 - Retail Space. It will be open next year. In addition, Robert Cayre signed as vice president for Southland Mall Shopping Center LLC. Steve & Barry's moved into the former The Good Guys! Strategically located in Houma, Southland Mall continues to be the established shopping destination. In 2006, Old Navy closed. We will email you a link to reset your password. 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. The celebration week kicked off with the signing of a Southland Mall collage by shoppers and tenants expressing their congratulations. In February, Ford City Mall's owner, iStar Financial, hired Jones Lang LaSalle to sell the shopping center that it acquired from Sam Zell in late 2012 through a deed-in-lieu of foreclosure. More Details. Taxpayers half cent sales tax increase paid for the 2.4 mile airport Metrorail expansion, plus maintenance and repairs to existing Metrorail. of floors. Electra America, a real estate private equity firm focused on value-add and opportunistic investment in the Sun Belt, and BH Group, a Miami-based private real estate investment and development firm, have formed a joint venture to acquire the Southland Mall in the Cutler Bay section of Miami-Dade County, approximately 20 miles south of downtown Miami. However, with more units being built in t he area that should help speed thigns up, thats because nobody wants to ride the crappy bus; and those super rich folks in Coral Gables dont ride the metrorail; the whole thing doesnt make sense. A limited liability company named Southland Mall Shopping Center LLC last month bought the property from Memphis Joint Venture, financing the purchase with a $17 million loan through Wachovia Bank. The population in the state of Florida is about 22.3 million people or more. Not at the federal level (most important) and surely not at the county level. 10 Regional Powerhouses to Watch: Top Retail Brands Dominating Local Markets. Fun Minneapolis facts: Southplace City Center will provide a wide range of market-rate housing options, and its location close to major thoroughfares and mass transit, yet away from residential communities, minimizes traffic and facilitates the use of public transportation two key priorities for this community. ABOUT US: There was also a freestanding Sears. Website. Southland Mall's occupancy rate is 74 percent not including the Sears and Macy's stores, Rixter said, adding that with the anchors, the occupancy is at 90 percent. Ensuring that this project aligns with our communitys vision and has a proper mix of use is extremely important to the Town Council and me. We're not asking for your money. google_ad_client = "pub-3056635427836124"; A daily roundup of headlines is sent, no spam ever. The longer elected officials delay metrorail expansion, the more expensive that expansion will be. In 2015, Sears Holdings spun off 235 of its properties, including the Sears at Southland Mall, into Seritage Growth Properties.[12]. The mall opens at noon on Sunday and closes by 6 pm. 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. Exclusive discounts on ALM and GlobeSt events. The property sits across from a new stop on the South Corridor Bus Rapid Transit project, which is currently under construction and slated to open early next year. The stellar team at BH Group brings complimentary skills to the real estate market including acquisitions, construction, design, capital structuring and asset management. He weighed 261 pounds, according to newspaper advertisement he placed in a special supplement about the grand opening of Southland Shopping Center in 1965. The 80-acre, $1 billion redevelopment will be one of the largest projects of its kind in the Southeast and will be called Southplace City Center.. Not gonna happen. Public records from the Shelby County Register's Office show the address of the LLC as that of Aurora Capital Associates in New York - the same address as that of The Cayre Group Ltd. . The mall was largely destroyedby Hurricane Andrew in 1992 and rebuilt the following year. Southland Mall - 20507 South Dixie Hwy was built in 1981. 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. Supply and demand. On Aug. 24, the Heart and Soul program showcased neo-soul, reggae singers and spoken-word poets. The property last traded for $46 million in 2004. ", First published on May 3, 2022 / 11:15 PM. ", The future of this site is one that our residents deeply care about, expressed Town of Cutler Bay Mayor Tim Meerbott. "Southland Mall's 40th anniversary was truly an occasion to remember, bringing the community together to celebrate its history and its continued success," Rixter said. Subsequent additions extended the mall in the early to mid-1980s. "So, we develop a division which would be amenable with our town a mix-used environment that will bring all the things that we can use restaurants, entertainment, jobs something that's very vital in every community," added Meerbott. There is also a vacant anchors left by Sears and Dick's Sporting Goods, which prior to Dick's was Kohl's, and way before Mervyn's. The appreciation ceremony concluded with Belk and family members releasing 40 balloons into the air to symbolize 40 years of history. The development team acquired the mall and adjacent parcels totaling 80 acres in May of this year. //--> Bro are you that dumb? The developers plan is in accordance with the Towns code and will not be seeking any special approvals. Ground Level, near Dick's Sporting Goods. We need you to be cool with us holding onto your email address (if we already have it) and for us to email you about commercial real estate news and events. JC Penney at Southland Mall in Cutler Bay, Florida, south of Miami. Period. Fitness, Regal Cinemas, Old Navy . Max W. Campbell was a big man. They are adding it to the joint Yeah in about another 10 years. The program concluded with Cheryl Jefferson's name being drawn for an island trip for two provided by Soul Classic 103.5 FM and Power 99. no different just a fancier bus stop; or fancier place for homeless population to sleep in. 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. Stamp It! This is why so many people are being bled out of Miami because the quality of life there sucks now. JC Penney at Southland Mall in Cutler Bay, Florida, south of Miami. 510-266-6640. //-->, Memphis Links What is more important , what will the People get for the tidy sum of $ 368 million. Southland Mall | Houma LA The project design team for Southplace City Center includes economic advisors Florida Economic Advisors, retail consultants CPH, master planner/designer MSA Architects Inc., landscape planner Insite Studio and civil/traffic engineer Kimley Horn. Get browser notifications for breaking news, live events, and exclusive reporting. Cutler Bay Mayor Tim Meerbott also is optimistic about the possibilities. MD County recently was awarded $1.2 billion in federal transit money, and none of it is earmarked for Metrorail or Metromover expansionits for repairs and maintenance to existing systems. Just forget it. Yeah. This property is off-market. 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. Southland Mall at 1215 E. Shelby Drive has sold for $20 million to a New York-based investor. Southland Mall features JCPenney and Macy's as its anchor stores. CommercialEdge. Success! Thousands Of Units Planned At Southland Mall, Next To New BRT Stop, All Rights Reserved 2023 The Next Miami. Just before 10 p.m. Sunday, Aurora . It's already hard to afford.". 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. The reinvention of the Southland Mall into Southplace City Center, a vibrant, mixed-use transit-oriented community with live-work-play options, promises much-needed relief for a city suffering from a major housing shortage, MIAMI (September 20, 2022) Electra America, a real estate private equity firm focused on value-add and opportunistic investment in the Sun Belt region of the U.S., along with its U.S.-affiliate, American Landmark, and BH Group, a Miami-based private real estate investment and development firm, today unveiled preliminary plans for the redevelopment and reinvention of the Southland Mall in Cutler Bay, located approximately 20 miles south of downtown Miami. The event included the recognition of Macy's (formerly Goldsmith's), Sears and Piccadilly cafeteria for being 40-year tenants, Rixter said. Did everyone not reas the the article?