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While most such malls are expected to generate enough cash flow to cover debt service, Che said, others face continued performance challenges, liquidity pressures and overall market sentiment.. apartment development in the U.S. is expected to be down 15.6% in a post-Covid . The hospitality investment arm of Electra America, co-founded by managing partner Joe Lubeck, recently teamed up with Korman Communities to purchase an 217-micro-unit multifamily project in West Palm Beach for $83.9 million. The partners are planning a major mixed-use redevelopment of the site. City leaders said the closure came as a huge surprise. 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. The Mall at Partridge Creek in Clinton Township faltered under debt and entered receivership. 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. www .westlandcenter .com. Now the lenders plans for the mall are unclear. Time to claim part of $10 million settlement running out, Giant seaweed blooms beaching begins, expected to worsen, Crowds, high prices and the White Lotus effect: Worst places to travel this summer, More than 200 people died in national parks last year: These were the deadliest. This material may not be published, broadcast, rewritten, or redistributed. Westland Shopping Center - Wikipedia That number is expected to shrink to 182 in February. Top editors give you the stories you want delivered right to your inbox each weekday. Starting Monday, some fees will rise for homebuyers with higher credit scores, while buyers with lower scores will see a fee reduction. Department stores account for about 30 percent of the mall square footage in the United States, with 10 percent of that coming from Sears (which filed for . SHARE THIS ARTICLE. More Macy's stores to close in 2023. See the list of closing - MSN Monday. "State and local governments typically tax industrial properties at anywhere from half to two-thirds the rate of commercial properties, so municipalities have little incentive to rezone areas from commercial to industrial use, as they will collect less tax revenues," Calanog said. At the end of 2020, occupancy was just 74 percent, according to Trepp. 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. The mall itself almost looks like a 4 spoke wheel where the mall itself owned the center of the mall and portions of the parking lot going out to the perimeter and around the other 4 parcels. 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. Sunrise Mall in Massapequa tells tenants to vacate, leaving store The Southland Mall follows the schedule given below in the table.