MIAMI (CBSMiami) – Southland Mall in Cutler Bay has been acquired by two actual property funding corporations which have massive plans for the property.
Electra America, an actual property non-public fairness agency, and BH Group, a Miami-based non-public actual property funding agency, paid simply over 100 million {dollars} for the roughly 809,000 sq. foot mall which is on about 80 acres of land.
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The companions are planning a significant mixed-use redevelopment of the positioning.
Calling it one of many largest redevelopment alternatives in Miami-Dade, they plan to modernize and reposition the mall whereas creating new high-quality housing.
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“It is nearly impossible to find a property of this quality and size throughout South Florida. We are excited to be partnering with BH Group to revitalize this key Miami asset, and we appreciate the opportunity to work with the Town of Cutler Bay in the redevelopment of the site to create new high-quality housing and employment opportunities for its residents,” mentioned Joe Lubeck, Managing Partner of Electra America, in an announcement.
Southland Mall, presently the one enclosed mall that serves southern Miami-Dade and the Florida Keys, has a mixture of greater than 100 tenants together with Macy’s, JCPenney, TJ Max, L.A. Fitness, Regal Cinemas, Kay Jewelers, and Applebee’s.
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Miami’s retail market has rebounded strongly over the previous yr and presently has a emptiness charge of slightly below 4 %.