MIAMI (CBSMiami) – Southland Mall in Cutler Bay has been acquired by two real estate investment firms that have big plans for the property.
Electra America, a real estate private equity firm, and BH Group, a Miami-based private real estate investment firm, paid just over $ 100 million for the approximately 809,000-square-foot shopping center located on about 80 acres of land.
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The partners are planning a major redevelopment of the area for mixed use.
They call it one of the biggest redevelopment opportunities in Miami-Dade, and plan to modernize and reposition the mall while creating new, high-quality homes.
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“It is almost impossible to find a property of this quality and size throughout South Florida. We are excited to partner with BH Group to revitalize this key asset in Miami, and we appreciate the opportunity to partner with the City of Cutler Bay in redeveloping the area to create new high-quality housing and employment opportunities for residents. said Joe Lubeck, managing partner of Electra America, in a statement.
Southland Mall, currently the only closed mall serving southern Miami-Dade and the Florida Keys, has a mix of more than 1[ads1]00 renters, including Macy’s, JCPenney, TJ Max, LA Fitness, Regal Cinemas, Kay Jewelers and Applebee’s.
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Miami’s retail market has picked up sharply over the past year and currently has a vacancy rate of just under four percent.