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 private equity real estate firm, and BH Group, a Miami-based private real estate investment firm, paid just over $100 million for the approximately 809,000-square-foot mall on approximately 80 acres of land.
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The partners are planning a major redevelopment of the mixed-use site.
Calling it one of the largest redevelopment opportunities in Miami-Dade, they plan to modernize and reposition the mall while creating new high-quality homes.
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“It’s nearly impossible to find a home of this quality and size in all of South Florida. We are delighted to partner with BH Group to revitalize this important Miami property, and appreciate the opportunity to partner with the City of Cutler Bay in the redevelopment of the site to provide new high-quality housing and employment opportunities for its create 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 100 tenants, including Macy’s, JCPenney, TJ Max, LA Fitness, Regal Cinemas, Kay Jewelers and Applebee’s.
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Miami’s retail market has recovered strongly in the past year and currently has a vacancy rate of just under four percent.