MIAMI (CBSM Miami) – Southland Mall in Cutler Bay has been acquired by two real estate investment firms with big real estate plans.
Electra America, a private equity real estate firm, and BH Group, a Miami-based private real estate investment firm, paid just over a hundred million dollars for the 809,000-square-foot mall that sits on about 80 acres of land.
The partners are planning a major mixed-use redevelopment of the site.
Calling it one of Miami-Dade’s largest redevelopment opportunities, they plan to modernize and reposition the mall while creating new, high-quality housing.
“It is almost impossible to find property of this quality and scale throughout South Florida. We are excited to partner with BH Group to revitalize this major asset in Miami, and we appreciate the opportunity to work with Town of Cutler Bay on the redevelopment of the site to create new high-quality housing and job opportunities for its residents. Joe Lubeck, managing partner of Electra America, said in a statement.
Southland Mall, currently the only closed mall serving south Miami-Dade and the Florida Keys, has a mix of over 100 tenants including Macy’s, JCPenney, TJ Max, LA Fitness, Regal Cinemas, Kay Jewelers and Applebee’s.
The Miami retail market has rebounded strongly over the past year and the vacancy rate is currently under four percent.
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