Seritage Expansion Properties’ Andrea Olshan and Electra America’s Joe Lubeck with former Sears keep at Southland Shopping mall, 20505 South Dixie Highway (LinkedIn, Electra The united states, Google Maps)
Electra The usa and BH Team included a previous Sears retail outlet to the joint venture’s Southland Mall assemblage slated for a $1 billion overhaul.
The joint undertaking acquired the 130,000-sq.-foot massive box making for $34 million from Seritage Expansion Homes, the New York-primarily based Sears spinoff that is shedding genuine estate assets in South Florida and other parts of the U.S., in accordance to a push launch. Michael Fay and John Crotty brokered the sale, and Miami-dependent BridgeInvest financed the deal for an undisclosed sum.
Seritage had owned the 15-acre retail web-site at Southland Mall at 20505 South Dixie Freeway in Cutler Bay due to the fact 2015, when the company acquired the whole nationwide Sears and Kmart authentic estate portfolio, data present.
Last thirty day period, North Palm Seashore-dependent Electra, its Tampa-based mostly affiliate American Landmark and Miami-based BH Team unveiled designs to rework the indoor searching mall into Southplace Metropolis Middle. The mixed-use task will incorporate 4,395 residences, a 150-critical lodge, 60,000 sq. ft of health care office environment area, 150,000 square toes of retail outparcels and a community amphitheater, a push release states. As section of the redevelopment, the partnership will make cosmetic improvements and add new stores, together with a specialty grocer, to the present 809,000-square-foot shopping mall.
Electra, led by American Landmark CEO Joe Lubeck, and BH Team acquired the 80-acre Southland Shopping mall internet site for $100.3 million in April, information clearly show. The browsing middle and the Sears home are in an Prospect Zone, a federally designated space wherever traders can reach tax breaks if they use their capital gains to spend in a venture in an underserved place.
The joint undertaking plans to crack ground on the initial condominium developing up coming calendar year with a concentrate on completion day in 2025, the release states.
Not long ago, Seritage marketed an Aldi-anchored retail plaza near North Miami for $38 million to an affiliate of RK Centers, the Sunny Isles Beach-primarily based real estate financial investment business led by Raanan Katz.
The retail plaza, which includes a former Kmart shop, was aspect of a 38-assets portfolio Seritage detailed about the summer as part of a tactic to shell out down $640 million in property finance loan personal debt owed to Warren Buffett’s Berkshire Hathaway. Seritage’s board of directors also advised to shareholders to offer off all of the company’s authentic estate personal debt to repay the personal loan right before it matures in June of up coming 12 months.
