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 mall that will covers approximately 80 acres of land.
The partners are planning a major mixed-use redevelopment of the site.
Calling it one of the biggest redevelopment opportunities in Miami-Dade, they plan to modernize and reposition the mall while creating new, high-quality housing.
“A property of this quality and size is nearly impossible to find in South Florida. We are thrilled to partner with BH Group to revitalize this key Miami asset, and we appreciate the opportunity to work with the City of Cutler Bay in redevelopment of the site to create new, high-quality housing and employment opportunities for its residents,” Joe Lubeck, managing partner of Electra America, said in a statement.
Southland Mall, currently the only enclosed mall serving South Miami-Dade and the Florida Keys, has over 100 tenants, including Macy’s, JCPenney, TJ Max, LA Fitness, Regal Cinemas, Kay Jewelers and Applebee’s.
Miami’s retail market has rebounded strongly over the past year and currently has a vacancy rate of just under four percent.