Electra America and BH Group, a Miami-based private real estate investment and development firm, formed a joint venture to acquire the Southland Mall for $100.35 million. The 808,776-square-foot mall at 20505 South Dixie Highway in the Cutler Bay section of Miami-Dade County is approximately 20 miles south of downtown Miami. The partners plan to oversee a major mixed-use redevelopment of the site, including modernizing and repositioning the mall and creating an exciting Class A residential development on the remaining land.
“Cutler Bay’s proximity to high-paying employment centers and top-rated schools, along with minimal developable land in the area, made this an attractive investment opportunity,” Joe Lubeck says, Managing Partner of Electra America, a real estate private equity firm. “It is nearly impossible to find a property of this quality and size throughout South Florida. We are excited to be partnering with BH Group to revitalize this key Miami asset, and we appreciate the opportunity to work with the Town of Cutler Bay in the redevelopment of the site to create new high-quality housing and employment opportunities for its residents.”
Southland Mall is currently 80% occupied with more than 100 tenants, including JCPenney, Macy’s, TJ Max, L.A. Fitness, Regal Cinemas, Old Navy, Sephora, Kay Jewelers, Applebee’s and more. It is the only enclosed regional mall servicing southern Miami-Dade County through the Florida Keys. Bound by the Florida Turnpike and U.S. Highway 1, it offers access to a significant transportation corridor in a densely populated trade area that encompasses over 3 million people.
The buyer’s exclusive brokers on the transaction were Avison Young’s Michael T. Fay, John K. Crotty, David Duckworth and Brian C. de la Fé.