Electra America, a real estate private equity firm focused on value-add and opportunistic investment in the Sun Belt, and BH Group, a Miami-based private real estate investment and development firm, have formed a joint venture to acquire the Southland Mall in the Cutler Bay section of Miami-Dade County, approximately 20 miles south of downtown Miami. The partners paid $100.35 million to purchase the 808,776-square-foot mall located on approximately 80 acres of land.

The partners are planning a major mixed-use redevelopment of the site, including modernizing and repositioning the mall and building 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," said Joe Lubeck, Managing Partner of Electra America in prepared remarks. "It is nearly impossible to find a property of this quality and size throughout South Florida."

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.