Electra America, BH Group Buy Miami’s Southland Mall For $100M

They are planning a mixed-use redevelopment of the site, including a residential component.

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.”

Miami’s retail market has rebounded strongly over the past year. In Q1 2022, retail vacancy in Miami-Dade County had stabilized at 3.7%, about 80 basis points lower than a year ago, according to Colliers. 

Located at 20505 South Dixie Highway, the Southland Mall is currently 80% occupied with a mix of more than 100 tenants including JCPenney, Macy’s, TJ Max, L.A. Fitness, Regal Cinemas, Old Navy, Sephora, Kay Jewelers and Applebee’s.  

The buyer’s brokers were Avison Young’s Michael T. Fay, John K. Crotty, David Duckworth and Brian C. de la Fé.