Taylor — Southland Center in Taylor has been sold to an Illinois-based investment group, getting new life nearly three years after the mall’s previous owners defaulted on a loan.
The longtime Downriver shopping mall at 23000 Eureka Road was sold to a company connected to Greenwood Global, a private group near Chicago, according to a news release from the city of Taylor.
Amy Jurecki, senior general manager at the mall, confirmed the sale, saying it would be “an exciting new chapter for Southland.”
The 905,000 square-foot facility, one of the original JL Hudson’s malls, is among others in Metro Detroit that have faced financial issues in recent years. Former owner Brookfield Properties defaulted on a significant loan in 2022, leading some to fear it would close.
Crain’s Detroit Business reported the mall sold for close to $51.5 million.
“We like it because we believe it’s a strong mall in a strong market,” Greenwood Global executive Alex Berman told Crain’s. “We believe it’s a strong property with strong anchors in Macy’s, JCPenney, Best Buy and Cinemark. We also believe people in the area like the mall. We would like to keep it operational and add some leasing. That’s our strategy.”
Despite financial scares, Jurecki said the mall has maintained “strong numbers,” reporting over $8 million in revenue during the first half of 2024 and a net cash flow of $4 million.
The mall saw steady traffic Sunday afternoon.
Thomas Oneil of New Boston said he’s been walking at the mall for 12 years and visits nearly every day in the winter.
“I’ve noticed a few stores close and other ones open up,” he said. Five stores were seen vacant Sunday as well as a couple vendor booths.
“I think a lot of people just like to come out and get out the house: window-shopping or get a bite to eat,” Oneil said. “A lot of friendships are made here on the weekends.”
Ed Kearney, a frequent mall-walker at Southland, said he has been walking in Metro Detroit malls including Fairlane Mall and Westland Mall since before the pandemic and said online shopping is leaving the malls desolate.
“Northland closed down, Eastland closed down and Westland is holding on, so it’s (Southland) the last one of the ‘land’ malls,” said Kearney of Southgate, 53.
“This one … it looks like 80% or more occupied, not too many bare spaces. I remember the old food court they used to have years ago, sorry to see that go, but Best Buy is doing good there, they took that spot.”
Anchor store Macy’s said it will remain open at Southland, despite four closures in the state, including Oakland Mall, Grand Traverse Mall in Traverse City, Lakeside Mall in Sterling Heights and Genesee Valley Center in Flint.
According to Macy’s website, the company operates 14 locations in Michigan, including those slated to close.
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