Miami International Mall's Market Value Drops to $159 Million Amid Retail Struggles
Significant Valuation Decline
Miami International Mall, owned partly by Simon Property Group, has suffered a staggering market value drop to $159 million. This represents a distressing decline of 59% from its previous valuation of $391 million a decade prior, as per a recent Morningstar report.
Loan Forbearance and Occupancy Challenges
The decline follows Simon securing a one-year forbearance on a $157.4 million CMBS loan, which matured in February of this year. Occupancy at the mall was recorded at 78% as of March, indicating a significant loss of tenants as retail dynamics continue to shift towards online platforms.
Broader Implications in South Florida
Other indoor malls in South Florida are similarly affected, with the Mall at 163rd Street being a recent example of financial distress. The property sold for $46 million amidst an 85% vacancy rate.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.