TAYLOR (WWJ) — Downriver’s largest shopping mall has been sold to a Chicago-area investment group.
The Southland Center Mall has been bought by Greenwood Global, a private investment group in Glencoe, Illinois, officials with the city of Taylor announced over the weekend.
The mall, which spans more than 900,000 square feet, opened in 1970 and was one of the “storied original JL Hudson’s shopping malls,” and has been “a retail anchor” in Taylor for decades, according to the city.
But over the last decade, the owners of the Southland Center Mall have faced financial challenges. Former owner Brookfield Properties defaulted on a significant loan in 2022, “leading many in the public to believe Southland Center’s days were numbered,” especially given shifting shopping trends following the pandemic, the city said in a Facebook post.
Amy Jurecki, senior general manager for Southland, said it’s “going to be an exciting new chapter” for the mall.
Per the city’s Facebook post, she said she was “always bullish” on Southland’s chances “to remain a major player in the marketplace.” The city’s post said the mall’s strong numbers “bore out her optimism,” as Southland reported more than $8 million in revenue during the first half of 2024 and had a net cash flow of more than $4 million.
Alex Berman, leader of Greenwood Global, said he plans to drive more foot traffic and keep it as a shopping mall, rather than redeveloping the property into mix-use space spaces or retail and rental properties, according to Crain’s Detroit.
Crain’s reported the price tag of the sale was $51 million.
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