By Team

MIAMI (CBSMiami) – Southland Mall in Cutler Bay has been acquired by two real estate investment firms that have big plans for the property.

Electra America, a real estate private equity firm, and BH Group, a Miami-based private real estate investment firm, paid just over one hundred million dollars for the roughly 809,000 square foot mall which is on about 80 acres of land.

READ MORE: There's No Business Like Shoe Business & The High End Sneaker Business Is Booming

The partners are planning a major mixed-use redevelopment of the site.

Calling it one of the largest redevelopment opportunities in Miami-Dade, they plan to modernize and reposition the mall while creating new high-quality housing.

READ MORE: Wife Of Slain Cyclist Pushes For Safety Measures After 2 More Deaths On Rickenbacker Causeway

“It is nearly impossible to find a property of this quality and size throughout South Florida. We are excited to be partnering with BH Group to revitalize this key Miami asset, and we appreciate the opportunity to work with the Town of Cutler Bay in the redevelopment of the site to create new high-quality housing and employment opportunities for its residents,” said Joe Lubeck, Managing Partner of Electra America, in a statement.

Southland Mall, currently the only enclosed mall that serves southern Miami-Dade and the Florida Keys, has a mix of more than 100 tenants including Macy’s, JCPenney, TJ Max, L.A. Fitness, Regal Cinemas, Kay Jewelers, and Applebee’s.

MORE NEWS: Miami PD Needs Help Finding 84-Year-Old Joseph Downs

Miami’s retail market has rebounded strongly over the past year and currently has a vacancy rate of just under four percent. Team