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The future looks dim for Shops at Sunset Place. Simon Property Group, the parent company of malls like Dadeland, Miami International, The Falls, and practically everywhere you shop in Miami, is thinking of giving their share of Sunset Place the boot, possibly converting some of the retail space to office and medical usage, according to South Florida Business Journals.
According to the website, they've moved Sunset Place from their "core" portfolio list to their "other properties" list, which is usually what they do before they sell or turns them over to a lender. Why? To sum it up, the outdoor mall isn't making them as much money as it used to. Rents have gone down from $19.05 per square foot in 2011 to $16.65 in 2013, and over the past few years we've seen stores like Nike Town and Urban Outfitters shutter. So what does this mean for the entire mall, with its 24-theater AMC, Game Time, bowling alley and repertoire of other stores? We'll have to wait and see.
· Simon Could Unload Shops at Sunset Place [SFBJ]