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Brookfield Properties, the owner of about 100 malls in the country, announced it will close some shopping centers on Sunday. The company is taking this step to observe Easter.
Easter Closures Impact Mall Shopping Plans
While not officially a national holiday, Easter is a significant occasion for many Americans. However, those planning to go shopping on Sunday should proceed cautiously.
Notably, when an indoor mall shuts its doors, it doesn't always mean every store is inaccessible. Stores with external entrances might still welcome customers despite the overall mall closure.
Thus, it becomes crucial to verify the operational status of local malls and individual stores for the upcoming Sunday. The U.S. Sun recently confirmed that several of Brookfield's malls are set to close for Easter Sunday.
This list includes prominent shopping destinations such as the Staten Island Mall in New York, the Tucson Mall in Arizona, the Pinnacle Hills Promenade in Arkansas, and others scattered across the United States.
Moreover, a wide array of Brookfield properties from California to Hawaii and the South may also observe the holiday closure. Shoppers are encouraged to consult Brookfield's website for a comprehensive list of affected locations.
Additionally, contacting specific stores can clarify whether they plan to operate this Sunday, ensuring shoppers can adjust their plans accordingly.
Shopping malls are experiencing a tough phase, with some closing for an entire day. This is happening at a time when the future of malls seems uncertain. Stores have been leaving various places, including a notable mall in San Francisco, over the past few years.
When stores leave, it becomes difficult for the owners to keep the mall running. This led to the closure of a famous mall in Massachusetts after it lost its key stores.
Reflecting on the challenges, one mall owner remarked that the time spent shopping malls as we know them might have ended.
Also Read: Final Countdown: Dick's Sporting Goods to Exit Popular Mall, Shoppers Anticipate Clearance Rush
Brookfield Seeks $15 Billion for Real Estate Opportunities
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Last month, as reported by Bloomberg, Brookfield announced its ambition to gather $15 billion for a new real estate investment fund. This fund aims to seize lucrative opportunities arising from the current instability in the real estate market.
After a year dedicated to raising funds, Brookfield has reached the halfway mark, securing $7 billion, including contributions from its coffers.
This fundraising effort comes when numerous firms are scouting for undervalued properties, a strategy Bruce Flatt, CEO of Brookfield, has consistently favored. Flatt believes in the potential for these assets to increase in value over time, although not all ventures have been successful.
Bloomberg highlighted some setbacks, including Brookfield defaulting on over $3 billion in U.S. commercial mortgages and relinquishing control of significant properties in Los Angeles and Manhattan.
Further complications arise as S&P Global Ratings downgraded Brookfield Property Partners to junk status amidst looming loan maturities totaling $2.7 billion through 2025. Despite these challenges, Brookfield is adjusting its strategy to reduce its real estate portfolio from an estimated $24 billion to $15 billion by 2028.
The fund's initial closing, expected in July, has faced delays. European investors, in particular, are hesitant to commit new capital and await the repayment of investments from previous funds. This cautious stance reflects the broader uncertainty within the real estate investment sector.
Related Article: Macy's Nationwide Shutdown: Every Store to Close Doors on Easter Sunday
