- Simon Property Gives Up on Four Struggling Malls. Why More Could Follow “Real estate owners in the wake of the 2007-2008 financial crisis who opted not to fight to keep their homes or commercial properties, instead sent back the keys to lenders to sort out the mortgage mess. Simon Property Group, the largest U.S. retail real-estate investment Trust (REIT) and shopping center operator, recently took similar actions on four of its struggling shopping malls that have $410.9 million of mortgage debt, according to a team at KBRA Credit Profile, a research arm of Kroll Bond Rating Agency.” (MarketWatch)
- Seniors Housing Cap Rates on the Rise “The pandemic has a significant impact on the seniors housing sector.” (GlobeSt.com)
- Tourism, Engine for N.Y.C. Economy, May Not Fully Recover Until 2025 “Tourism in New York City will need at least four years to recover from the free-fall triggered by the pandemic, according to a new forecast from the city’s tourism promotion agency, a somber assessment that reflects the major obstacles to the city’s economic recovery. The return of international visitors, who stay longer and spend much more than domestic visitors, will be even slower, the agency forecasts.” (The New York Times)
- Jurisdiction Mix-Up Spawns Dueling New York Wheel Lawsuits “The New York Wheel was declared two years ago, but legal wrangling over responsibility for the project’s failure is far from over.” (The Real Deal)
- Closing Through COVID: Meridian’s David Schechtman Discusses Retail Restructuring “When David Schechtman, senior executive managing director at Meridian Investment Sales, left the field of law for real estate in October 2005, he had no regrets about the years he spent as an attorney. At the time, he assumed his experience as a bankruptcy litigator would probably come in handy in his new career. He was right — today, in helping his clients navigate a market filled with retail bankruptcies, that experience has become invaluable.” (Commercial Observer)
- SL Green Closes $1.25B Construction Loan for One Madison Avenue “SL Green and its joint venture partners, the National Pension Service of Korea and Hines, have closed on a $1.25 billion construction loan for One Madison Avenue. Wells Fargo, TD Bank, Goldman Sachs, Bank of America, Deutsche Bank and Axos Bank are among the lenders.” (GlobeSt.com)
- Guitar Center to File for Bankruptcy “Guitar Center has already dodged bankruptcy once this year, after missing interest payments on a group of bonds. The retailer at the time was able to work out a deal with bondholders that allowed it to preserve its cash while it tried to survive the disruption from the COVID-19 pandemic. But analysts expected more restructuring down the road, and in recent weeks rumors and media reports have pointed to a possible bankruptcy.” (Retail Dive)
- Home Depot in $8 Billion Deal to Acquire National Distributor “In a homecoming of sorts, The Home Depot will acquire a unit it sold some 13 years ago. The home improvement giant said it will acquire HD Supply Holdings, a national distributor of maintenance, repair and operations (MRO) products in the multifamily and hospitality end markets. The home improvement giant will pay $56 per share for HD Supply's common stock for a total deal value of about $8 billion.” (Chain Store Age)
- Walmart to Nearly Exit Japan by Selling Majority Stake in Supermarket Chain Seiyu “Walmart is selling a majority stake in Japanese supermarket chain Seiyu to investment firm KKR and e-commerce company Rakuten for over US$1 billion (S$1.35 billion), after suffering years of poor profitability amid stiff competition. The deal, which values Seiyu at 172.5 billion yen (S$2.22 billion) including debt, comes after on-off speculation about the world’s biggest retailer looking to exit Japan. It is below the 300-500 billion yen it reportedly sought a few years ago.” (The Straits Times)
- Vibalogics Signs 118 KSF Life Sciences Lease in Massachusetts “Vibalogics has selected a 292,513-square-foot building in Boxborough, Mass., for its latest location. The pharmaceuticals manufacturer signed a long-term lease for 118,000 square feet at Lincoln Property Co.’s 1414 Massachusetts Ave. Colliers International’s Curtis Cole, John Carroll III, Tim Allen, Greg Klemmer, Kevin Brawley and Evan Gallagher advised Vibalogics, while Lincoln was represented in-house by Tim Latham and Chris Devaux.” (Commercial Property Executive)
- Dollar General Opens First Popshelf Stores “Dollar General has launched its first two Popshelf stores, a new retail concept offering non-consumable products and targeting primarily middle-class women. As reported in October, the first two stores are in the Nashville area, in Hendersonville and Clarksville. According to The Tennessean, both stores opened Oct. 29, at 215 W. Main Street in Hendersonville and 2819 Wilma Rudolf Blvd. in Clarksville.” (Nashville Business Journal)
- Vacant Plano Shopping Center Will Be Rebuilt into Mixed-Use Project “Developers want to turn a mostly vacant Plano shopping mall into a new mixed-use project. The Plano Market Square Mall was built in 1980.” (Dallas Morning News)
0 comments
Hide comments