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11 Must Reads for the CRE Industry Today (Aug. 5, 2021)

Vici Properties Inc. is buying MGM Growth Properties in a $17.2 billion deal, reports The Wall Street Journal. San Francisco might follow New York City in mandating vaccination requirement for indoor venues, according to San Francisco Chronicle. These are among today’s must reads from around the commercial real estate industry.

  1. Casino Owner Vici Properties to Buy MGM Growth Properties “Real-estate investment trust Vici Properties Inc. VICI agreed to buy MGM Growth Properties LLC in a deal that values the casino real estate owner at $17.2 billion, including about $5.7 billion in debt. Under the agreement, casino operator MGM Resorts International will receive about $4.4 billion in cash. MGM Resorts spun off MGM Growth Properties in 2016 and still controls the REIT, whose portfolio on the Las Vegas Strip includes Mandalay Bay, Luxor, Excalibur and MGM Grand Las Vegas.” (The Wall Street Journal)
  2. Nursing Homes Confront New COVID Outbreaks Amid Calls for Staff Vaccination Mandates “Growing calls for vaccine mandates among health care workers have gained urgency but also met resistance in the nursing home industry, where some homes say it will cost them staff members in an industry already plagued with high turnover. Only about 60 percent of nursing home staff members are vaccinated, and some states report an even lower rate, with less than half inoculated, according to the most recent government data.” (The New York Times)
  3. Why the ‘Best of Times’ for Landlords Is Right Now: Savills EVP “Amid positive national jobs growth and the looming threat of the Delta variant of COVID-19 threatening the economic rebound, the industrial real estate market has experienced tremendous growth in demand as people return to work. ‘Absolutely, if you are a landlord right now, it is the best of times because [the] industrial [sector] has had no slowing down,’ Savills Executive Vice President Gregg Healy told Yahoo Finance Live.” (Yahoo! Finance)
  4. U.S. Real Estate Investment Still Ripe in International Investors’ Minds “Earlier this year, I made the trip across the Pacific Ocean to Australia to meet with local Asian-Pacific investors and funds. This included a range of private and institutional investors — some of whom already have an allocation towards United States real estate, and many who have yet to invest, but are actively looking for the right group to partner with. We were able to identify some common underlying investment themes that favor a general increase in cross-border allocation towards U.S. real estate.” (Commercial Observer)
  5. Airlines Hold to a Business Travel Rebound This Fall “Airlines are redrawing their route maps, betting that business travelers who have largely stayed put in the past year will return despite fresh worries about the highly infectious Delta variant of Covid-19 spreading in the U.S. Delta Air Lines Inc. is adding back flights this fall in business centers such as New York and Boston, while cutting back on flying many of the vacation routes that became popular over the summer. ‘We’re pivoting our capacity to now supplying more business seats,’ said Joe Esposito, Delta’s senior vice president of network planning.” (The Wall Street Journal)
  6. Facing Severe Droughts Developers Seek to Reuse the Water They Have “When Salesforce Tower in San Francisco fully reopens this year after 16 months of pandemic-induced closure, one of its more unusual features will be found in the basement. A series of pipes and cast-in-concrete holding tanks, arrayed on two levels in the parking garage like some hidden microbrewery, will take the dirty water generated by the structure’s daily operations through a six-step filtration process and return it as clean, nonpotable water for use in toilets and drip irrigation.” (The New York Times)
  7. Was the Great Pandemic Migration to Miami Overhyped? “Conventional wisdom said South Florida was a big beneficiary of migration trends during the coronavirus pandemic.” (Bisnow)
  8. SF Exploring Mandate Requiring Vaccination Proof for Entry to Indoor Restaurants, Gyms “San Francisco is exploring a mandate that could be similar to one announced by New York City.” (San Francisco Chronicle)
  9. Kroger Partners with Kitchen United for Ghost Kitchens in its Grocery Stores “Kroger, the nation’s largest supermarket chain, and ghost kitchen start-up Kitchen United are teaming up to prepare takeout and delivery food inside some of its grocery stores. The partnership announced Wednesday marries Kitchen United’s goal of aggressive expansion with Kroger customers’ demand for more freshly prepared meals.” (CNBC)
  10. Target to Pay 100% of College Tuition and Textbooks in Bid to Attract Workers “Target said Wednesday it will offer new perks to woo workers: a debt-free way to get a college degree and payments toward graduate programs. Starting this fall, the big-box retailer said it will cover the cost of tuition, fees and textbooks for part- and full-time workers who pursue a qualifying undergraduate degree at more than 40 institutions. It will also fund advanced degrees, paying up to $10,000 each year for master’s programs at those schools.” (CNBC)
  11. Papa John’s Looks to Hire 20,000 Team Members in Massive Recruiting Event “Papa John’s International, Inc. announced Wednesday that the pizza chain is looking to hire 20,000 new team members. The Louisville, Ky.-based company will be hosting 800 regional recruitment events in 60 major markets during a national hiring week from Aug. 16-22.” (Nation’s Restaurant News)
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