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12 Must Reads for the CRE Industry Today (Nov. 2, 2020)

After months of speculation, mall owners PREIT and CBL & Associates Properties made it official and both filed for Chapter 11 bankruptcy protection on Sunday, reports CNBC. New York has implemented new polices requiring travelers to take COVID-19 test within three days before traveling and three days after entering the city. These are among today’s must reads from around the commercial real estate industry.

  1. America’s malls under pressure: CBL, Pennsylvania REIT, file for bankruptcy “Mall owner CBL & Associates filed for Chapter 11 bankruptcy protection late Sunday, after its business was pressured by the coronavirus pandemic, highlighting the stresses the retail real estate industry is facing. CBL’s filing came shortly after Pennsylvania Real Estate Investment Trust, the largest mall owner in Philadelphia, filed a Chapter 11 petition earlier Sunday, to execute a prepackaged financial restructuring plan. It said it plans to unlock $150 million in new borrowing, aiming to recapitalize the business and extend its debt maturities.” (CNBC)
  2. San Francisco Halts Reopenings as Coronavirus Cases Rise “San Francisco will temporarily halt the reopening of additional activities and businesses planned for this week because of an increase in coronavirus case rates and hospitalizations, the city's mayor and health director said Friday. That includes expanding capacity for indoor dining at restaurants, and at places of worship and museums among other businesses, as cases increase not just in San Francisco but also in California and nationally, said Mayor London Breed and Director of Public Health Dr. Grant Colfax.” (NBC Bay Area)
  3. Friendly's files for bankruptcy “Friendly's, the iconic East Coast restaurant chain known for its ice cream, has filed for bankruptcy again. It's the latest company in the restaurant industry to go that route during the coronavirus pandemic.” (CBS News)
  4. Ahead of Holiday Season, NY Will Now Require Testing Of Travelers Before Entering State, And Three-Day Quarantine “The new policy asks travelers to take a COVID-19 test within three days before traveling to the state, followed by quarantine for another three days after entering New York. Travelers must then take a COVID-19 test on the fourth day. If the test is positive, the person needs to continue self-isolating for the remainder of the usual 14-day period.” (Gothamist)
  5. How Two Restaurants Have Survived Covid-19. So Far. “This is the tale of two restaurants—Goosefeather, and Hangar B in Massachusetts—that hope to be among those survivors. Their experiences over the past eight unprecedented months provide an inside look at what so many restaurants have been through—the financial hits they have taken, the emotional toll on everybody involved and what they are doing to stay in business.” (The Wall Street Journal)
  6. Related Group makes Phoenix debut with $500M investment “One of the country's largest real estate conglomerates is making its Phoenix debut by building a luxury apartment community in Scottsdale. Capturing the attention of this Miami-based giant means other large developers will soon turn their eyes toward Phoenix.” (South Florida Business Journal)
  7. Nuveen Global Investments Acquires Six-Property Industrial Portfolio in Southeast for $272M “Nuveen Global Investments LLC, a TIAA company, has acquired a six-property industrial portfolio in the Southeast for $272 million. McCraney Property Co. and Northwestern Mutual sold the 2.9 million-square-foot portfolio, which was built on a speculative basis. The portfolio, which was built on a speculative basis, spans 3.5 million square feet.” (RE Business Online)
  8. Kennedy Wilson Makes $200M Multifamily Portfolio Investment “Kennedy Wilson revealed that it has acquired 880 units across three multifamily properties in an off-market transaction for $198 million. The communities expand Kennedy Wilson’s multifamily portfolio focused on institutional-quality, garden-style apartment properties in rapidly growing markets across the western United States.” (
  9. Cash-Strapped MTA Agrees To Rent Relief Plan For Struggling Retail Tenants “More than 160 retailers throughout New York City’s subway system are now eligible for rent relief from the MTA under a new program approved by the transit board this week. About a month after the start of the COVID-19 pandemic in the city, the MTA allowed tenants to put off making rent through July. None of that back rent is owed under the new agreement.” (Gothamist)
  10. Celeb-packed apartments to be protected by armed guards on Election Day “Where can you get a doorman, pool access and protection from marauding extremists? The luxe Chelsea apartment building that has been home to Debbie Harry, Pete Davidson and Tim Gunn, among other bold-faced names, is hiring armed guards for Election Day, Page Six has learned.” (
  11. Alumni Power UVA Darden’s Expanded Real Estate Education Offerings “With a gift of $100,000, three alumni who have built successful careers in commercial real estate have started a fund to help University of Virginia Darden School of Business students with similar aspirations. Scott Adams (MBA ’92), Tom Robinson (MBA ’73) and Anthony Smith (MBA ’87), partners in the Colliers International office in Norfolk, Virginia, made the collective gift to expand real estate education at Darden. They are hoping fellow alumni with interest in real estate will join them.” (
  12. Amazon-Future Group-Reliance Retail: The Many Twists And Turns That Lie Ahead “The mercury is set to rise as the world’s wealthiest men contest to grab a larger bite from India’s retail market. Things started heating up in August 2020 when Mukesh Ambani's Reliance Retail stated its intention to acquire the retail, wholesale, logistics, and warehousing operations of Future Group for Rs. 24,713 crores, which prompted Amazon to issue a legal notice to Future Group alleging breach of contractual terms and thereafter obtained an interim stay on Future Group's deal at the Singapore International Arbitration Centre (SIAC).” (BusinessWorld)
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