- Mall REIT Cashes In on GameStop’s Wild Week on Wall Street “The financial world has been scratching its head as hedge funds sweat bullets over the atmospheric stock price rise of declining video game retailer GameStop. Driven by a community on the popular social media platform Reddit that calls its WallStreetBets, retail investors have been pumping stocks to short squeeze ‘meme worthy’ companies like GameStop, Blackberry, Nokia and AMC. A few days ago Redditors began discussing another stock, Macerich, which Redditors began referring to as ‘GameStop’s landlord.’” (Propmodo)
- Ares Closes $667M CRE CLO “The commercial real estate CLO financed interests in 23 senior loans, with an initial advance rate of 81 percent and an initial weighted average coupon of one-month LIBOR + 1.17 percent, excluding transaction costs. The CLO is match-term, non-recourse and non-mark to market financing to Ares. The transaction reportedly provided several benefits to Ares.” (Commercial Property Executive)
- How Quarters’ $300M U.S. Expansion Ended in Bankruptcy “Developer Dana Spain was weeks away from finishing construction on a $20 million co-living project when she learned her operating partner went out of business. Quarters, a subsidiary of Germany-based Medici Living Group, had signed a 10-year lease to operate the 186 units at Spain’s project in the trendy Philadelphia neighborhood of Northern Liberties in 2019. It was part of Quarters’ plan to open 1,500 units in the U.S., after securing $300 million in funds that year.” (The Real Deal)
- Simon Mall Group Forms SPAC to Target ‘Innovative’ Retail Businesses “The nation's largest mall owner, which operates 13 malls in the Massachusetts, has formed a blank-check company with the intent to merge with ‘an innovative business with the potential to disrupt various aspects of the retail industry.’” (Boston Business Journal)
- CRE’s Next Generation: Northwestern Mutual’s Nylz Reyes on His ‘Covert Infiltration’ of the Industry “Northwestern Mutual's Nylz Reyes has already made an indelible impact on Philly's commercial real estate market in ways he never imagined.” (Bisnow)
- Why Some Suburban Businesses Are Thriving During the Pandemic “The pandemic has led businesses all over New York and New Jersey to close up shop, and by one estimate permanently shuttered nearly 100,000 businesses nationally. But in the New York City suburbs, some small-business owners say they are finding a way forward, through customers who are suddenly spending a lot more time — and money — in the communities where they live.” (The New York Times)
- COVID-19 Vaccines to Stress Test Grocery Stores and Pharmacies “Some of America’s biggest retailers are preparing to take a central role in administering Covid-19 shots, hoping to avoid logjams and other complications that have slowed the vaccine rollout’s early days. The U.S. fell far short of its initial goal of inoculating 20 million people by the end of 2020, with health departments, hospital systems and long-term-care facilities beset by supply-chain bottlenecks, vaccine hesitancy and confusing, scattershot systems for making appointments.” (Wall Street Journal)
- 5 Restaurants on Why They’re Hibernating This Winter “As the pandemic drags on this winter, much of the city that never sleeps is taking an extended snooze. This is especially true for restaurants, several of which are going into hibernation mode instead of braving the financially risky and uncomfortable conditions of outdoor service. Although Gov. Andrew M. Cuomo’s recent decision to bring back indoor service at 25 percent capacity on Feb. 14 gives the restaurant scene a glimmer of hope, some owners remain unsure about exactly how or when they will reopen. So for now, they hibernate.” (The New York Times)
0 comments
Hide comments