- Biden’s Stimulus Package: What’s In It for Real Estate? “Known as the American Rescue Plan Act, the bill includes a variety of measures to provide relief to households, businesses, public institutions, and local governments. The package includes stimulus checks, increased unemployment benefits, expanded tax credits, funds for schools and hospitals, grants for small businesses and infrastructure projects, and direct aid to state and local governments, including $23.5 billion for New York.” (Commercial Observer)
- Covid-19 Rewrote the Rules of Shopping. What Is Next? “Some executives and consumers are confident these new approaches will stick. They say they don’t expect a return to the Black Friday frenzy of holidays past, nor do they expect discounting to become as widespread as it was before the pandemic. But they do expect malls will make a comeback once the virus is under control. Not everyone agrees with these predictions.” (The Wall Street Journal)
- Drive-thru ordering surged during the pandemic. Fast-food chains don’t think it’s a fad “After decades as a fast-food staple, drive-thru lanes became the superstar, helping fast-food chains’ sales rebound faster than those of its full-service brethren. By December, drive-thru lanes accounted for 44% of off-premise orders across the entire restaurant industry, according to the NPD Group.” (CNBC)
- EXCLUSIVE-Blackstone seeks $4 bln for Tactical Opportunities fund-sources “It is the fourth such fund to be raised by the New York-based firm. Dubbed Blackstone Tactical Opportunities Fund IV, it will have a mandate to invest in assets that typically fall outside the scope of Blackstone's other funds, from timber and mines to oil tankers and satellites. It can also invest in companies, either through their equity or their debt.” (Nasdaq)
- Lineage Logistics Raises $1.9B in Equity “Lineage’s announcement comes on the heels of the REIT having raised $1.6 billion in September 2020. The new equity raise attracted new and existing strategic partners, including D1 Capital Partners, Oxford Properties, CenterSquare Investment Management, MS Tactical Value, Conversant Capital and OP Trust. Real assets specialty manager Cohen & Steers Inc. made another commitment after having invested $100 million on behalf of its mutual funds in the September fund raise.” (Commercial Property Executive)
- NYC’s real estate industry escaped huge job losses. Here’s why. “Across the five boroughs, jobs in the real estate sector fell 6.7 percent last year to 136,000 positions, according to state Department of Labor figures. That amounted to 9,100 fewer jobs industry-wide than in 2019.” (The Real Deal)
- CNL Healthcare Properties Declares Annual NAV Per Share “Specifically, and principally due to the pandemic, the REIT indicated that 54 of its seniors housing properties managed under third-party agreements reflected lower current and projected property cash flows, along with increased time to reach occupancy stabilization targets. The REIT’s 15 triple-net leased properties reflect increased capitalization rates due to lower lease coverages.” (The DI Wire)
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