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Seven Must Reads for the CRE Industry Today (May 17, 2021)

Retailers have had to further integrate their in-store and online experiences to remain successful during the pandemic, reports Two reports look at how two iconic malls in Syracuse, N.Y., and Providence, R.I., are facing potential defaults. These are among today’s must reads from around the commercial real estate industry.

  1. It’s Another Round of Adaptation for Retailers “Before the pandemic, omni-channel was rapidly evolving, and many retailers had developed a robust technology infrastructure to support online shopping, However, the digital segment of the business had little collaboration with the in-store experience. Now, that is changing.” (
  2. Destiny USA, Syracuse’s mammoth mall, faces a crisis of debt and uncertainty “Pyramid Management Group, the mall’s owner and operator, owes $715 million on the property. That has not changed much since Pyramid opened a big addition in 2012 and changed the mall’s name from Carousel Center to Destiny USA. Meanwhile, time and some harsh changes in the retail business have pummeled Pyramid. The mall is now worth $203 million, according to a recent appraisal.” (
  3. Metlife's investing arm eyes private assets as inflation fears mount “As global investors struggle to secure returns amid global uncertainty over Covid-19 and US-China tensions, the potential for mounting global inflation could well push more insurers into more private hands.” (Asian Investor)
  4. The Return of the Tax Abatement in New York City “As the revival momentum builds, developers will amend building usage to jive with the new-normal and the city will incentivize new construction to woo buyers back. We expect to see retrofitting of current office space for condo use, to support the continued work-from-home economy.” (Bloomberg Tax)
  5. Sweetgreen is reportedly getting ready to file an IPO “Sweetgreen has already raised $156 million from Durable Capital Partners in January, bringing the company’s total value to $1.78 billion, the company told Bloomberg. In 2019, Sweetgreen raised $150 million in a fundraising round led in part by Lone Pine and D1 Capital.” (Nation’s Restaurant News)
  6. Four Factors That Define An Ideal Remote Work Employee “Leaders are looking at which of their employees can and should permanently work remotely, how they should restructure their office space for those they plan on reintroducing to the workplace, and if they even need an office at all.” (Forbes Real Estate Council)
  7. Providence Place mall owner seeks mortgage relief after COVID struggle “The owner of the Providence Place mall has fallen behind on the property's mortgage and is trying to refinance its obligations on the property, according to ratings agency Fitch.” (The Providence Journal)
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