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10 Must Reads for the CRE Industry Today (Dec. 19, 2020)

CVS Health and Walgreens have begun distribution of COVID-19 vaccines to residents and staff of long-term care facilities, reports CNBC. Flexible workspace provider Breather has laid off most of its staff and plans to shut more than 400 locations, according to Commercial Observer. These are among today’s must reads from around the commercial real estate industry.

  1. CVS Health, Walgreens start to provide Covid vaccines at thousands of hard-hit nursing homes “For nursing homes across the country, the coronavirus pandemic has been especially marked by isolation, illness and loss. On Friday, CVS Health and Walgreens are beginning to offer Covid-19 vaccinations for residents and staff at those long-term care facilities, making them among the first Americans to receive the shots.” (CNBC)
  2. AXA Investment Managers Completes $875M Logistics Deal “Europe’s AXA Investment Managers – Real Assets has ramped up its logistics portfolio across the Atlantic by closing on the acquisition of a sprawling 27-asset U.S. portfolio for about $875 million on behalf of its clients.” (Commercial Property Executive)
  3. America’s Malls Spiraling Towards Sweeping Reset “It's a matter of repurposing space with activities and unconventional formats for shopping centers to survive.” (Women’s Wear Daily)
  4. Breather Lays Off Majority of Staff and Will Close All of Its Locations “Flexible workspace provider Breather laid off the majority of its staff and plans to shutter all of its more than 400 locations around the world as it switches to an online-only platform.” (Commercial Observer)
  5. How May We Serve You? For Restaurant Chains, It Depends on the Location “For larger dine-in chains like Fogo de Chão, the ever-changing patchwork of rules poses a particular logistical challenge: How do you come up with a companywide approach when different locations are dealing with their own specific regulations?” (The New York Times)
  6. Olive Garden parent’s revenue falls 19% as new dining restrictions hit same-store sales “For next quarter, typically its best of the year, the Olive Garden parent expects sales to plunge 30% to 35%. CFO Rick Cardenas said the company doesn’t anticipate significant sales improvements until the fiscal fourth quarter of 2021, which ends in May.” (CNBC)
  7. Rockwood Capital, LPC West Sell Downtown LA Office Tower for $196M “Rockwood Capital and Lincoln Property Company West (LPC West) have sold a 22-story office tower in Downtown L.A. to German real estate investment company, Deka Immobilien. A source familiar with the deal told Commercial Observer the sales price was $196 million.” (Commercial Observer)
  8. Community blocks purchase of Baldwin Hills mall in L.A. “A $110 million acquisition of Baldwin Hills Crenshaw Plaza in South Los Angeles has been quashed by pressure from community activists uncomfortable with the purchaser’s past dealings with the Trump Organization and Kushner Companies.” (Chain Store Age)
  9. Bank of America Tower sells in $75.5 million deal “Group RMC of New York City bought Jacksonville’s tallest office high-rise – the 42-story Bank of America Tower – and two other Downtown buildings Dec. 15 for $75.5 million. The other two structures sold are the adjacent Iberiabank building and a parking garage.” (Jacksonville Daily Record)
  10. What Institutional Investors Want from Their Real Estate Managers “Our GP customers often ask us what institutional investors are looking for in a real estate investment manager. We went straight to the source to get some answers, gathering dozens of the largest institutional LPs in the United States at a recent virtual event to ask them what’s on their minds as they think about real estate now and in the future.” (Juniper Square Blog)
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