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10-must-770-salesforcepark-sf-ELS.jpg Eugene Schuldinger

10 Must Reads for the CRE Industry Today (December 12, 2019)

Many of U.S. eviction cases involve money judgements under $600, reports The New York Times. The New Yorker looks at San Francisco’s Salesforce Park. These are among today’s must reads from around the commercial real estate industry.

  1. Many Renters Who Face Eviction Owe Less Than $600 “Among the millions of recent eviction cases researchers have begun to compile across the country, there are a startling number of modest sums. There are dozens of families in Texas evicted with money judgments — unpaid rent, late fees, court costs — totaling $516. There are multiple families in Cumberland County, N.C., who owed all of $301. There is a household in Providence, R.I., whose 2016 court record shows a debt of just $127.” (The New York Times)
  2. Construction of Texas Border Wall Stalls Over Fight with Landowners “Nearly three years into the Trump administration, almost no border wall has been built in Texas. Local property owners ranging from ranchers to a Catholic diocese and institutions have resisted federal efforts to claim their land. The resistance in South Texas, where most land is privately owned, illustrates the challenges in building a border wall, even if funding is available.” (Wall Street Journal, subscription required)
  3. How a Delayed Trickle Effect from the WeWork Blowup Could End Up Hitting the S&P 500 “Problems in the IPO market have the potential to ripple through and slam the S&P 500, and the failed WeWork offering could be a warning, according to Bank of America Merrill Lynch equity analysts. That’s because private equity, heavily invested in start-ups, have become a much bigger piece of the investment portfolios of asset allocators, like pension funds.” (CNBC)
  4. Restaurants Struggle to Find Good Real Estate “What will the restaurant real estate market look like in 2020? For that answer, Restaurant Business' podcast "A Deeper Dive" looks to Barry Wolfe, senior managing director of investments and senior director of national retail group Marcus & Millichap. Wolfe discusses the challenges operators are having today finding good sites for their restaurants.” (Restaurant Business)
  5. It’s the Last Christmas for Some Forever 21 Stores. Here’s Why the Retailer Went Bankrupt “Forever 21 has long been a staple in America’s shopping malls, but after this holiday season some of its stores will go dark. The fast-fashion retailer’s rapid expansion internationally took a toll on the company and contributed to Forever 21′s decision to file for Chapter 11 bankruptcy protection in September. At the time, it had more than 800 stores worldwide.” (CNBC)
  6. Can Bergdorf Goodman Win the Barneys Race? “The bankruptcy and liquidation of Barneys New York, the cutting-edge department store critical to the career starts of many designers, and that was adored by a set of young, fashionable Manhattanites, has spurred hand-wringing throughout the shopping world. It has also unleashed a wave of high-stakes competition in Manhattan, now playing out against a backdrop of festooned holiday windows and the annual influx of tourists.” (The New York Times)
  7. The Floating Utopia of Salesforce Park “Salesforce Park, in downtown San Francisco, sits atop the Salesforce Transit Center, above Salesforce Plaza, in the shadow of Salesforce Tower. It is a lush, five-and-a-half-acre rooftop arcadia of rolling meadows and meticulously landscaped, climatically harmonious, drought-tolerant flora. It contains a prehistoric garden of cycads, ferns, and Wollemi pines; plots dedicated to the plants of Chile, South Africa, and Australia; and a small wetland hydrated with gray water.” (The New Yorker)
  8. Macerich Lands Nearly $500M Refi for Kings Plaza Shopping Center “Retail giant Macerich has landed a $487 million refinancing for its Kings Plaza Shopping Center amid a bleak environment for malls. The money for the recently redeveloped Brooklyn mall came from JPMorgan Chase and includes almost $60 million in new financing, according to property records. Macerich had alluded to an expected refinancing of Kings Plaza in its third quarter earnings call, but the company did not specify the lender or the price.” (The Real Deal)
  9. From Drag Club to Pot Shop? “Cresco Labs wants to turn the former Baton Show Lounge, a drag club that operated for almost 50 years at 436 N. Clark St., into a marijuana shop. Cresco is among the first marijuana companies seeking approval for new retail shops under the city’s new zoning laws for recreational marijuana. Grassroots, another large cannabis company, is seeking approval for a store under its Greenhouse Group brand at 612 N. Wells St., formerly home to Carson’s Ribs.” (Crain’s Chicago Business)
  10. Photos Show How San Francisco’s New Buildings Built in the Last Decade Have Permanently Changed the City “San Francisco saw a number of new buildings this past decade — and most are linked to the region's tech boom. A 2013 photo of the city's skyline is void of Salesforce Tower's imposing figure. In 2019, it stands high and proud well above the well-known Transamerica Pyramid, beating out the 50-year-old building as the city's highest building.” (Business Insider)
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