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11 Must Reads for the CRE Industry Today (October 20, 2020)

AMC announced plans to open more movie theaters in the U.S. this week, reports Reuters. New York City schools have been able to reopen without major virus outbreaks so far, according to The New York Times. These are among today’s must reads from around the commercial real estate industry.

  1. AMC to Reopen More Theaters in the United States “AMC Entertainment Holdings Inc, the world’s largest theater chain, said on Monday it plans to open more cinemas in the United States this week, offering some hope to an industry hammered by pandemic restrictions and sending its shares up 24%.” (Reuters)
  2. Time’s up: After a Reprieve, a Wave of Evictions Expected Across U.S. “On Sept. 1, U.S. health officials announced they would suspend evictions across the United States to help stem further spread of the novel coronavirus.” (Reuters)
  3. Single Family Rental Operator Front Yard to be Taken Private in $2.4B Deal “Front Yard Residential Corp., a provider of single-family rental housing, is being taken private by alternative investment management firm Pretium and a group of its investors and funds managed by the Real Estate Equity and Alternative Credit strategies of Ares Management Corp.” (GlobeSt.com)
  4. Bright Spot for N.Y.C.: In Schools, Only 18 Positives Out of 10,676 Tests “The absence of outbreaks, if it holds, suggests that the city’s efforts to return children to classrooms could serve as an influential model for the nation.” (The New York Times)
  5. Business Group Urges Changes to New York City’s Health System “A powerful business group representing some of New York City’s largest private-sector employers is calling for reforms in health-care programs and policies, including a system to set health standards for indoor spaces and better integration of health care with social and economic initiatives for vulnerable New Yorkers.” (Wall Street Journal)
  6. Starwood Property Trust to Offer $300 Million of Three-Year Bonds “Starwood Property Trust Inc. said Monday it is offering $300 million in unsecured senior notes that mature in 2023 in private offering.” (MarketWatch)
  7. How to Sell 350,000 Square Feet of New Class A Space During a Pandemic “A developer behind the 1.9 million-square-foot Essex Crossing, one of the largest new developments in Midtown South in recent memory and which includes the only large blocks of new Class A office space on Manhattan’s Lower East Side, knows it hit a wall with the pandemic.” (Commercial Observer)
  8. iLand Development Group to Build $1B Austin Project “The company will develop the mixed-use destination in a public-private partnership with the city of Leander, Texas.” (Commercial Property Executive)
  9. Environmentalists Use Wildfire Danger as New Weapon Against Housing Development “Wildfire destruction is prompting questions about whether builders should continue adding housing to semirural areas.” (San Francisco Chronicle)
  10. CVS to Hire Thousands of Pharmacy Techs as it Prepares for More Covid-19 Cases, Rollout of Vaccine “CVS Health said Monday that it wants to immediately hire 15,000 employees to prepare for an expected rise in Covid-19 and flu cases this fall and winter.” (CNBC)
  11. Homebuilder Sentiment Sets Another Record High in October “The nation’s homebuilders are seeing no fall chill in demand from buyers, and that has the industry more confident than ever.” (CNBC)
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