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12 Must Reads for the CRE Industry Today (July 2, 2020)

The Counselors of Real Estate identified the top ten issues affecting the real estate industry. Thousands of hotels face foreclosure due to the coronavirus pandemic, reports the Houston Chronicle. These are among today’s must reads from around the commercial real estate industry.

  1. 2020-21 Top Ten Issues Affecting Real Estate “The Counselors of Real Estate has identified the current and emerging issues expected to have the most significant impact on real estate for the foreseeable future, with the COVID-19 pandemic being the leading concern of the 1,000-member organization.” (The Counselors of Real Estate)
  2. Here’s Why the Biggest U.S. Mall Owner Might Want to Buy JC Penney “Simon Property Group might want to own bankrupt J.C. Penney in order to be able to redevelop some of its best real estate and make it even better, according to one analyst.” (CNBC)
  3. Thousands of Hotels Facing Foreclosure as Pandemic Persists “Houston hotels are not expected to return to pre-pandemic revenue levels until 2024, according to commercial real estate firm CBRE. Some may not make it that long.” (Houston Chronicle)
  4. New York Updates Pandemic Foreclosure Procedures “New York’s Chief Administrative Judge Lawrence Marks procedurally extended the foreclosure moratorium. Here’s what all New York owners, lenders and real estate litigators need to know.” (Frankfurt Kurnit Klein & Selz)
  5. BlackRock Eyes Distressed Property, Private Debt and Equity “The chief investment officer at BlackRock's alternative investment unit is looking to deploy some of his US$23 billion cash war chest on companies laid low by the pandemic. He's sizing up new opportunities in distressed real estate, and private debt and equity.” (Business Times)
  6. Mall Owner CBL Says It’s in Forbearance Over Skipped Interest Payment “Mall owner CBL & Associates said Wednesday it has entered into a forbearance agreement with its lenders over a missed interest payment.” (CNBC)
  7. Facebook Commits to Building $800M Data Center in DeKalb “DeKalb selected to host Facebook’s 16th data center, bringing hundreds of construction jobs to northern Illinois.” (WIFR)
  8. Walgreens Tests New Store Format Highlighting Health, Wellness “Walgreens is testing a smaller store concept that is focused on pharmacy.” (Chain Store Age)
  9. 'They're Losing Sleep': CRE, Businesses Fret Over New Wave Of Closings “As coronavirus cases surge in states like Texas, Florida and California, some phased reopenings are stalling or even being reversed, leaving businesses and property owners uncertain about their future viability.” (Bisnow)
  10. REITs Ramp Up ESG Campaigns “A new report from Nareit shows that the sector is finding innovative ways to meet ESG goals.” (Commercial Property Executive)
  11. $3B ‘OC Vibe’ District Planned Around Anaheim’s Honda Center “The Samueli Family, owners of the Anaheim Ducks NHL team, unveiled a $3-billion plan for ocV!BE, a 115-acre, mixed-use community and live entertainment district in Anaheim.” (Connect California)
  12. IRS: Stimulus Payments Belong to Recipient, Not Nursing Homes “Make sure your elder clients know their rights.” (WealthManagement.com)
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