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13 Must Reads for the CRE Industry Today (July 14, 2020)

More small business owners are permanently shutting their doors, reports The New York Times. AMC reached an agreement with bondholders to reduce its debt amid the pandemic, according to Reuters. These are among today’s must reads from around the commercial real estate industry.

  1. ‘I Can’t Keep Doing This:’ Small Business Owners Are Giving Up “More owners are permanently shutting their doors after new lockdown orders, realizing that there may be no end in sight to the crisis.” (The New York Times)
  2. Lenders Oppose Federal Effort to Weaken Housing-Discrimination Rule “Rule change would increase burden of proof on bringing discrimination cases to court.” (Wall Street Journal, subscription required)
  3. California to Close Indoor Restaurants, Movie Theaters and Bars Statewide as Coronavirus Cases Rise “California Gov. Gavin Newsom ordered all dine-in restaurants, bars, movie theaters, museums and other indoor businesses across the state to close Monday as Covid-19 cases continue to climb.” (CNBC)
  4. 'Tax us. Tax us. Tax us.' 83 Millionaires Signed Letter Asking for Higher Taxes on the Super-Rich to Pay for COVID-19 Recoveries “A group of 83 millionaires are pleading in an open letter to be taxed more in order to pay for the damage COVID-19 had caused to economies around the world.” (Business Insider)
  5. New York & Co. Owner RTW Retailwinds Files for Bankruptcy, to Close Hundreds of Stores “New York & Co. parent company RTW Retailwinds announced Monday it had filed for Chapter 11 bankruptcy protection and plans to permanently close most, if not all, of its stores.” (CNBC)
  6. AMC Reaches Agreement with Bondholders to Reduce Debt by up to $630 Million “AMC Entertainment Holdings Inc said on Monday it had reached an agreement with bondholders to reduce its debt by up to $630 million, as the theater industry suffers from the impact of COVID-19 pandemic.” (Reuters)
  7. Amazon Restricts Warehouse Storage as COVID-19 Crisis Continues and Holidays Loom “Amazon is putting in place new inventory restrictions at its warehouses to prepare for the upcoming holiday shopping rush.” (CNBC)
  8. Amid Pandemic, Wealthy U.S. Families Approved for Government Loans “Private investment firms that manage the fortunes of wealthy individuals and their kin were approved for millions of dollars in taxpayer-funded relief loans designed to help small businesses weather the coronavirus lockdown, according to a review of recently released government data.” (Reuters)
  9. Will Luxury Condos Sell in a Pandemic? SF High-Rise is the Market’s First Big Test “Despite the difficulties of selling luxury condos in a downtown neighborhood mostly bereft of workers and festooned with boarded-up stores and restaurants, San Francisco’s condo market is performing far better than its rental housing market, as families put a premium on quality living spaces during shelter-in-place.” (San Francisco Chronicle)
  10. Big Changes Coming to Other Real Estate Sectors, Too “Retail is not the only real estate sector with its transformation shifted into overdrive by the COVID-19 crisis.” (Pensions & Investments)
  11. International Trade Creating New Opportunities in Industrial Real Estate “Companies are continuing to diversify and reorganize their global supply chains, a trend that has accelerated since the onset of COVID-19.” (GlobeSt.com)
  12. This Iconic Miami Beach Hotel Recently Reopened. Coronavirus is Making it Close Again. “After a reopening that lasted just three weeks, the iconic Clevelander South Beach Hotel and Bar has closed its doors again because of Florida’s rising number of COVID-19 cases.” (Miami Herald)
  13. Can Senior Living Breathe New Life into Struggling Commercial Real Estate? “Many parking garages, shopping malls and other commercial real estate structures were struggling before COVID-19. The pandemic’s spread has made things that much worse.” (McKnight’s Senior Living)
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