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13 Must Reads for the CRE Industry Today (Oct. 30, 2020)

The New York Times looks at a nursing home in crisis post-COVID-19 surge. Walmart is turning four stores into e-commerce laboratories, reports CNBC. These are among today’s must reads from around the commercial real estate industry.

  1. Fannie Mae Earnings Rise During Third Quarter on Mortgage Refinance Boom “The mortgage-finance giant reported a sharp increase in earnings during the third quarter amid a refinancing boom that has buoyed the U.S. mortgage market.” (Wall Street Journal)
  2. Walmart Turns Four Stores into E-commerce Laboratories as Online Sales Surge “Store employees will try out faster ways to restock shelves and pick online orders, as the company tries to better align its brick-and-mortar and e-commerce businesses.” (CNBC)
  3. With No Pre-Election Relief Deal, Congress Leaves Landlords And Tenants Dangling From A Cliff “After months of industry advocacy, Congress is without a relief package as economic distress bubbles over in the retail, multifamily and restaurant industries.” (Bisnow)
  4. 40 Dead, Now 40 Laid Off: Inside a Nursing Home in Crisis “They came to work when death counts were horrific and the risks enormous. Now they fear for their jobs. At one home, they agreed to speak out.” (The New York Times)
  5. SHVO Closes on $650M Transamerica Pyramid Buy “The acquisition of the iconic San Francisco property marks the country’s largest single-asset transaction since the onset of the pandemic.” (Commercial Property Executive)
  6. How New York’s Small Cinemas Are Hanging On “Despite the continued shutdown of the city’s movie houses, indie theaters just may survive: They are less reliant on Hollywood and have a loyal audience.” (The New York Times)
  7. A Broken Mortgage Market Strands Detroit’s Black Residents “Lenders shun the city’s low-priced homes, and they lose even more value, in a cycle that keeps the housing market depressed. The city of nearly 700,000 saw barely 1,700 mortgages made last year. The solution for some Detroiters is to buy a fixer-upper for a few thousand dollars cash and pour in sweat equity.” (Wall Street Journal)
  8. Home Depot Taking East 61st Street Space in Largest Manhattan Retail Lease of 2020 “Home Depot leases 120,000 square feet on the Upper East Side.” (Commercial Observer)
  9. Volkswagen Moving HQ to Reston “Volkswagen Group of America signed a 196,000-square-foot lease in the next phase of Reston Town Center, located in Reston, Va.” (Commercial Observer)
  10. Commercial Property Giant CBRE Is Shifting its Headquarters to Dallas “The country’s largest commercial real estate firm — CBRE Group — is trading its California address for a new headquarters in Dallas.” (The Dallas Morning News)
  11. COVID-19 Boosts Demand for Single-Tenant Drugstores “Cap rates for this property type increased while available stock declined, according to a new report from The Boulder Group.” (Commercial Property Executive)
  12. You Can Already Dine Outside, Now de Blasio Wants You to Shop There Amid COVID “New York City could soon look like a giant street fair under a new plan to let 40,000 small businesses hawk their wares outside their storefronts to increase commerce during the ongoing coronavirus crisis.” (New York Post)
  13. Wine Country, Fire Country: A Cycle of Burning and Rebuilding “Since 2015, several monstrous fires have plagued Lake, Sonoma and Napa counties. This is how it is - and isn't - transforming the region.” (San Francisco Chronicle)
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