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15 Must Reads for the CRE Industry Today (June 25, 2020)

Real estate ETFs are going through a slump, reports MarketWatch. KKR has raised $10 billion for its third Asia buyout fund, reports Bloomberg. These are among today’s must reads from around the commercial real estate industry.

  1. Real Estate ETFs Slump as Coronavirus Case Counts Rise “The sector, battered by concerns about missed rent and mortgage payments in the wake of coronavirus lockdowns, took another hit Wednesday from reports of spiking case counts, suggesting some local economies tried to re-open too early.” (MarketWatch)
  2. KKR Raises $10 Billion For Its Biggest Asia Buyout Fund “KKR & Co. has raised more than $10 billion for its third Asia fund, on track to amassing the biggest buyout war chest ever assembled by a U.S. private equity firm for the region, people familiar with the matter said.” (Bloomberg)
  3. Blackstone to Bypass Scramble for Investment-Bank Talent in Bid to Diversify Hiring “Blackstone Group Inc., BX -3.29% one of the most coveted employers on Wall Street, is throwing out a key section of its recruiting playbook in a bid to improve its hiring process and increase diversity.” (Wall Street Journal, subscription required)
  4. Walt Disney World Employees Petition To Delay Reopening as Coronavirus Cases Surge in Florida “As the number of coronavirus cases surges in Florida, more than 7,000 people have signed an online petition urging Disney and government officials to reconsider the opening of Disney World next month.” (CNBC)
  5. In the Wake of COVID-19: Protective Actions the Retail Tenant Should Take When Faced with a Landlord’s Bankruptcy “What retail tenants should do to protect their rights and seek available remedies when faced with a landlord’s bankruptcy.” (Crowell & Moring)
  6. Real Estate Agents Return to Work as City Reopens “As New York City entered Phase 2 of reopening this week, thousands of real estate agents across the city returned to work, but the business of listing and showing properties has taken on a series of pandemic protocols designed to keep brokers and their clients safe.” (The New York Times)
  7. J.C. Penney Details More Store Closings “J.C. Penney is getting ready to kick off its second phase of store closing sales as part of its "store optimization" strategy. And there are still more to come.” (Chain Store Age)
  8. NYC Must Focus on Filling Empty Buildings Again — Not Profits or Tax Revenues “Commercial, retail and housing markets were struggling with rising vacancy rates even before COVID-19 hit.” (New York Post)
  9. Some Big Law Firms Are Waiting to Reopen Their New York Offices “While law firm offices in New York City are allowed to reopen, several firm leaders say they’re taking a conservative approach, keeping their office doors closed this week.” (Law.com)
  10. Moore From L.A.: Mall Owner Rick Caruso on Pandemics, Protests, Getting America Shopping Again “"The beauty of our projects, no matter where they are located, is they are open to everybody. We don’t put turnstiles on them," said the retail real estate impresario and politician in the making.” (Women’s Wear Daily)
  11. Plexiglass to the Rescue: Supplies Run Short as Covid Barriers Go Up “The World Health Organization has recognized plexiglass and other plastic barriers as effective in helping to stop the spread of the virus.” (Wall Street Journal, subscription required)
  12. GNC Files Bankruptcy to Manage Debt With Plan to Sell Itself “GNC Holdings Inc. filed for bankruptcy protection with the aim of selling itself and closing stores after its latest effort to manage its debt load unraveled amid the coronavirus pandemic.” (Financial Post)
  13. CVS to Offer Companies COVID-19 Testing Program as U.S. Cases Rise “As U.S. employers grapple with trying to keep workers healthy and on the job amid fresh spikes in COVID-19 cases, CVS Health Corp (CVS.N) has begun selling companies a diagnostic testing program.” (Reuters)
  14. Oakland A’s Pay Up on Their Coliseum Rent, But May Come Back for a Refund if Season Shortened “The Oakland A’s and the Oakland-Alameda County Coliseum Authority have settled their rent dispute — the team sent in what may be its final rent check — but not necessarily the tug-of-war.” (San Francisco Chronicle)
  15. Authorities Arrest LA Councilman Huizar in Real Estate Corruption Scheme “Los Angeles City Councilman Jose Huizar — former chairman of the powerful planning and land use committee — was arrested by FBI agents today after more than a year-and-a-half long federal corruption investigation at city hall.” (Commercial Observer)

 

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