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Eight Must Reads for the CRE Industry Today (Aug. 8, 2020)

Many of San Francisco’s small businesses have closed for good due to the COVID-19 pandemic, according to the San Francisco Chronicle. Rick Caruso's open-air centers are better positioned than regional malls, reports Forbes. These are among today’s must reads from around the commercial real estate industry.

  1. SF’s Beloved Small Businesses Say a Sad, Quiet Goodbye as Chance of Quick Economic Rebound Disappears “Scores of beloved San Francisco small businesses have closed for good with no end in sight to the COVID-19 pandemic.” (San Francisco Chronicle, subscription required)
  2. California Shopping Center King Rick Caruso Is Back—And Cheering On The Demise Of The American Mall “Thanks to a reopening of California and a preponderance of data showing that the virus is less likely to be transmitted outside, real estate billionaire Rick Caruso’s outdoor destinations are booming once again.” (Forbes)
  3. $100 Million Fund to Convert Bay Area Hotels to Homeless Housing Draws 20 Applications — None in SF “A state-run program to convert hotels into permanent housing for homeless people has attracted nearly 20 applications throughout the Bay Area, with a big deadline looming next week.” (San Francisco Chronicle, subscription required)
  4. JP Morgan Provides $434M CMBS Package to Refi Huge Industrial Portfolio “El-Ad Group affiliate gets $434 million CMBS package from J.P. Morgan Chase to refinance a 6.1-million-square-foot portfolio.” (Commercial Observer)
  5. Additional Unemployment Payments Are Done, Missed Rent Payments Are Just Getting Started “32 million Americans are currently receiving unemployment benefits, without which many will be in a difficult position come the first of the month.” (GlobeSt.com)
  6. Passive Fund Investment Set to Boost Private Real Estate Market “Increased passive investment into real estate investment trusts (REITs) is set to drive a new wave of capital into private real estate markets and bring fundamental change to the U.S.” (JLL’s The Investor)
  7. Florida Ports Suffer Huge Economic Losses from COVID-19 Outbreak in 2020 “This week, the Florida Ports Council sent a letter to members of Congress urging relief for the maritime sector based on the new economic impact analysis.” (World Property Journal)
  8. COVID-19 Impact Concerns on the Rise in CRE: NAIOP Study “NAIOP’s latest monthly survey finds improved activity in some aspects of the industrial and office markets but increasing pessimism about the pandemic’s long-term effects.” (Commercial Property Executive)
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