- Airbnb to Make IPO Filing Public Next Week Despite COVID-19 Surge: Sources “Airbnb Inc plans to make its IPO registration public next week, putting it on course for a New York stock market debut in December even as the COVID-19 pandemic intensifies, two people familiar with the matter said on Thursday. The U.S. home rental company’s planned debut on the Nasdaq is set to be one of the largest stock market listings of 2020, amid a pandemic that has seen demand for house rentals surge as vacationers snub hotels to practice social distancing.” (Reuters)
- Net Lease Sales Velocity Hits Pandemic High “Single-tenant net leased asset sales velocity hit a new high since the COVID lockdowns began in March, according to The September 2020 NNN Market Intelligence Report Chris Pappas, associate director with Marcus & Millichap’s Net Lease Division.” (GlobeSt.com)
- Senior Housing Occupancy Drops, Inventory Increases: NIC Map “Assisted living senior housing properties in the NIC MAP Primary Markets continue to see steeper occupancy declines since the pandemic began than independent living properties, dropping 6.1 percentage points since March to an all occupancy rate of 79.1 percent, according to the NIC Intra-quarterly Snapshot for September. It was another record low for assisted living occupancy rates, though a smaller drop from the previous record low in August of 79.5 percent.” (Commercial Property Executive)
- Management Company Owned by Jared Kushner Files to Evict Hundreds of Families as Moratoriums Expire “Jared Kushner helped lead the White House's response to the pandemic. His company has been moving to evict people affected by it.” (Washington Post)
- Banking Consortium Provides $1.3B CMBS Refinance on Manhattan’s Grace Building “Bank of America, JPMorgan Chase, Credit Suisse and Deutsche Bank have combined to originate $1.25 billion in debt to a joint venture led by Brookfield Property Partners and The Swig Company to refinance the Grace Building, an iconic, curved, 49-story office property that borders Bryant Park in Midtown Manhattan, according to ratings agency analysis of the transaction.” (Commercial Observer)
- New York State Pensions Doubles Down on Alternatives “The New York State Common Retirement Fund (NYSCRF) has doubled down on its alternative strategy with a series of allocations into private equity, real estate, credit, and real assets. The nation’s third largest public retirement system made 10 commitments in September totaling roughly $865 million to alternatives, according to the state comptroller. The fund made some of its largest investments in collateralized loan obligations (CLOs), solar and wind power, and C-band spectrum.” (Chief Investment Officer)
- S.F. Voters Passed New Taxes. Will That Hurt as City Recovers from Pandemic? “San Francisco voters are generally friendly toward new taxes — particularly when they are levied on big businesses — and Tuesday’s election revealed how the current recession failed to change that. The victories were welcome at City Hall, which recently struggled to close a $1.5 billion deficit and is bracing for even more pain.” (San Francisco Chronicle)
- Holiday Shopping As We Know It Is Over—Just Ask Seasonal Workers “Holiday hiring events for malls used to be a big deal, with lines rivaling those for jaw-dropping Black Friday electronic deals. Anchor retailers and specialty stores held huge in-person hiring events as early as September, heralding the start of the busiest, most exciting part of the retail year. This season, don’t expect big spikes in hiring for mall Santas (who may be socially distanced in plexiglass snow domes), gift wrappers, or additional staff to work the aisles on Black Friday.” (Vox)
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