- Lease Renegotiations in the Age of Coronavirus “The situation also creates a game of chicken. If the tenant simply leaves and doesn’t come back, how will that play out for the owner? But if the owner accommodates the tenant today, does that in fact reduce the risk of losing the tenant, or just defer it?” (Commercial Observer)
- California Forms First FEMA Partnership with Restaurants “The state of California formed an innovative partnership with FEMA and local cities that will involve restaurants making meals for vulnerable older Californians who are isolating at home during California’s stay- at-home order. In addition to the first-in-the nation meal delivery program, Governor Gavin Newsom also launched a partnership to make wellness check-in calls, and the expansion of Friendship Line California to help combat social isolation.” (Connect Media)
- Investors to Challenge Neiman Marcus Bankruptcy Loan, Push for Sale-Sources “An investor group that comprises investment firm Mudrick Capital Management LP and Daniel Loeb's hedge fund Third Point LLC plans to challenge a $600 million financing package that Neiman Marcus Group has lined up for its looming bankruptcy, and will push the U.S. department store operator to sell itself, people familiar with the matter said on Sunday.” (Reuters)
- Starbucks Says in Partnership With Sequoia Capital China for Investments “ Starbucks on Monday said it has entered a strategic partnership with investment firm Sequoia Capital China that will see the two companies make strategic co-investments in China's technology sector. The U.S. coffee giant said in a statement that the partnership will create opportunities for it to evolve its business in China and the two will also be able to obtain early access to ideas in the retail marketplace. (U.S. News & World Report)
- How the Unicorn Blowup & Oil Bust Bleed into Commercial Mortgage-Backed Securities “This theme has been playing out all over Houston: New towers attract tenants from older buildings, and older buildings empty out and turn into hugely overvalued collateral. Creditors and holders of CMBS are starting to grapple with this.” (Wolf Street)
- PREIT Malls Supports SMB Retail Tenants Through ‘Shop Local’ Digital Platform “As the coronavirus pandemic extends from one week to the next, small business tenants under the PREIT real estate umbrella will now have access to a much larger audience. A new platform, Shop Local, will be featured on all of PREIT’s mall websites in a new effort to support the e-commerce channels of the small tenants in its malls.” (Sourcing Journal)
- After Two IPO Misfires, the Country’s Second-Largest Grocer Might Finally Have Gotten Its Timing Right “The initial public offering market has been largely shuttered by the Covid-19 pandemic. There were 10 IPOs in January, 11 in February...then the virus hit. There have been just five IPO pricings since the beginning of March, mostly biotechs. A handful of new issues will sneak out in coming weeks, but most will have to wait for a better opportunity.” (Barron’s)
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