- Real Estate Valuation in the Wake of COVID-19 “When the commercial real estate market is in turmoil, valuations are needed. And when the market is stable, valuations are needed. Either way, a professional valuation is not guided by a magic crystal ball—the process is both art and science. North Texas had been humming along thanks to an 11-year long bull run. The region was leading the country in job growth. The prospects for relocating companies to the area from out of state fueled a seemingly ever-robust office market.” (D Magazine)
- Disney Eyes July Opening for California Theme Parks “Walt Disney Co plans to reopen the Disneyland Park and Disney California Adventure park on July 17, pending approval from state and local authorities. The theme parks based in Anaheim, California have been shut since March 14 to help curb the spread of the COVID-19 pandemic. Disney also plans to reopen its Grand Californian Hotel & Spa and Paradise Pier Hotel on July 23.” (The New York Times)
- Nursing Homes Say Some Protective Gear Sent by FEMA Is Unusable “A major federal effort to ship protective gear to nursing homes during the coronavirus pandemic is providing equipment that some facilities say is unusable, including plastic gowns that they say don’t meet their infection-control requirements. The shipments, coordinated by the Federal Emergency Management Agency, are ultimately supposed to provide two weeks’ worth of gloves, gowns, surgical masks and eye protection for each of approximately 15,000 facilities. A FEMA spokeswoman said that as of Tuesday, 13,654 packages have been sent, with more slated for the coming weeks.” (Wall Street Journal, subscription required)
- Using the Past to Predict CRE Pricing “While most investors have the phrase ‘past performance is not indicative of future results,’ memorized, the truth is it can still help to look at the past to understand future performance, according to Omar Eltorai, market analyst at Reonomy. ‘While the last recession is not the same as the current, it is still helpful to acknowledge the historical experience—even if only to bookend our expectations,’ Eltorai says. ‘This recession has different drivers which include a health crisis, business crisis, liquidity and solvency issues, shift in consumer behaviors and political disruption in both the foreign and domestic spheres.’” (GlobeSt.com)
- Best Buy Ends Appointment-Only Shopping “Ultimately, big-box stores are too big to fill with an appointment-only service. Best Buy said on Tuesday it was ending its requirement next week to have an appointment to enter its stores, something it had implemented a few weeks earlier to ensure the safety of customers during the pandemic. Under that practice, a shopper had a renewable 30-minute appointment, during which the person was chaperoned by a Best Buy employee.” (Fortune, subscription required)
- J.C. Penney Skips $2.45 Million Rent Payment on its Plano Headquarters “J.C. Penney’s landlord has asked the bankruptcy court to force the retailer to pay the $2.45 million monthly rent on its Plano headquarters. Penney filed for Chapter 11 in May. The rent, which was due June 1, is a bankruptcy domino falling on local developer Sam Ware and his partners, who bought the headquarters in late 2016. The rent payment includes almost $1 million that is used to pay operating expenses such as utilities, security and common area maintenance.” (Dallas Morning News)
- CRE Advisory in the Time of COVID-19: Q&A “With so much uncertainty in the air, the role of today’s commercial real estate adviser is not an easy one to play. How do you advise clients on the best defensive and offensive strategies to pursue amid a pandemic and at the advent of a recession? To get the adviser’s perspective, Commercial Property Executive spoke to Gadi Kaufmann, managing director & CEO of RCLCO (Robert Charles Lesser & Co.) Real Estate Advisors and Taylor Mammen, an RCLCO senior managing director and director of the firm’s Institutional Advisory Services.” (Commercial Property Executive)
- Amazon Nabs 200K-SF Bronx Warehouse “Amazon inked a deal for a 200,000-square-foot Bronx warehouse along the Bronx River formerly home to Jet.com, a failed rival grocery delivery business owned by Walmart, the e-commerce giant confirmed.” (Commercial Observer)
- June Gloom, Dirty Streets Limit San Francisco Restaurants’ Outdoor Dining Options “Bay Area diners may be excited by the news that San Francisco restaurants can finally reopen for outdoor dining Friday — but most restaurants won’t be ready right away, and many won’t bother at all. Jamie Boatner was excited to hear San Francisco would allow restaurants like his Hazel Southern Bar & Kitchen in Mid-Market to take over the sidewalk and parking spaces as part of its Shared Spaces program. But once he stood outside and looked around, he realized it wasn’t going to happen.” (San Francisco Chronicle)
- Starbucks to Transform U.S. Store Portfolio and Close Some 400 Locations “Starbucks Corp. will transform its U.S. stores — and shutter up to 400 locations — as it focuses on digital integration and convenience to meet ‘shifting customer behaviors.’ During the next 18 months, the coffee giant plans to accelerate the expansion of convenience-led store formats such as drive-thru, mobile order only, counter pickup and curbside pickup. It also plans to relocate stores from low-traffic malls to new locations that combine the store experience with drive-thrus.” (Chain Store Age)
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