- With Vaccines in More Drugstores, Pharmacies Go on Hiring Sprees “Pharmacies are turning to universities for help finding vaccinators. Training programs are enrolling record numbers of students and workers looking to learn how to give vaccines. And pharmacists like Maurice Shaw have been inundated with job opportunities.” (The New York Times)
- A top U.S. mall developer predicts a big comeback for the suburbs & 'We Wish That New Owner The Best Of Luck': Simon Continues Handing Back Struggling Malls “Putting aside data proving the rebirth of city centers over the last 20 years, even if there is a boom in the suburbs that are home to Simon malls, the bigger question is whether the developer can reinvent those properties adequately given retail's changed landscape.” & “Last week, Simon relinquished its ownership of an Atlanta mall in a foreclosure auction that saw no bids. In November, the REIT ceded control of at least four other mall properties it controlled. This week, according to Fitch Ratings, the mall operator is over 60 days delinquent on an $85.6M loan backing a Boston-area mall for the second time in four months.” (Fortune, Bisnow)
- Poor Ventilation in Multifamily Buildings May Lessen Benefit of Staying at Home to Avoid Covid “As a result, she also believes public health officials should be doing more to head off this potential risk — not by forcing landlords to renovate their HVAC systems, but by educating them about airflow and filters, and even requiring them to disclose to tenants the presence of shared ventilation units. Her landlord balked at the latter suggestion, she said.” (Fair Warning)
- Aldi to open 100 U.S. stores in 2021 “The German discount grocer plans to add 100 stores in 2021, with the locations focused on Arizona, Florida, California and the Northeast. The company is also breaking ground on a regional headquarters and distribution center in Loxley, Alabama, that will support it expansion throughout the Gulf Coast region.” (Chain Store Age)
- Pro Athletes Increasingly Investing In Real Estate Before They Stop Playing “Sweet is a member of a new class of professional athletes jumping into real estate, attempting to follow in the footsteps of famous athletes to make their own name in the industry. Roger Staubach, Emmitt Smith, Magic Johnson, Shaquille O’Neal, David Robinson and Alex Rodriguez are all-time greats in their sports, and each has made millions investing in commercial real estate.” (Bisnow)
- New York will reopen stadiums with limited capacity “Any stadium that can fit more than 10,000 people can stage events beginning on Feb. 23 at 10% capacity so long as the state’s Department of Health signs off on its safety plans, Governor Andrew Cuomo said on Wednesday. Brooklyn’s Barclays Center has already won approval for a basketball game between the Brooklyn Nets and the Sacramento Kings on that day, Cuomo said.” (Reuters)
- Andrea Olshan tapped to right Seritage ship “Seritage Growth Properties announced that Andrea Olshan has been appointed chief executive officer and president of the company. Olshan will join the company’s Board of Trustees. She will step down as CEO of her family’s Olshan Properties and move to the role of chairman of the board.” (Real Estate Weekly)
- Sale-Leaseback Transactions Poised to Play a Larger Role in M&A “Although more private equity firms seem to be employing a sale-leaseback strategy, there are still many that are not taking advantage of this opportunity and could be leaving money on the table. Per a recent survey, conducted by the Association for Corporate Growth and sponsored by STNL Advisors, a real estate consulting group, 80% of respondents said they had never done a sale-leaseback transaction.” (Middle Market Growth)
- The Half-Legal Cannabis Trap “Businesses can appear legitimate, and even exist for years, without any legal license to operate. Many of the illegal shops are in Black and Latino neighborhoods, with their employees vulnerable to arrest while owners are shielded behind shell companies. So as police and prosecutors attempt to crack down on unlicensed dispensaries, they appear to be reproducing the very social inequalities that legalization was supposed to fix.” (Politico)
- Office and Retail Landlords Lean Heavily on Free Rent to Attract Tenants “A year into the COVID-19 pandemic, office and retail landlords in New York City are looking to lure tenants with a variety of incentives that include months to years of rent on the house, as well as money for tenant improvements. And, while most would prefer not to cut face rents, some landlords are increasingly flexible here as well.” (Commercial Observer)
- It's Back To The Future With Jersey City's New Automat Kitchen “Everything is made to order--the kitchen crew toils away right behind the wall of boxes, and they place your packed-up meal into a compartment from their side of things--so don't expect your food to be delivered with the speed of a vending machine. Really, the place functions more like a counter-service restaurant than a true automat, but instead of talking to people, you're tapping on various screens.” (Gothamist)
- Alamo Drafthouse Cinemas and San Antonio landlord settle pandemic-related feud “The litigation was resolved out of court and the complaints dismissed last month. The parties entered into a confidentiality agreement and no details of the settlement were included in court records. Alamo Drafthouse, however, continues to operate in the shopping center Thursdays through Sundays. It’s closed Monday through Wednesday.” (MRT)
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