- Amazon Plans to Open Large Retail Locations Akin to Department Stores “The plan to launch large stores will mark a new expansion for the online-shopping pioneer into bricks-and-mortar retail, an area Amazon has long disrupted. Some of the first Amazon department stores are expected to be located in Ohio and California, the people said. The new retail spaces will be around 30,000 square feet, smaller than most department stores, which typically occupy about 100,000 square feet, and will offer items from top consumer brands.” (The Wall Street Journal)
- Key U.S. Senator Unveils a Bill to Combat Profiteers in Low-Income Housing “U.S. Sen. Ron Wyden on Wednesday announced a bill he said would close a loophole that's allows large investors to seek outsized profits in taxpayer-funded affordable housing. The measure is part of a larger housing bill authored by Wyden, an Oregon Democrat who is chair of the Senate Finance Committee. In an interview, Wyden said his goal is to protect low-income housing for the long term, and stop predatory investors from scooping up these properties in cities like Boston and Seattle, where real estate values have climbed.” (wbur.org)
- The Capital Markets Have Already Entered the Post-COVID Era “The delta variant may be a concern for many reasons, but it isn't affecting how the commercial real estate capital markets are behaving.” (Bisnow)
- Starwood Heats Up Monmouth Bidding War with Equity “Starwood’s REIT submitted a new proposal to acquire Monmouth Real Estate on Wednesday, offering a net consideration of $19.20 per share.” (The Real Deal)
- Accounting Changes When Reevaluating Real Estate Assets “Real estate is a major asset class for businesses, whether a company is in the commercial real estate industry or owns headquarters, remote offices, warehouses, factories, and other properties. There are implications for cash flow, the balance sheet, tax planning, and other financial aspects. Deloitte recently issued a short paper on some of the considerations, which will appear in this three-part series. This first article addresses real estate reevaluation and accounting for changes in use.” (GlobeSt.com)
- Why Some People in Chinatown Oppose a Museum Dedicated to Their Culture “The protesters — a collection of artists, local residents, workers, anti-gentrification activists and union leaders — want the museum to return the money, which they say should be spread among the hundreds of small businesses and restaurants in Chinatown that have suffered from the pandemic. Many residents believe that to preserve the story of Chinatown, it makes more sense to safeguard the actual neighborhood than a historical record of it — and to not do so may endanger Chinatown’s viability, putting it at risk of shrinking as Little Italy has in recent decades.” (The New York Times)
- Rocket Builder ULA Will Require Employees Receive COVID Vaccine Beginning Sept. 1 “to CNBC that matched Bruno’s announcement. The company – headquartered in Centennial, Colorado, with operations in Alabama, Texas, Florida, and California – is one of the top manufacturers of large rockets, and the main U.S. competitor to the rocket business of Elon Musk’s SpaceX in winning government contracts for launches. ULA has launched two missions so far this year, and was set to launch Boeing’s Starliner test flight earlier this month as its third before the spacecraft was delayed due to propulsion valve issues.” (CNBC)
- Toys ‘R’ Us Is Coming to More Than 400 Macy’s Stores Next Year “Macy’s is joining forces with the owner of Toys R Us to bring an assortment of toys, games and other gadgets for kids to more than 400 of the department store chain’s locations and online. The Toys R Us shop-in-shops in Macy’s will roll out next year, the companies announced Thursday. A larger assortment of Toys R Us merchandise is now available on Macy’s website.” (CNBC)
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