- WeWork Lost $3.2B in 2020, Looking to Raise $1B via SPAC “Coworking giant WeWork lost $3.2 billion last year — a slight improvement from 2019 — and is trying to raise $1 billion through a blank-check company, the Financial Times reported. Documents showed to prospective investors obtained by the Financial Times shows that while WeWork pulled in $3.2 billion in revenue in 2020, it lost the same amount last year. However, that’s a bit better than the $3.5 billion WeWork lost in 2019.” (Commercial Observer)
- Mayor Ends Remote Work for $80,000 in Signal to Rest of New York City “With virus cases seeming to stabilize and vaccinations becoming more widespread, city officials intend to send a message that New York is close to returning to normal: On May 3, the city will compel its municipal office employees to begin to report to work in person, according to internal planning documents shared with The New York Times. Workers will return in phases over several weeks.” (The New York Times)
- Planned Store Openings Are Outpacing Closings This Year—Here Are the Retailers Debuting New Locations “Following a year of record store closures amid the coronavirus pandemic, some retailers are now hatching big plans to expand their brick-and-mortar footprints in the United States. According to a recent study by Coresight Research, U.S. retailers have announced a collective 3,344 store openings for 2021, or about 39.5% more openings than announced at the same point in 2020. That number also eclipses the 2,649 store closures announced so far this year.” (Footwear News)
- Cold Storage for Food Is Hot Real Estate Play “A surge in online grocery shopping is intensifying demand for food-storage warehouses, sparking billions of dollars in new real-estate development. Shopping for groceries online was taking off even before the pandemic. Services like Amazon Fresh, FreshDirect and Misfits Market offered a convenient alternative to the supermarket. Demand soared when people started worrying that they could catch Covid-19 on a trip to the store.” (Wall Street Journal)
- SFR Rent Growth Follows K-Shaped Recovery “Single-family rent growth continued its torrid pace in January. Overall single-family rents increased 3.8% year over year in January 2021. That was an increase from the 2.9% rate recorded for January 2020 and the low of 1.4% reported for June 2020, according to the CoreLogic Single-Family Rent Index.” (GlobeSt.com)
- Soft Bank-Backed Compass Targets $10 Billion Valuation in U.S. IPO “SoftBank Group Corp-backed real estate brokerage firm Compass Inc said on Tuesday it is aiming for a valuation of up to $10 billion in its initial public offering in the United States. The firm aims to raise up to $936 million in the IPO, selling 36 million Class A shares priced between $23 and $26 per share, it said in a filing.” (Reuters)
- The Commercial Real Estate Tech Revolution Starts with Automation “Commercial real estate brokers only have time to adopt the technology that helps them with their day to day so automation is an obvious place to start.” (Promodo)
- Neiman Marcus Reportedly in $1.1 Billion Financing “Neiman Marcus Group has refinanced again. The owners of the luxury department store retailer sold $1.1 billion in senior secured notes to repay other borrowings, reported Women’s Wear Daily. Neiman Marcus exited bankruptcy in late September with its senior lenders — Pacific Investment Management Company LLC (Pimco), Davidson Kempner Capital Management and Sixth Street Partners — swapping debt for equity and becoming the new owners.” (Chain Store Age)
- One Resident Killed, Several Injured, In Large Fire at Assisted Living Facility “It’s unclear how many people were inside the facility at the time of the fire. A cause of the fire has not yet been determined, the spokesman said. The facility, located in Rockland County about 30 miles north and west of Manhattan, can accommodate up to 200 beds, according to the New York Department of Health. Attempts to reach the facility were not successful.” (The New York Times)
- Regal Cinemas to Reopen in April, Strikes New Deal with Warner Bros. “As lockdowns ease, Regal Cinemas will reopen in the U.S. after six months of being shuttered. The movie theater chain owned by Cineworld, is set to reopen around 500 locations on April 2 at limited capacity based on local guidelines. In most cases, attendance is capped at 25% to 50%. Regal Cinemas will showcase Warner Bros.′ film ‘Godzilla vs. Kong’ during its first weekend open.” (CNBC)
- 7-Eleven Is Opening its First Drive-Thru Store and It Will Feature Tacos and Special-Flavored Slurpees “A new 7-Eleven store in Dallas, Texas will have a drive-thru and be connected to Laredo Taco Company. The location will also have indoor dining. This location marks the first-ever 7-Eleven drive-thru. The first combination 7-Eleven and Laredo Taco Company opened two years ago, the company says.” (Business Insider)
- Penn National Gaming CEO Says Casino Recover Has Been ‘Incredible’ as COVID Vaccines Roll Out “Penn National Gaming CEO Jay Snowden told CNBC on Tuesday the company is seeing a strong recovery at its properties as Covid vaccines are making people feel more comfortable returning to casinos. ‘What we’re seeing right now in the business ... is revenues and volumes that I haven’t seen in years. The month of March has been incredible,’ Snowden said in an interview on ‘Squawk Box.’” (CNBC)
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