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As mall stores have closed during the COVID-19 outbreak, some landlords have found a new, surprising source of revenue—shopping center parking lots.
CNBC reported that Brookfield Properties inked a deal with Kilburn Live to turn some of its mall parking lots into drive-in theaters that could host movies and virtual concerts.
With conventional theaters and concert venues closed and consumers eager to leave their house for entertainment, activating parking lots would seem like the right way for mall landlords to recoup lost income.
Mason Asset Management, which buys distressed malls in partnership with Namdar Realty Group, is open to exploring turning its parking lots into movie theaters or concert venues, according to Elliot Nassim, president of the company.
“We have an entire specialty leasing team now just focused on the parking lot and the ancillary income,” Nassim says. “If you have good real estate, you have the potential to do
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A record $300 billion in funds designated to buy distressed commercial real estate assets remains on the sidelines despite plunging commercial real estate values tied to the COVID-19 pandemic, according to New York-based Enertiv.
As commercial real estate sales and acquisitions of $2.5 million-plus properties have plummeted 79 % since February, stashed billions in “dry powder” for potential investments will continue to grow while the pandemic takes its course, the commercial real estate data platform’s managers said.
Reluctant commercial real estate investors do have some cautious options if they are willing to think outside the box. However, those options — to be successful — rest on adopting new technologies to enhance risk mitigation and maximize asset values, Enertiv managers said.
Cost-saving technologies include an investment in inexpensive mobile apps that will digitize documentation, assets, and workflows associated with distressed properties so that investors can focus on where investments would prove
Buying furniture and home decor online is a massive advance in convenience. You can see a vast selection without wearing out your legs walking down endless aisles, and the items you choose show up right to your door without the hassle of transporting them there yourself.
But when you’re shopping online for area rugs, one of the easiest decor pieces you can use to refresh your look, remember that there are pitfalls. It’s not as easy as finding something pretty on sale and clicking “add to cart.”… Read More
Goldman Sachs Merchant Banking Division is buying a stake in a 46-asset last mile industrial portfolio owned by Dalfen Industrial. The portfolio of over 6.3 million square feet caters to e-commerce-oriented tenants and is located in such metro areas as Atlanta, Dallas, Chicago, Orlando, Phoenix, Raleigh, Houston, Tampa, Baltimore, Minneapolis, Cincinnati, Columbus, Reno and Jacksonville. With 94% occupancy and an average property size of 126,000 square feet, the properties are leased to tenants such as Amazon, Frito Lay, Brinks, Central Garden & Pet, Pods, and Sherwin Williams.
The properties are valued at $500 million, according to a source cited by Bloomberg.
E-commerce has been driving industrial property fundamentals for years but the pandemic has accelerated that trend. In May alone, e-commerce sales jumped 92.7%. The expenditures for just April and May exceeded $53 billion in the US. Dalfen points to industry research that