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Posted by: | Posted on: April 2, 2020

Singer Michael Feinstein Slashes Price on Los Feliz Mansion by Over 60 Percent

Singer/pianist Michael Feinstein has had a tough time selling his mansion in SoCal. It’s back on the market for $10 million—62% off its original list price.

Published


The singer and pianist Michael Feinstein has had a devil of a time trying to sell his grand mansion in Southern California.

The golden-voiced singer of American standards initially listed his Tudor Revival-style mansion in the Los Feliz neighborhood in April 2018 for $26 million. As the months flew by, the classic residence popped on and off the market, with a number of price cuts.

Two weeks ago, it reappeared on the market for $9,995,000—a staggering 62% off its original list price.

But

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Posted by: | Posted on: April 1, 2020

Coronavirus Forcing Home Buyers to Scramble to Close Deals

Real-estate agents are rushing to help home buyers and sellers close pending house sales, as the pandemic poses unprecedented obstacles to a high-touch process traditionally done in person.

House hunting usually involves a lot of contact, from the initial tour or open house to the final inspections and appraisal. The official closing is often an in-person meeting with a notary or attorney who oversees document signings.

With the coronavirus pandemic bringing shelter-in-place orders, the real-estate industry has been compelled to find workarounds for every step of this process, often having to navigate local requirements and consumer anxiety.

Home sales are now closing in parking lots where attorneys pass documents through car windows and throw away pens after each use, said Leslie Turner, founding partner at Maison Real Estate in Charleston, S.C.

“Everything’s just stopped” in terms of new business, she said. “We’re just trying to get the properties that we

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Posted by: | Posted on: April 1, 2020

Industrial Logistics Properties Trust Completes Last Deal in $680M Joint Venture

John Murray, president and CEO of ILPT

NEWTON, MA—Locally-based Industrial Logistics Properties Trust reports it has closed on the 12th and final property included in its previously announced $680-million joint venture with an Asian institutional investor.

The property is 100% leased to Amazon. The Asian investor contributed approximately $26 million for the 12th property in addition to the approximately $82 million contributed for the initial 11 properties last month. The investor owns a 39% equity interest in the joint venture and ILPT owns the remaining 61% equity interest in the joint venture.

ILPT previously reported that the 12th property is located at 3350 Laurel Ridge Ave. in Ruskin, FL that is leased to Amazon.

The joint venture also assumed approximately $57 million of existing secured debt on the 12th property in addition to $350 million of secured debt on the initial 11 properties.

John Murray, president and CEO of ILPT,

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Posted by: | Posted on: April 1, 2020

Penny Marshall’s Los Angeles Estate Is Listed for $6.95M

The Los Angeles home of the late actress, director, and producer Penny Marshall has come on the market for $6,950,000.

Published


The Los Angeles home of Penny Marshall is available for $6,950,000. Her longtime residence initially dipped its toe on the market at the beginning of the year for $7,195,000.

The Mediterranean-style property, which Marshall had owned since the early 1980s, was the site of star-studded parties, including joint birthday bashes with her friend, the late Carrie Fisher, according to the Wall Street Journal. Marshall, who directed “A League of Their Own,” died in December 2018. She was 75.

“You get the most exceptional views of the city and the ocean,” says listing agent Jonathan Nash. “It really

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Posted by: | Posted on: April 1, 2020

Fast-food Chains Give Franchises Rent Deferrals, Other Assistance

Photo by Shutterstock

TORONTO—Fast-food chains have been offering franchise owners assistance with rent and other payments to survive the coronavirus crisis. The most recent is Restaurant Brands International, the parent company of some 3,700 Tim Hortons and Burger King locations in Canada and the US, is helping its franchises with cash payments and rent deferrals for a total of $70 million. In addition, the company announced it is looking for other payments due to restaurant owners later in the year that can be advanced now. “These initiatives have allowed us to unlock thousands of dollars of immediate liquidity per eligible restaurant,” CEO Jose Cil wrote in an open letter.

For approximately 3,700 eligible locations that are controlled by Restaurant Brands, the company has temporarily converted its rent structure from a combination of fixed plus variable rent to 100% variable rent. It has also deferred rent payments for up to 45

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