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Roundup

Real Estate Roundup 6.8.20

Real Estate Roundup:

  • Broader perspective: Shares of Real Estate ETF, VNQ are up 48.8% from the market’s low point on March 23rd. The fund tracks a broad index that captures much of the US real estate market. (DailyBeat)

Leasing

  • Empire Real Estate Trust has inked more than 100,000-square-feet of leases — a mix of new deals and renewals — in its New York City and Connecticut properties between mid-March and May, with five signed at One Grand Central Place last month. (CO)

Bankruptcy

  • The real estate company that Sears spun off five years ago to shore up cash is cutting ties with most of the struggling retailer’s remaining stores. Seritage Growth Properties is terminating the master lease covering 12 of the remaining Sears and Kmart stores in its portfolio. The real estate investment trust will collect a $5.3 million termination fee from Sears’ parent company, Transformco, as part of the deal. (TRD)
  • 24 Hour Fitness is in discussions with suitors as it seeks a potential buyer to serve as a stalking horse in a court-supervised bankruptcy process, according to people with knowledge of the matter. (Bloomberg)

Other news

  • Sales of newly built homes surged in May, a new survey shows, the latest sign that the housing market is already recovering from a sharp drop in home sales due to the pandemic. New home sales rose 21% in May from a year earlier, and the average sales rate per community rose 24% year-over-year. (WSJ)
  • In New York City, some developers are hoping to clear a glut of unsold units by offering bulk deals at discounted prices. It’s an uncommon move that comes as the city’s weak luxury market is further hobbled by the pandemic. (TRD)

Re-openings

  • New York City begins reopening its economy today after more than two months in lockdown, with businesses struggling to regain their footing from the pandemic’s financial toll while also girding for a possible second wave of the contagion. The city estimates about 16,000 nonessential retail businesses and 3,700 manufacturing companies will reopen, New York City Department of Small Business Services Commissioner Jonnel Doris said. In addition, more than 32,000 construction sites are allowed to restart work. (WSJ)
  • After shutting down in mid-March in response to the novel coronavirus outbreak, Las Vegas casinos are now trying to bring tourists back together while keeping them apart, selling pleasure during a pandemic and widespread civil unrest. The glitzy casinos reopening their doors is the latest example of an economy attempting to resuscitate itself after a shutdown that has the hospitality industry trying to figure out how to deliver its services amid social distancing. (WSJ)

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