Sale-Leasebacks are a Popular Choice for Cash-Strapped Companies During the Pandemic, Says Stonemont’s Berryhill

The COVID-19 pandemic has forced commercial real estate owners to explore every possible avenue to raise funds, and one of the more popular transactional methods to secure capital in recent months has proven to be sale-leasebacks.Jeff Berryhill, principal of Stonemont Financial Group, says that companies that have traditionally owned their real estate are turning to sale-leasebacks because it mimics many aspects of ownership, such as long-term control of the asset.“During …

In Search of Relative Value in Orange County’s Apartment Sector

Orange County offers residents all the key elements of the American dream. Its virtues are numerous and faults few. Indeed, Moody’s Analytics ranks the quality of life in the OC 10th highest among the 378 U.S. metros it reports on, just a half-step behind leaders Santa Barbara and Santa Cruz.Orange County is a terrific place to live, but is it a good place to invest? Gauging by observed capitalization rate trends, one may conclude that county apartment properties are highly prized gems. …

COVID-19 Continues to Put Tenant-Landlord Relationships Under Microscope, Say Kansas City Retail Webinar Panelists

KANSAS CITY, MO. — The COVID-19 pandemic has continued to highlight the importance of strong tenant-landlord relationships, particularly in the retail sector. Tyler Enders, co-owner of local Kansas City shop Made in KC, works with roughly 10 different landlords and has experienced a variety of different approaches to the COVID-19 conversation.“Some local landlords have been very communicative and have come to us with a creative solution. Others have been responding late and are bogged …

Yelp: 61 Percent of Restaurants Closed Due to Pandemic Won’t Open Again

SAN FRANCISCO — A majority of U.S. restaurants and cafés that closed their doors in response to the COVID-19 pandemic will remain closed for good, according to crowd-source review giant Yelp.In its September economic impact report, the San Francisco-based firm tallied 32,109 restaurants that were open and operating on March 1 were closed on Aug. 31. Of that total, 19,590 (61 percent) indicated they were permanently closed.Yelp tracks business closures via business owners marking …

A Wave of Distressed Real Estate is on its Way, Says NAI’s Jay Olshonsky

The commercial real estate industry is still managing the COVID-19 pandemic and the heavy toll it has enforced on the national economy. The National Bureau of Economic Research declared in early June the U.S. economy was officially in a recession, less than three months after government-mandated shutdowns began en masse.Jay Olshonsky, president and CEO of New York-based NAI Global, says the sudden economic impact of the pandemic on the commercial real estate industry has already exceeded …

The Inland Empire: A Rare 2020 Apartment Sector Success Story

Someone once remarked that eighty percent of success in life is just showing up. Human experience verifies that being in the right place at the right time often is the intangible ingredient that leads to triumph. The strong performance this year of the Inland Empire multifamily market is a variation on this theme. During the pandemic, many renters sought refuge from the high density and high costs associated with big city life, and the work-from-home phenomenon made this objective feasible. For …

Exclude Branding and Similar Elements from Property Tax Valuation, Says Consultant

A key to establishing realistic taxable values for commercial real estate is to exclude intan­gible qualities — such as a commercial brand — and value only the real estate. While this concept is a standard ap­praisal practice and imbedded in most states’ tax codes, it continues to elude many tax appraisers who assess prop­erties by business values that extend well beyond brick and mortar.Assessment MethodologyIn valuing hotels, apartment com­plexes, malls, shopping centers and …

Coming Attraction: The Great Los Angeles Multifamily Recovery

Reducing the Los Angeles economy to the entertainment industry would be a serious mistake. In fact, the L.A. labor market is highly diversified with world-class healthcare, professional services, biotech and technology clusters providing co-sector leadership — no one-trick pony is this.Nonetheless, the entertainment industry is the single element that separates this metro economy from all others, and its tentacles are long. In its absence, the metro’s financial and professional …

Marcus & Millichap: Multifamily Fundamentals Regress as Government Assistance Wanes

Multifamily landlords have largely been able to collect rent through the coronavirus pandemic due to government assistance for those who are unemployed, a report from Marcus & Millichap has found. However, the federal funding of $600 per week for unemployed citizens expired at the end of July, leaving uncertainty surrounding rent collections moving into the third quarter.On Thursday, Sept. 3, the U.S. Commerce Department reported that 881,000 Americans filed for first-time unemployment …

Mixed-Use Destinations Must Be Redesigned for Post-Pandemic World

By J.F. Finn and Duncan Paterson of GenslerAcross the globe, people have replaced in-person visits to sports and entertainment venues, retail centers, convention facilities and other mixed-use environments with virtual gatherings and Zoom meetings.Yet the prevailing view in commercial real estate is that virtual engagement is not a long-term solution for authentic human interaction. In fact, the current crisis is only reinforcing the vital role that public spaces play in bringing people …

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