WASHINGTON, D.C. — The National Retail Federation (NRF) has shown its support for the Pandemic Risk Insurance Act (PRIA), a proposed bill that would establish a federal program to help businesses obtain insurance coverage for future pandemics. PRIA is based on a model of the Terrorism Risk Insurance Act (TRIA), which was enacted following the attacks of Sept. 11, 2001, and grants companies the ability to get insurance money from a terrorist attack. “The development of a public-private partnership to address this risk will provide certainty for businesses and organizations of all sizes and will ensure that we can meet future pandemic events with greater resilience,” says NRF vice president for government relations, banking and financial services Leon Buck. The bill was written with input from Washington, D.C.-based NRF, which says the potential funding would only cover future pandemics and not provide coverage for the current COVID-19 outbreak. The funding would reimburse insurers when claims related to a pandemic or epidemic exceed $250 million nationwide. Coverage would also be required for large gatherings, ranging from sporting events to concerts to conventions, that are canceled. The program would be capped at $750 billion. The bill has been assigned to the House Financial …
AUSTIN, TEXAS — Texas Gov. Greg Abbott has issued a proclamation allowing the state’s water parks, driver education programs and food-court dining areas within shopping malls to resume operations at limited capacities. Beginning Friday, May 29, under Phase II of the state’s reopening plan, these establishments may reopen at 25 percent of their normal operating limits. All businesses must adhere to designated sanitation and social-distancing protocols as well. In addition, starting Sunday, May 31, recreational sports programs for adults can resume, but games and similar competitions may not begin until June 15. This announcement follows the governor’s plan to allow bars to reopen in advance of Memorial Day weekend.
ROSELLE, N.J. — NAI DiLeo-Bram & Co., has brokered the sale of a 7,690-square-foot retail and office property in Roselle, a southwestern suburb of New York City. Located at 111-117 West Second Ave., the property offers convenient access to the Garden State Parkway and the Roselle Park transit station. The building was leased to three retail tenants and one office tenant at the time of sale, and the new buyer plans to reposition the building for residential use. Marc Shein and Matthew DiLeo of NAI DiLeo-Bram represented the seller and procured the buyer in the transaction. Both parties were undisclosed.
DALLAS — Tuesday Morning Corp. (NASDAQ: TUES) has filed for Chapter 11 bankruptcy protection. The Dallas-based retailer says the actions are in response to “the immense strain the COVID-19 pandemic and related store closures have put on the business.” Tuesday Morning is a discount home furnishings chain. The company opened its first store in 1974 and currently operates 687 stores in 39 states. The retailer expects to permanently close approximately 230 stores to focus on high-performing locations. The phased store closures will take place this summer. After closing all stores and furloughing most of its 9,000 employees on March 25 as a result of COVID-19, Tuesday Morning has reopened more than 80 percent of its existing store footprint and expects to continue store reopenings and bringing associates back to work over the coming weeks. With no e-commerce platform, the closure of all physical stores was particularly devastating for Tuesday Morning compared with some other retailers, according to Business Insider. Tuesday Morning says that comparable store sales for the reopened stores have been approximately 10 percent higher than sales during the same period in 2019. The retailer began reopening stores April 24. “Prior to the pandemic, we were gaining momentum in …
On May 21, Shopping Center Business, Western Real Estate Business and California Centers magazines hosted “California Retail Reboot: How Will California’s Retail and Restaurant Sector Recover Post-Coronavirus?” Experts from California’s retail sector gathered to discuss the future of California retail and how to ensure the success of tenants and their properties. Topics discussed include the following: How will California retailers, restaurants and developers adapt? How will landlords and retail property owners support tenants and customers? What do brokers and investors need to know about the retail landscape and changes due to COVID-19? Panelists: Jonathan Lorenzen of Allen Matkins (moderator) Kyle Kavanaugh of Main + Main Howard Samuels of Samuels & Company Matthew Berger of Brixmor Property Group Jeff Kreshek of Federal Realty Investment Trust Philip D. Voorhees of CBRE Webinar sponsors: Allen Matkins is a California-based law firm with more than 200 attorneys in four major metropolitan areas of California: Los Angeles, Orange County, San Diego and San Francisco. The firm’s areas of focus include real estate, construction, land use, environmental and natural resources; corporate and securities, real estate and commercial finance, bankruptcy, restructurings and creditors’ rights, joint ventures and tax; labor, employment; and trials, litigation, risk management and alternative dispute resolution in all of …
James Flynn, CEO of Hunt Real Estate Capital and ORIX Real Estate Capital, spoke with Randy Shearin of France Media in a brief interview to give insight on what lenders think about debt and equity during the COVID-19 pandemic, industry flexibility and pivoting operations with an eye towards what assets are most likely to recover quickly after the crisis. Flynn talks not only about how the pandemic has changed business as usual for lenders, but also Orix’s acquisition of Hunt Real Estate and the need to transition as a business in the midst of global change. Listen to this interview here. Topics discussed by James Flynn and Randy Shearin include: Mergers and uniting platforms/organizations in a time when tech is paramount Deal closing/lending: before, during and after COVID-19 Sectors/asset classes of interest to lenders Hear how lenders are approaching the coronavirus pandemic crisis and what’s ahead for the lending industry. Q&A sponsor: Hunt Real Estate Capital, a division of ORIX Real Estate Capital, is a leader in financing commercial real estate throughout the U.S. The company finances all types of commercial real estate: multifamily properties (including small balance), affordable housing, office, retail, manufactured housing, healthcare/senior living, industrial and self-storage facilities. …
CORAL GABLES, FLA. — JLL has negotiated the $46.8 million sale of Plaza San Remo, a 59,694-square-foot mixed-use property in Coral Gables. Whole Foods Market occupies the ground floor of the seven-story property. Built in 2007, the building was fully leased at the time of sale to tenants including Pediatric Associates and OXXO Care Cleaners and also features a seven-story parking garage. Danny Finkle, Luis Castillo and Eric Williams of JLL represented the seller, an undisclosed institutional investment advisor, in the transaction. The buyer was a core fund advised by Zurich Alternative Asset Management LLC.
NORTH LITTLE ROCK, ARK. — SRS Real Estate Partners National Net Lease Group has arranged the $4 million sale of an 8,000-square-foot retail property in North Little Rock. The property is fully leased to Vitamin Shoppe and Mattress Firm on their respective corporate-guaranteed triple-net leases. The property is situated at 4300 McCain Blvd., seven miles north of downtown Little Rock. The asset is an outparcel to a Lowe’s Home Improvement-anchored shopping center. Brian Wolfman of SRS represented the seller, Los Angeles-based McCain Plaza LLC, in the transaction. Aaron Hines of Marcus & Millichap represented the buyer, New Mexico-based G&T Investments LLC, which was completing a 1031 exchange. Tyler Johnson of Pegasus Capital Markets represented the buyer in sourcing acquisition financing.
MICHIGAN — Michigan Gov. Gretchen Whitmer has signed a statewide executive order to reopen retail businesses and auto dealerships by appointment starting Tuesday, May 26. The order also authorizes nonessential medical, dental and veterinary procedures starting Friday, May 29. Michigan residents are now able to gather in small groups of 10 people or less, as long as they practice social distancing. Businesses that open must provide COVID-19 training to workers.
BELLEVILLE, ILL. — Barber Murphy has brokered the sale of a 14,900-square-foot office and retail building in Belleville, about 17 miles southeast of St. Louis. The sales price was undisclosed. Okaw Valley Council Boy Scouts of America sold the property, which is located at 335 W. Main St. Jarvis Cos. Inc. was the buyer. Barber Murphy represented both parties in the transaction.