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Netflix Acquires Historic Egyptian Theatre in Hollywood

by Amy Works June 23, 2020

HOLLYWOOD, CALIF. — Netflix has acquired the Egyptian Theatre, a historic property that was originally built in 1922 in Hollywood. Netflix and the American Cinematheque, which purchased the theater in 1996, are collaborating to redevelop and continue operations at the theater. The Egyptian Theatre will remain the home of the American Cinematheque, a nonprofit, member-supported cultural organization, with its curation team continuing to autonomously program Friday, Saturday and Sunday events and showings. Netflix will invest in the property’s renovation and will use the revitalized space for special events, screenings and premieres during the week. The movie theater was originally built in during the silent film era and was the site of the first Hollywood movie premiere — Robin Hood, starring Douglas Fairbanks. In 2016, the theater was retrofitted to screen 35mm nitrate films and is now one of only four theaters in the United States capable of showing this rare, ultra-fragile and flammable film stock. Farshad Morè and Scott Sherwood of Gibson Dunn & Crutcher represented American Cinematheque in the transactions. Terms of the acquisition were not released.

June 23, 2020

Midwest Ohio Retail

Kroger Reports 92 Percent Digital Sales Growth in First Quarter

by Kristin Harlow June 19, 2020

CINCINNATI — Digital sales at the Kroger Co. (NYSE: KR) increased 92 percent in the first quarter, according to the company’s latest financial results. Total company sales were $42 billion in the first quarter, compared with $37 billion for the same period last year. Cincinnati-based Kroger does not separately break out its e-commerce sales from total sales. Excluding fuel and dispositions, sales grew 19.1 percent. Kroger’s first quarter ended on May 23. Kroger says its most urgent priority during the pandemic has been “to provide a safe environment for associates and customers with open stores, e-commerce solutions and an efficiently operating supply chain.” Kroger has invested more than $830 million to reward associates and safeguard its employees, customers and communities. The company’s stock price closed at $31.80 per share on Thursday, June 18, up from $23.64 one year ago.

June 19, 2020

Content Partner Features Multifamily Walker & Dunlop

The Impact of COVID-19 on the Multifamily Appraisal Industry

by Sarah Daniels June 19, 2020

The spread of COVID-19 is impacting all industries and markets — including the appraisal space. That said, appraisers should avoid making long-term assumptions about the impact the virus will have on real estate values. According to the Appraisal Institute, the current environment is fluid: An important part of any appraisal assignment is an analysis of market conditions. The coronavirus threat may be impacting market conditions. However, in most markets, it is not yet clear to what extent, if any, market conditions are affected. Related, complicating factors include fluctuations in the stock market and changes in mortgage interest rates. Market analysis includes observing market reactions. This analysis becomes more complicated when market participants themselves are facing uncertainty. Appraisal reports should include a discussion of market conditions and should mention the coronavirus outbreak and its possible impact. However, it is not appropriate to include a disclaimer or extraordinary assumption that suggests the appraiser is not taking responsibility for the analysis of market conditions. While it is important that multifamily appraisers do not jump to conclusions and make long-term predictions, we must understand the different ways in which COVID-19 is currently impacting the commercial real estate market. It is also important that we …

June 19, 2020

The-Square-Industrious-Salt-Lake-City-UT

Development Office Utah Western

Hines, Industrious to Open Coworking Space at Kearns Building in Salt Lake City

by Amy Works June 18, 2020

SALT LAKE CITY — Hines and Industrious will open The Square with Industrious Salt Lake City, the second flexible workspace location under the Hines2 platform, on June 22. Located in the historic Kearns Building at 136 S. Main St., The Square with Industrious Salt Lake City will be the first coworking space in Utah to pursue the International WELL Building Institute’s WELL Certification. Industrious will operate the asset. Hines has implemented a $25 million redevelopment project at the Kearns Building, which was built in 1911. The redevelopment program includes all new HVAC, technical upgrades and building amenities. The completed project will offer floor plates to accommodate large enterprises and small business across two floors totaling 25,000 square feet. Members of The Square with Industrious Salt Lake City will have access to a tenant lounge, event space, wellness center, fully equipped gym with two-story historic windows and a rooftop space. Additionally, the property will offer a member kitchen, daily gourmet breakfast and coffee, and a fully stocked café with snacks and soft beverages. Services provided at the coworking space will include 24/7 access, mail/package services, unlimited printing, secure shredding, audio/visual meeting support, fast and secure internet with VLAN in every office …

June 18, 2020

Company News Delaware Northeast Retail

Lululemon Reopens 60 Percent of Stores, Reports 17 Percent Drop in Revenue in Latest Quarter

by Taylor Williams June 12, 2020

DOVER, DEL. — Lululemon (NASDAQ: LULU), a provider of athletic apparel that is based in Vancouver, British Columbia, but incorporated in Delaware, has now reopened 295 of its 489 stores, or roughly 60 percent of its worldwide locations. The company reported net revenue of $652 million in its fiscal first quarter, which ended May 3, compared with $785 million during the same period a year ago, a 17 percent decline. Lululemon closed all of its stores in mainland China following the outbreak of COVID-19 and subsequently shuttered its Europe and North America stores in March. The company noted that although it was forced to close all stores at some point, strong sales from its e-commerce platform helped to mitigate the decrease in revenue. Lululemon said in the filing that it would not provide financial projections for future quarters, but that it ended the first period with $823 million in cash, compared to $576 million in cash at the end of the first quarter of 2019. Lululemon’s stock price opened at $302.84 per share on Friday, June 12, up from $170.89 per share a year ago.

June 12, 2020

Northeast Pennsylvania Retail

Five Below Reopens 90 Percent of Stores, Reports 44.9 Percent Decline in Net Sales in Latest Quarter

by Alex Patton June 11, 2020

PHILADELPHIA — Five Below (NASDAQ: FIVE), a discount retail chain headquartered in Philadelphia, has now reopened 90 percent of its stores across the United States. Due to the COVID-19 pandemic, the company temporarily closed all of its 920 stores across 36 states on March 20 and began reopening them in late April. Five Below reported a net sales decrease of 44.9 percent from $364.8 million to $200.9 million between the first quarters of 2019 and 2020. The first quarter of the company’s 2020 fiscal year ended on May 2. In addition, the company reported a net loss of $50.6 million in the first quarter compared with positive net income of $25.7 million in the first quarter of fiscal 2019. Five Below’s stock price closed at $113.67 per share on June 10, compared with $131.82 per share at the same time last year.

June 11, 2020

Kansas Midwest Retail

AMC Theatres Expects to be ‘Fully Open’ Globally in July

by Kristin Harlow June 10, 2020

LEAWOOD, KAN. — AMC Entertainment Holdings Inc. (NYSE: AMC) plans to reopen almost all of its U.S. and U.K. theaters in July. The Leawood, Kan.-based movie theater chain has already reopened 10 theaters in Norway, Germany, Spain and Portugal, and expects to be fully open globally in July ahead of the release of Christopher Nolan’s Tenet on July 17 and Disney’s Mulan on July 24. AMC is working closely with local, national and international officials to coordinate timing and requirements of reopening. It is consulting with the Harvard University School of Public Health on how to best create a safe environment for guests and associates. This includes personal protection equipment, cleaning protocols, limited theater capacity and blocked seating. AMC has also partnered with The Clorox Co. for advice on making theater environments as safe as possible. Last week, AMC said it had “substantial doubt” about staying in business if it was forced to keep theaters closed for a longer period. AMC operates 1,000 theaters and 11,000 screens across the globe. Its stock price closed at $5.98 per share on Tuesday, June 9, down from $10.94 one year ago.

June 10, 2020

Indiana Midwest Retail Top Stories

Simon Property Group Terminates $3.6B Taubman Centers Merger Agreement

by Kristin Harlow June 10, 2020

INDIANAPOLIS — Simon Property Group (NYSE: SPG) has terminated its Feb. 9 merger agreement with Taubman Centers Inc. (NYSE: TCO). Simon also filed an action today in Michigan’s Oakland County Circuit Court saying Taubman breached the covenants in the merger agreement. Under the terms of the agreement, Simon was to acquire an 80 percent interest in Taubman for approximately $3.6 billion. Indianapolis-based Simon says its termination of the merger agreement is based on two separate grounds. “First, the COVID-19 pandemic has had a uniquely material and disproportionate effect on Taubman compared with other participants in the retail real estate industry,” according to a statement from Simon. “Second, in the wake of the pandemic, Taubman has breached its obligations, which are conditions to closing, relating to the operation of its business.” Taubman failed to take steps to mitigate the impact of the pandemic as others in the industry have, such as not making essential cuts in operating expenses and capital expenditures, according to Simon. The merger agreement specifically gave Simon the right to terminate the transaction in the event that a pandemic disproportionately hurt Taubman. Simon says that Taubman’s significant proportion of enclosed retail properties in densely populated metropolitan areas — …

June 10, 2020

Georgia Retail Southeast

Pandemic’s Impact on Retail Imports Easing, But Volume is Still Well Below Last Year, Says NRF

by Alex Tostado June 9, 2020

WASHINGTON, D.C. — COVID-19’s impact on U.S. retail imports is easing, beating prior forecasts, says the National Retail Federation (NRF). The NRF and partner Hackett Associates released their Global Port Tracker on Monday, which showed that ports handled just over 1.6 million 20-foot equivalent units (TEUs), beating expectations from one month ago. “Imports are erratic, with one month up and the next down,” says Ben Hackett, founder of Hackett Associates. “Getting 40 million people back to work will take time, especially with many fearful of catching the virus and staying home. That makes a rapid return to an economic boom unlikely.” Even with an immediate boom delayed, Jonathan Gold, vice president for supply chain and customs policy for NRF, points out that the April numbers show that the economy is recovering faster than what was projected just one month ago. The volume of 1.6 million TEUs in April was down 7.8 percent from April 2019, but it was up 17 percent from March 2020. NRF’s forecast for April showed 1.5 million TEUs coming through the ports. “It may still be too soon to say but we’ll take that as a sign that the situation could be slowly starting to improve,” …

June 9, 2020

Acquisitions California Leasing Activity Office Top Stories Western

PG&E to Move to Oakland, Sell San Francisco Headquarters

by John Nelson June 9, 2020

SAN FRANCISCO AND OAKLAND, CALIF. — PG&E Corp. (NYSE: PCG), parent company of West Coast utilities company Pacific Gas and Electric Co., has entered into a long-term lease at 300 Lakeside, a 824,469-square-foot office building situated along Lake Merritt in Oakland. Starting in 2022, the publicly traded firm will move away from its longtime downtown San Francisco headquarters at 77 Beale St. and 245 Market St. The company plans to sell the buildings, pending approval of the bankruptcy court. PG&E entered into bankruptcy protection in January 2019 that included a $13.5 billion settlement for approximately 70,000 victims of the Northern California wildfires in 2017 and 2018, according to the San Francisco Business Times. The company’s power lines were reported to have sparked the fires. PG&E plans to request approval from the California Public Utilities Commission to return the net gain realized upon the future sale of its San Francisco headquarters to its customers. The company currently owns and occupies roughly 1 million square feet of office space in San Francisco, according to the San Francisco Business Times. PG&E’s lease in Oakland includes a purchase option from landlord TMG Partners taking effect in 2023, the same year that PG&E plans to …

June 9, 2020

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