Gaming & Leisure Properties Inc. has entered into an agreement with its landlord, Penn National Gaming Inc., to acquire the real estate assets of Tropicana Las Vegas Casino Hotel Resort in return for an aggregate non-cash rent payment of $337.5 million. Penn National purchased the property in 2015 for $360 million and will continue to operate it.
Read Full Article: https://www.cpexecutive.com/post/tropicana-las-vegas-to-sell-in-338m-lease-back-deal/
Banks, life insurance companies and the GSEs are still quoting deals on a selective basis, although spreads are higher and leverage is lower.
Commercial real estate borrowers who were hoping to capitalize on dramatic Fed rate cuts and a drop in the 10-year Treasury to refinance loans at record low rates may have missed their window of opportunity—at least for now.
Read Full Article: https://www.nreionline.com/lending/do-recent-interest-rates-cuts-portend-refi-windfall-maybe-not
Mortgage REITs that borrowed money in recent years to augment their returns have been sucker-punched by pandemic-inspired economic turmoil, with margin calls putting intense pressure on borrowers. Now, their valuations have also tumbled.
Read Full Article: https://www.bisnow.com/national/news/capital-markets/mortgage-reits-on-the-edge-of-collapse-103630
As of just a year ago, the business world could only speculate that the future of work would be remote. Now, in a baptism by fire, companies around the world are learning to work remotely for the first time, their operations rocked by the reality of workers in quarantine and isolation. No commercial real estate sector will go untouched.
Read Full Article: https://www.bisnow.com/national/news/employer/longterm-perks-of-remote-work-envelope-startup-103514
“Right now, expectations call for a fairly quick rebound, which means holding through may not be too painful.” Sebastian Obando | Mar 17, 2020
As the impact from the measures to stem the spread of COVID-19 takes hold of virtually every sector of the U.S. economy, real estate economists are revisiting their predictions for 2020 made at the beginning of the year.
Read Full Article: https://www.nreionline.com/investment/short-term-cre-will-take-hit-real-estate-economists-advise-investors-not-panic
Eden Technologies, a workplace management platform, has agreed to buy competitor Managed by Q from WeWork for a fraction of what the beleaguered coworking giant paid for it last year.
Read Full Article: https://www.bisnow.com/national/news/office/eden-buys-managed-by-q-from-wework-for-fire-sale-25m-price-103254
Many of the major North American commercial real estate industries have stepped up to deliver guidance and resources to the industry on how to handle the continuing coronavirus outbreak.
Here is a centralized list with links to the resource pages and statements provided by those groups.
Read Full Article: https://www.nreionline.com/property-management/commercial-real-estate-industry-coronavirus-resource-center
The Las Vegas market has seen its share of headline-grabbing commercial real estate activity in the past month, particularly on the development side. Projects making the news included a diverse mix of asset classes, from hotels to infrastructure.
Read Full Article: https://www.cpexecutive.com/post/las-vegas-monthly-cre-wrap-up-feb-2020/