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Weekly Perl: A Commercial Real Estate News Recap 5/10/2024

Property’s Waiting Game Is Getting Harder


Higher-for-longer rates are forcing commercial property owners to rethink their options. “Restrictive monetary policy needs more time to do its job.” It was the last thing real-estate borrowers wanted to hear from Federal Reserve Chairman Jerome Powell when the central bank held interest rates steady last week.



Opinion: Escaping the once glorious Promenade’s death spiral

 

There is a scene in the 1986 film Pretty In Pink where Ducky, (Jon Cryer) professes his love for Andie (Molly Ringwald), by lip syncing Otis Redding. It’s a bittersweet moment, one that encapsulates the longing and rejection of young infatuation. Set in a cute little record shop (remember those) called ‘Trax’ on the corner of Broadway and Third Street, it is a time capsule of a long-ago forgotten place we all once knew: The Third Street Promenade.



Burgerville Adds Group of Investors to Spur Growth


Burgerville, a nearly 40-unit burger chain in the Pacific Northwest, announced that it will sell a portion of itself to a local group of investors.The new ownership entity includes CEO Ed Casey and former Dutch Bros CEO Joth Ricci, who will become executive chairman. Burgerville did not reveal how big of a stake the investor group will hold. The Mears family, founders of the brand, will remain stakeholders. 



Craveworthy Brands Acquires Emerging Indian BBQ Concept

 

Craveworthy Brands announced Thursday that it added Sigri Indian BBQ to its quickly expanding portfolio of fast-casual concepts. 



Randy’s Donuts Opens Two Stores in Fresno, California


Randy’s Donuts, the beloved and iconic donut shop renowned worldwide since 1952, announced the opening of not one, but two new stores in Fresno, California with 10 more locations set to open in The Central Valley with in 2 years. These exciting additions to the Randy’s Donuts family are made possible through the dedication and entrepreneurship of local franchise owners Brian Gonzales, Aimee Gonzales, and Carissa Davis, who are the owners of GLE Confections, LLC, the entity operating as the franchisee.



Cannabis Reclassification Would Likely Boost Cash Flow, Opening Doors For CRE Moves

 

This week’s announcement that the Department of Justice recommended cannabis be reclassified as a lower-risk substance is a long-awaited move toward legitimacy coveted by thousands of marijuana businesses in states where recreational use is legal. The decision could bring big changes for cannabis-related real estate as a result of loosened lending restrictions, a lower regulatory bar and more available money to spend on facilities and growth. 



REI revenue, income fall in 2023; to expand in Texas


The specialty outdoor retailer reported a net loss of $311 million for 2023. REI said the loss was driven by three factors, including investments in increased hourly employee pay, member rewards and a $169 million non-cash valuation allowance against its deferred tax assets. (REI added 1.3 million new members in 2023, and distributed $200 million through co-op member rewards.)  



Publix stock price up — so are Q1 sales


Publix reported earnings and sales increases for its first quarter.Net earnings increased 10.1% to $1.4 billion for the quarter ended March 30, compared to $1.2 billion in the year-ago period. Adjusted earnings per share were $0.33, compared to $0.32 per share in 2023. 



Walmart Exits Challenging Primary Care Arena by Closing All Its Healthcare Clinics


Walmart, the nation's biggest retailer, is pulling the plug on its health clinics, stepping back like other companies that have found that providing primary care to patients is a difficult and often unprofitable line of business.



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