Daily NAPTA Update 07.05.2024

Posted by Diane Macri | Jul 05, 2024 | 0 Comments

As Walgreens, CVS and Rite Aid Close Stores, Property Owners Mull Selling Versus Leasing

CoStar News

For wealthy individuals who own properties occupied by Walgreens, CVS and Rite Aid, a broker who specializes in the niche has a warning: Don't get stuck with an empty drugstore and no replacement tenant. The three largest U.S. drugstore chains are closing thousands of locations nationwide as consumer preferences and shopping habits change.

All Bob’s Stores locations to close

Retail Dive

Because Bob's Stores was “unable to secure the finances needed to maintain operations,” the chain plans to close all 21 locations and liquidate all inventory. On June 18, Bob's Stores and Eastern Mountain Sports, both owned by GoDigital Media Group, filed for Chapter 11 bankruptcy protection.

Prices have fallen over 20% in less than 2 years


Prices have fallen over 20% in less than 2 years MSCI Despite posting the highest volume of any commercial real estate sector, apartment sales fell 44% year over year to $6.7 billion in May, according to a report that data firm MSCI Real Assets shared with Multifamily Dive.

Apartments are getting bigger again


Why it matters: Developers nationwide are catering to people who want more space while they postpone house purchases or spend time working from home. The big picture: The average U.S. apartment built in 2023 measured 916 square feet, a 27-square-foot rebound from the previous year.

Credit Report Cuts $1 Billion Off Value of San Francisco’s Two Largest Hotels

CoStar News

A recent credit report from Kroll Bond Rating Agency values the 3,000-room hotel portfolio consisting of the Hilton San Francisco Union Square and Parc 55 at $533 million, representing a 65% drop from the portfolio's $1.56 billion valuation in 2016, when Park Hotels & Resorts acquired the hotels through a $725 million loan with JP Morgan Chase.

John "Johnny" Adams Obituary (2024)


John "Johnny" Adams, age 76, of Canton, GA passed away Monday, July 1, 2024 at Northside Hospital Cherokee. Johnny was a loving Husband, Father and PaPa. He served in the United States Navy in Vietnam. He was a deacon at Philadelphia Baptist Church in Canton, Ga. Johnny was a land surveyor for over 20 years and retired from Cherokee County as Chief Appraiser.

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