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Besides the obvious categories, there are also other net lease winners that are performing well—some of which are even seeing stronger consumer activity than pre-crisis.
Westcore's last investment in the Oakland area occurred two years ago with the purchase of an 87,870-square-foot, multi-tenant industrial property less than 10 miles from this property.
While the declines in asking effective rents are modest, most leases are being signed at levels below what those quoted rents would suggest. Performance hasn't gone off the edge of the cliff, but it is notably weakened for now.
Tony Natsis of Allen Matkins says that proposed bill SB 939, up for committee vote tomorrow, is too broad in terms of protected tenant classes and restaurants are the tenants that need the most help.