Net Lease

Despite New York City based companies looking to suburbs for cheaper office space outside dense urban areas, leasing activity for Long Island office space experienced a slowdown in the second quarter.

FSRs tried to pivot to save their businesses by ramping up delivery programs, streamlining their menus, and repurposing their parking lots as temporary drive-thru's, however, the shift to service their customers off-premises was difficult and costly.

The self-storage REIT will be taken private in a deal valued at approximately $900 million.

The buyer was comfortable completing the sale during the pandemic due to the essential nature of gas stations and convenience stores such as Wawa.

In its latest report, Moody's Analytics says there is good news and bad news on several sector fronts.

REIT indices for cold storage, self-storage, data centers and life sciences have outpeformed all-property indices in the US in the first six months of 2020.

Of the respondents who replied that they were able to pay some of their rent, 53% said they were able to pay half, while 29.8% expected to pay less than half.

The cash transaction is expected to close in the first quarter of 2021.