White House deep cleaning, COVID-19 liability for CRE owners, vaccine tourism in Florida, how mall operators are converting properties, CBL opens a casino in a mall.
Today on Millionacres
The White House Gets a Deep Cleaning. Should Yours?
What if the house you’re buying, selling, or renting had been occupied by someone who had COVID-19? And what if you knew that over the past few months, the occupants had hosted parties and regularly entertained hundreds — many unmasked?
Why it matters: A former White House doctor dishes on the cleaning that goes with changing occupants at 1600 Pennsylvania Avenue and shares insight on how you can do the same at your house. (Other than the part about Secret Service agents watching over you, of course.)
Can CRE Landlords Be Held Liable for COVID-19 Exposures?
Lawsuits are now popping up where people are suing their employer for exposure to the deadly virus that causes COVID-19. But what about landlords who own commercial properties where employees were exposed? Can they be held liable?
Why it matters: The short answer: perhaps, but not necessarily. Some legal eagles share their best take on the question, and this is info you might want to have if you’re the point person where the finger might point if something bad happens.
Could Vaccine Tourism Be a Double-Edged Sword for Florida Investors?
In late December, the state of Florida announced it would allow anyone 65 or over to get the COVID-19 vaccine and, boom, another tourism trend was born. But there are some downsides to vaccine tourism, too.
Why it matters: Millionacres’ Nell McPherson, a Floridian herself, warns that short-term rental investors may get to ride the vaccine tourism wave for however long it lasts but should prepare for the possibility of a gnarly wipeout if cases spike enough to prompt another shutdown.
Also in Today’s News
Developers Want Malls to Become Warehouses or Offices. It is a Slog.
Many developers look at failing malls and envision modern office campuses, bustling warehouses, or residential buildings. But some are finding that converting these shopping centers isn’t so easy.
Why it matters: This article in today’s Wall Street Journal might help investors avoid what the WSJ calls potential land mines awaiting those seeking to raze and redevelop a space that spans dozens of football fields.
CBL Properties Opens a Casino in a Pittsburgh Mall
CBL Properties (NYSE: CBL), a Tennessee-based retail REIT, or real estate investment trust, has debuted Live! Casino Pittsburgh, a $150 million entertainment destination that operates out of the company’s Westmoreland Mall in metro Pittsburgh, and it has similar plans for a mall across the state in York, Pennsylvania.
Why it matters: While CBL is in bankruptcy and its stock is selling for peanuts, if these plans succeed, it could mean resuscitation for this REIT and perhaps show the way for other mall operators trying to survive, too.