Two notable reports by the WSJ on the shakeout/recovery in commercial real estate post-pandemic. 1) “Sam Zell, who made a fortune buying distressed commercial properties, isn’t finding many bargains these days. Instead, the storied real-estate investor is doing something he usually avoids: following the pack & spending big on something safer…..Mr. Zell recently purchased Monmouth Real Estate Investment but couldn’t drive as hard a bargain as he had in many previous distressed deals. The all-stock deal reached in May is valued at more than $18 a share, a near-record for Monmouth stock. The 79 year-old’s more conventional investment strategy is the latest sign the pandemic hasn’t produced the distressed opportunities many investors expected. Hotels, malls, & other properties have suffered enormous declines in revenue. But few owners have been forced to sell at steep discounts thanks to government stimulus programs & the Fed’s easy money policy.” 2) A brief mention of Kite and Retail Properties of America tie up.

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