Real estate slump rocks big fund redemptions, Friendly's finds a friend, abandoned NE Ohio amusement parks get a buyer, and did you know? It's election night.
In Today's News
Real Estate Slump Forcing Big Funds to Delay Investor Redemption Requests
The Wall Street Journal reports today that managers of some large real estate funds are in a bind: They either have to sell property into a stormy market to raise redemption cash or tell investors they can't get some or all of the money they want back.
Why it matters: Some of the sharks circling these waters have been able to pick up once-valuable properties for basically the price of the land. Bargains are out there for alert investors, but could this also be a harbinger of broader market problems to come as the pandemic deepens?
Friendly's Finds a Friend in Bankruptcy Buyout
FIC Restaurants, the parent company of Friendly's, has gone Chapter 11 and is selling its assets to Amici Partners Group for nearly $2 million, CNBC reports.
Why it matters: That's $2 million for 130 restaurants, nearly all of which are expected to remain open. And that's good news for the owners of property they occupy in these troubled times for eat-in restaurants.
Long-Shuttered NE Ohio Amusement Parks Sold for Mixed-Use Development
A once-iconic pair of amusement parks with history dating back to the 1880s but closed since 2007 will be a 377-acre live, work, and play development between Cleveland and Akron.
Why it matters: This place once housed an orca named Shamu. (I saw it.) Those kinds of shows are also pretty much history, but this repurposing could be the future for other entertainment properties that have fallen into disuse, providing new opportunity for tenants and investors.
Today on Millionacres: Revisiting These Election REIT Reports
3 REITs to Buy if You Think Trump Will Win the Election
Matt Frankel looks at entertainment, hospitality, and campus living specialists, with an eye on how the pandemic is being handled.
5 REITs to Buy if You Think Biden Will Win the Election
Marc Rapport (yours truly) points to healthcare, renewable energy, broadband, affordable housing, and cannabis specialists.
Why it matters: We already had posted these articles in the run-up to today but thought now would be a good time to revisit them. The winner may not be known tonight, but we'll know soon enough to make some investing decisions based, in part, on his policies and priorities.