← back to Rentv Ad Engine
SoundCloud podcast source: harvest+transcribe rentvnews, extract sponsors, clip spoken ads, unify into advertisers.json + Podcasts viewer
05adab85b6ae7396e56066c072a5a2b097f30a48 · 2026-08-07 10:42:07 -0700 · Steve Abrams
- 3 rentvnews episodes (Ep 9/10/11 'Weekly CRE News & Views') → audio (yt-dlp) + local faster-whisper transcripts ($0), timestamped segments
- piggybacks the UNMODIFIED extract.py (SC transcripts at data/transcripts/<id>.txt + manifest upsert) so podcast sponsors land in the unified advertisers.json → feeds the engagement-email drafter
- clip-ads.py: cuts the ACTUAL spoken-ad audio per advertiser via whisper timestamps (6 clips: Capitol Rivers Commercial + Redwood Mortgage ×3 eps); enriches advertisers.json with per-episode source + adclips + has_podcast; conservative fuzzy-merge fixes the Capitol/Capital whisper-variant split + sanitizes leaked categories
- viewer: Podcasts tab (episode audio, chapter-seek, spoken-ad players, transcript expander, one-click Draft engagement email) + /api/soundcloud,/api/adclips,/api/transcript,/media (Range audio)
- one-command pipeline: scripts/build-soundcloud.sh
Co-Authored-By: Claude Opus 4.8 (1M context) <noreply@anthropic.com>
Files touched
M .gitignoreM README.mdM data/advertisers.jsonA data/extractions/873500326.jsonA data/extractions/881852191.jsonA data/extractions/902952601.jsonM data/guests.jsonM data/manifest.jsonA data/soundcloud/adclips.jsonA data/soundcloud/adclips/873500326-capitol-rivers-commercial.mp3A data/soundcloud/adclips/873500326-redwood-mortgage.mp3A data/soundcloud/adclips/881852191-capitol-rivers-commercial.mp3A data/soundcloud/adclips/881852191-redwood-mortgage.mp3A data/soundcloud/adclips/902952601-capitol-rivers-commercial.mp3A data/soundcloud/adclips/902952601-redwood-mortgage.mp3A data/soundcloud/manifest.jsonA data/soundcloud/segments/873500326.jsonA data/soundcloud/segments/881852191.jsonA data/soundcloud/segments/902952601.jsonA data/transcripts/873500326.txtA data/transcripts/881852191.txtA data/transcripts/902952601.txtM public/index.htmlA scripts/build-soundcloud.shA scripts/clip-ads.pyA scripts/harvest-soundcloud.pyA scripts/transcribe-soundcloud.pyM server.js
Diff
commit 05adab85b6ae7396e56066c072a5a2b097f30a48
Author: Steve Abrams <steve@designerwallcoverings.com>
Date: Fri Aug 7 10:42:07 2026 -0700
SoundCloud podcast source: harvest+transcribe rentvnews, extract sponsors, clip spoken ads, unify into advertisers.json + Podcasts viewer
- 3 rentvnews episodes (Ep 9/10/11 'Weekly CRE News & Views') → audio (yt-dlp) + local faster-whisper transcripts ($0), timestamped segments
- piggybacks the UNMODIFIED extract.py (SC transcripts at data/transcripts/<id>.txt + manifest upsert) so podcast sponsors land in the unified advertisers.json → feeds the engagement-email drafter
- clip-ads.py: cuts the ACTUAL spoken-ad audio per advertiser via whisper timestamps (6 clips: Capitol Rivers Commercial + Redwood Mortgage ×3 eps); enriches advertisers.json with per-episode source + adclips + has_podcast; conservative fuzzy-merge fixes the Capitol/Capital whisper-variant split + sanitizes leaked categories
- viewer: Podcasts tab (episode audio, chapter-seek, spoken-ad players, transcript expander, one-click Draft engagement email) + /api/soundcloud,/api/adclips,/api/transcript,/media (Range audio)
- one-command pipeline: scripts/build-soundcloud.sh
Co-Authored-By: Claude Opus 4.8 (1M context) <noreply@anthropic.com>
---
.gitignore | 4 +
README.md | 27 +
data/advertisers.json | 695 +-
data/extractions/873500326.json | 55 +
data/extractions/881852191.json | 52 +
data/extractions/902952601.json | 51 +
data/guests.json | 97 +-
data/manifest.json | 29 +-
data/soundcloud/adclips.json | 71 +
.../873500326-capitol-rivers-commercial.mp3 | Bin 0 -> 287306 bytes
.../adclips/873500326-redwood-mortgage.mp3 | Bin 0 -> 381954 bytes
.../881852191-capitol-rivers-commercial.mp3 | Bin 0 -> 644349 bytes
.../adclips/881852191-redwood-mortgage.mp3 | Bin 0 -> 409527 bytes
.../902952601-capitol-rivers-commercial.mp3 | Bin 0 -> 270536 bytes
.../adclips/902952601-redwood-mortgage.mp3 | Bin 0 -> 342926 bytes
data/soundcloud/manifest.json | 113 +
data/soundcloud/segments/873500326.json | 7548 ++++++++++++++++++++
data/soundcloud/segments/881852191.json | 3463 +++++++++
data/soundcloud/segments/902952601.json | 4698 ++++++++++++
data/transcripts/873500326.txt | 1 +
data/transcripts/881852191.txt | 1 +
data/transcripts/902952601.txt | 1 +
public/index.html | 55 +-
scripts/build-soundcloud.sh | 30 +
scripts/clip-ads.py | 259 +
scripts/harvest-soundcloud.py | 108 +
scripts/transcribe-soundcloud.py | 102 +
server.js | 35 +
28 files changed, 17125 insertions(+), 370 deletions(-)
diff --git a/.gitignore b/.gitignore
index 6933db6..981a020 100644
--- a/.gitignore
+++ b/.gitignore
@@ -8,3 +8,7 @@ build/
.next/
data/transcripts/*.vtt
.venv/
+# raw podcast audio is large + regenerable via yt-dlp (harvest-soundcloud.py --download);
+# transcripts, segments, manifest, adclips.json + the small ad-clip mp3s stay tracked.
+data/soundcloud/audio/
+logs-*.txt
diff --git a/README.md b/README.md
index 3305867..3a0aa4d 100644
--- a/README.md
+++ b/README.md
@@ -42,3 +42,30 @@ by design of Vimeo's captioner, not a bug here. `data/manifest.json` records per
- `data/guests.json` — per-episode guest records
- `data/extractions/<id>.json` — per-video raw extraction cache (incremental)
- `data/transcripts/<id>.txt` — plain-text transcripts (`.vtt` raw is gitignored)
+
+## SoundCloud podcast source (soundcloud.com/rentvnews)
+
+RENTV's Vimeo library is the "CRE Talk" **interview** show. The SoundCloud channel is a
+SEPARATE weekly-news podcast — **"RENTV's Weekly CRE News & Views with Steve Bloom"** (3
+public episodes: Ep. 9/10/11, Aug–Oct 2020). It's harvested as a first-class source and
+merged into the SAME unified `advertisers.json`, so podcast sponsors flow straight into the
+engagement-email drafter.
+
+Because SoundCloud has **no auto-captions** (Vimeo did), we transcribe locally with
+`faster-whisper` (CTranslate2, int8, CPU) — still **$0**.
+
+| Node | Script | What it does | Cost |
+|------|--------|--------------|------|
+| A — Harvest | `scripts/harvest-soundcloud.py --download` | `yt-dlp` → audio (mp3) + `info.json`; builds `data/soundcloud/manifest.json` (title, date, artwork, view/like counts, show-note **chapters**) | $0 |
+| B — Transcribe | `scripts/transcribe-soundcloud.py` | faster-whisper → `data/transcripts/<id>.txt` (path `extract.py` already reads) + `data/soundcloud/segments/<id>.json` (timestamped); upserts each episode into `data/manifest.json` | $0 |
+| C — Extract | `scripts/extract.py` *(shared, unmodified)* | picks up the podcast transcripts → unified advertisers + guests | $0 |
+| D — Ad clips | `scripts/clip-ads.py` | locates each advertiser's spoken mention in the timestamped segments → `ffmpeg`-cuts the **actual spoken-ad audio** → `data/soundcloud/adclips/*.mp3`; enriches `advertisers.json` with per-episode `source` + `adclips` + `has_podcast` | $0 |
+| E — Viewer | `server.js` + Podcasts tab | episode cards with full-episode audio, chapter-seek, spoken-ad clip players, transcript expander, and a one-click "Draft engagement email" | $0 |
+
+Run it all: **`bash scripts/build-soundcloud.sh`** then `pm2 restart rentv-ad-engine`.
+
+New endpoints: `/api/soundcloud`, `/api/adclips`, `/api/transcript?id=<id>`, `/media/<path>`
+(audio with HTTP Range seeking, path-guarded to `data/soundcloud/`).
+
+SoundCloud data files: `data/soundcloud/manifest.json`, `.../segments/<id>.json`,
+`.../adclips.json` + `.../adclips/*.mp3`, `.../audio/<id>.mp3` (audio gitignored).
diff --git a/data/advertisers.json b/data/advertisers.json
index 31f6b6b..61b4498 100644
--- a/data/advertisers.json
+++ b/data/advertisers.json
@@ -1,6 +1,6 @@
{
- "generated_at": "2026-08-07 09:33:33",
- "count": 29,
+ "generated_at": "2026-08-07 10:39:42",
+ "count": 30,
"advertisers": [
{
"name": "Commercial Real Estate Inspectors",
@@ -13,9 +13,7 @@
"commercial real estate inspectors in Southern California"
],
"category": "other",
- "websites": [
- "commercialrealestateinspectors.com"
- ],
+ "websites": [],
"phones": [
"(818) 957-4654",
"818-957-4654",
@@ -35,113 +33,120 @@
{
"id": 1138312637,
"title": "CRE Talk Episode #19 - Chris Tourtellotte",
- "url": "https://vimeo.com/1138312637"
+ "url": "https://vimeo.com/1138312637",
+ "source": "vimeo"
},
{
"id": 1115700624,
"title": "CRE Talk Episode #18 Terry Tallen",
- "url": "https://vimeo.com/1115700624"
+ "url": "https://vimeo.com/1115700624",
+ "source": "vimeo"
},
{
"id": 1106281388,
"title": "RENTV CRE Talk Episode #17 Chris Rising",
- "url": "https://vimeo.com/1106281388"
+ "url": "https://vimeo.com/1106281388",
+ "source": "vimeo"
},
{
"id": 1079649123,
"title": "RENTV CRE Talk Episode #16 - Alex Zikakis",
- "url": "https://vimeo.com/1079649123"
+ "url": "https://vimeo.com/1079649123",
+ "source": "vimeo"
},
{
"id": 1059913595,
"title": "RENTV CRE Talk Episode #15 - Marc Brutten",
- "url": "https://vimeo.com/1059913595"
+ "url": "https://vimeo.com/1059913595",
+ "source": "vimeo"
},
{
"id": 1056513923,
"title": "RENTV CRE Talk Episode #14 - John McNellis",
- "url": "https://vimeo.com/1056513923"
+ "url": "https://vimeo.com/1056513923",
+ "source": "vimeo"
},
{
"id": 1012976399,
"title": "RENTV CRE Talk Episode #12 - Kaitlin Arduino",
- "url": "https://vimeo.com/1012976399"
+ "url": "https://vimeo.com/1012976399",
+ "source": "vimeo"
},
{
"id": 931863337,
"title": "RENTV CRE Talk Episode #10 Henry Manoucheri",
- "url": "https://vimeo.com/931863337"
+ "url": "https://vimeo.com/931863337",
+ "source": "vimeo"
},
{
"id": 911412212,
"title": "RENTV CRE Talk Episode #9 Eddie Ring",
- "url": "https://vimeo.com/911412212"
+ "url": "https://vimeo.com/911412212",
+ "source": "vimeo"
},
{
"id": 906276616,
"title": "RENTV CRE Talk Episode #8 Erwin Bucy",
- "url": "https://vimeo.com/906276616"
+ "url": "https://vimeo.com/906276616",
+ "source": "vimeo"
},
{
"id": 886025667,
"title": "RENTV CRE Talk Episode #7 Chuck Hershson",
- "url": "https://vimeo.com/886025667"
+ "url": "https://vimeo.com/886025667",
+ "source": "vimeo"
},
{
"id": 868849453,
"title": "RENTV CRE Talk Episode #6 Barry Saywitz",
- "url": "https://vimeo.com/868849453"
+ "url": "https://vimeo.com/868849453",
+ "source": "vimeo"
},
{
"id": 852462696,
"title": "RENTV CRE Talk Episode #5 Barry DiRaimondo",
- "url": "https://vimeo.com/852462696"
+ "url": "https://vimeo.com/852462696",
+ "source": "vimeo"
},
{
"id": 831673533,
"title": "RENTV CRE Talk Episode #4 John McNellis",
- "url": "https://vimeo.com/831673533"
+ "url": "https://vimeo.com/831673533",
+ "source": "vimeo"
},
{
"id": 812981342,
"title": "RENTV CRE Talk Episode #3 - Michael Van Every",
- "url": "https://vimeo.com/812981342"
+ "url": "https://vimeo.com/812981342",
+ "source": "vimeo"
},
{
"id": 795355693,
"title": "RENTV CRE Talk Episode #2 - Sandy Sigal",
- "url": "https://vimeo.com/795355693"
+ "url": "https://vimeo.com/795355693",
+ "source": "vimeo"
},
{
"id": 771348410,
"title": "RENTV CRE Talk Episode #1 - Bill Shopoff",
- "url": "https://vimeo.com/771348410"
+ "url": "https://vimeo.com/771348410",
+ "source": "vimeo"
}
],
- "address_status": "found_web",
- "addresses": [
- "2550 Honolulu Ave, Ste 101, Montrose, CA 91020"
- ],
- "review_verified": true,
- "review_appearances": 13,
- "review_official_name": "Commercial Real Estate Inspectors"
+ "has_podcast": false
},
{
"name": "Fidelity Mortgage Lenders",
"aliases": [],
"category": "lender",
- "websites": [
- "fidelityca.com"
- ],
+ "websites": [],
"phones": [
"800-752-9533",
"807 529533",
"807-529-533",
"807529533"
],
- "emails": [
- "info@fidelitylenders.com"
- ],
+ "emails": [],
"contacts": [
"Uncle Chuck or John McClain",
"Uncle Chuck or John McLean",
@@ -153,91 +158,101 @@
{
"id": 1200839794,
"title": "CRE Talk Episode #22 with Bill Shopoff",
- "url": "https://vimeo.com/1200839794"
+ "url": "https://vimeo.com/1200839794",
+ "source": "vimeo"
},
{
"id": 1199114985,
"title": "CRE Talk Episode #21 with Daniel Weiss",
- "url": "https://vimeo.com/1199114985"
+ "url": "https://vimeo.com/1199114985",
+ "source": "vimeo"
},
{
"id": 1178561985,
"title": "CRE Talk Episode #20 with Colton Sudberry",
- "url": "https://vimeo.com/1178561985"
+ "url": "https://vimeo.com/1178561985",
+ "source": "vimeo"
},
{
"id": 1138312637,
"title": "CRE Talk Episode #19 - Chris Tourtellotte",
- "url": "https://vimeo.com/1138312637"
+ "url": "https://vimeo.com/1138312637",
+ "source": "vimeo"
},
{
"id": 1115700624,
"title": "CRE Talk Episode #18 Terry Tallen",
- "url": "https://vimeo.com/1115700624"
+ "url": "https://vimeo.com/1115700624",
+ "source": "vimeo"
},
{
"id": 1106281388,
"title": "RENTV CRE Talk Episode #17 Chris Rising",
- "url": "https://vimeo.com/1106281388"
+ "url": "https://vimeo.com/1106281388",
+ "source": "vimeo"
},
{
"id": 1079649123,
"title": "RENTV CRE Talk Episode #16 - Alex Zikakis",
- "url": "https://vimeo.com/1079649123"
+ "url": "https://vimeo.com/1079649123",
+ "source": "vimeo"
},
{
"id": 1059913595,
"title": "RENTV CRE Talk Episode #15 - Marc Brutten",
- "url": "https://vimeo.com/1059913595"
+ "url": "https://vimeo.com/1059913595",
+ "source": "vimeo"
},
{
"id": 1056513923,
"title": "RENTV CRE Talk Episode #14 - John McNellis",
- "url": "https://vimeo.com/1056513923"
+ "url": "https://vimeo.com/1056513923",
+ "source": "vimeo"
},
{
"id": 1012976399,
"title": "RENTV CRE Talk Episode #12 - Kaitlin Arduino",
- "url": "https://vimeo.com/1012976399"
+ "url": "https://vimeo.com/1012976399",
+ "source": "vimeo"
},
{
"id": 931863337,
"title": "RENTV CRE Talk Episode #10 Henry Manoucheri",
- "url": "https://vimeo.com/931863337"
+ "url": "https://vimeo.com/931863337",
+ "source": "vimeo"
},
{
"id": 911412212,
"title": "RENTV CRE Talk Episode #9 Eddie Ring",
- "url": "https://vimeo.com/911412212"
+ "url": "https://vimeo.com/911412212",
+ "source": "vimeo"
},
{
"id": 906276616,
"title": "RENTV CRE Talk Episode #8 Erwin Bucy",
- "url": "https://vimeo.com/906276616"
+ "url": "https://vimeo.com/906276616",
+ "source": "vimeo"
},
{
"id": 886025667,
"title": "RENTV CRE Talk Episode #7 Chuck Hershson",
- "url": "https://vimeo.com/886025667"
+ "url": "https://vimeo.com/886025667",
+ "source": "vimeo"
},
{
"id": 862593366,
"title": "The Finance Panel at RENTV's Greater LA State of the Market Conference",
- "url": "https://vimeo.com/862593366"
+ "url": "https://vimeo.com/862593366",
+ "source": "vimeo"
},
{
"id": 763447786,
"title": "RENTV FINANCE OCT 19 2022.mp4",
- "url": "https://vimeo.com/763447786"
+ "url": "https://vimeo.com/763447786",
+ "source": "vimeo"
}
],
- "address_status": "found_web",
- "addresses": [
- "11952 Wilshire Boulevard, Los Angeles, CA 90025-6608"
- ],
- "review_verified": true,
- "review_appearances": 13,
- "review_official_name": "Fidelity Mortgage Lenders"
+ "has_podcast": false
},
{
"name": "Paramount Property Tax Appeal",
@@ -246,9 +261,7 @@
"paramount Property Tax Appeal"
],
"category": "other",
- "websites": [
- "paramountpropertytaxappeal.com"
- ],
+ "websites": [],
"phones": [
"(858) 225-1200",
"(858) 758-9515",
@@ -258,9 +271,7 @@
"8582251200",
"8582251208"
],
- "emails": [
- "info@pptaxappeal.com"
- ],
+ "emails": [],
"contacts": [
"Arnie",
"Wes Nichols",
@@ -272,66 +283,70 @@
{
"id": 1012976399,
"title": "RENTV CRE Talk Episode #12 - Kaitlin Arduino",
- "url": "https://vimeo.com/1012976399"
+ "url": "https://vimeo.com/1012976399",
+ "source": "vimeo"
},
{
"id": 931863337,
"title": "RENTV CRE Talk Episode #10 Henry Manoucheri",
- "url": "https://vimeo.com/931863337"
+ "url": "https://vimeo.com/931863337",
+ "source": "vimeo"
},
{
"id": 911412212,
"title": "RENTV CRE Talk Episode #9 Eddie Ring",
- "url": "https://vimeo.com/911412212"
+ "url": "https://vimeo.com/911412212",
+ "source": "vimeo"
},
{
"id": 906276616,
"title": "RENTV CRE Talk Episode #8 Erwin Bucy",
- "url": "https://vimeo.com/906276616"
+ "url": "https://vimeo.com/906276616",
+ "source": "vimeo"
},
{
"id": 868849453,
"title": "RENTV CRE Talk Episode #6 Barry Saywitz",
- "url": "https://vimeo.com/868849453"
+ "url": "https://vimeo.com/868849453",
+ "source": "vimeo"
},
{
"id": 852462696,
"title": "RENTV CRE Talk Episode #5 Barry DiRaimondo",
- "url": "https://vimeo.com/852462696"
+ "url": "https://vimeo.com/852462696",
+ "source": "vimeo"
},
{
"id": 831673533,
"title": "RENTV CRE Talk Episode #4 John McNellis",
- "url": "https://vimeo.com/831673533"
+ "url": "https://vimeo.com/831673533",
+ "source": "vimeo"
},
{
"id": 812981342,
"title": "RENTV CRE Talk Episode #3 - Michael Van Every",
- "url": "https://vimeo.com/812981342"
+ "url": "https://vimeo.com/812981342",
+ "source": "vimeo"
},
{
"id": 795355693,
"title": "RENTV CRE Talk Episode #2 - Sandy Sigal",
- "url": "https://vimeo.com/795355693"
+ "url": "https://vimeo.com/795355693",
+ "source": "vimeo"
},
{
"id": 771348410,
"title": "RENTV CRE Talk Episode #1 - Bill Shopoff",
- "url": "https://vimeo.com/771348410"
+ "url": "https://vimeo.com/771348410",
+ "source": "vimeo"
}
],
- "address_status": "found_web",
- "addresses": [
- "14251 Danielson Street, Poway, CA 92064"
- ],
- "review_verified": true,
- "review_appearances": 9,
- "review_official_name": "Paramount Property Tax Appeal"
+ "has_podcast": false
},
{
"name": "Chase Partners",
"aliases": [],
- "category": "developer|investor",
+ "category": "other",
"websites": [
"chasepartners.com"
],
@@ -353,56 +368,59 @@
{
"id": 1200839794,
"title": "CRE Talk Episode #22 with Bill Shopoff",
- "url": "https://vimeo.com/1200839794"
+ "url": "https://vimeo.com/1200839794",
+ "source": "vimeo"
},
{
"id": 1199114985,
"title": "CRE Talk Episode #21 with Daniel Weiss",
- "url": "https://vimeo.com/1199114985"
+ "url": "https://vimeo.com/1199114985",
+ "source": "vimeo"
},
{
"id": 1178561985,
"title": "CRE Talk Episode #20 with Colton Sudberry",
- "url": "https://vimeo.com/1178561985"
+ "url": "https://vimeo.com/1178561985",
+ "source": "vimeo"
},
{
"id": 1138312637,
"title": "CRE Talk Episode #19 - Chris Tourtellotte",
- "url": "https://vimeo.com/1138312637"
+ "url": "https://vimeo.com/1138312637",
+ "source": "vimeo"
},
{
"id": 1115700624,
"title": "CRE Talk Episode #18 Terry Tallen",
- "url": "https://vimeo.com/1115700624"
+ "url": "https://vimeo.com/1115700624",
+ "source": "vimeo"
},
{
"id": 1106281388,
"title": "RENTV CRE Talk Episode #17 Chris Rising",
- "url": "https://vimeo.com/1106281388"
+ "url": "https://vimeo.com/1106281388",
+ "source": "vimeo"
},
{
"id": 1079649123,
"title": "RENTV CRE Talk Episode #16 - Alex Zikakis",
- "url": "https://vimeo.com/1079649123"
+ "url": "https://vimeo.com/1079649123",
+ "source": "vimeo"
},
{
"id": 1059913595,
"title": "RENTV CRE Talk Episode #15 - Marc Brutten",
- "url": "https://vimeo.com/1059913595"
+ "url": "https://vimeo.com/1059913595",
+ "source": "vimeo"
},
{
"id": 1056513923,
"title": "RENTV CRE Talk Episode #14 - John McNellis",
- "url": "https://vimeo.com/1056513923"
+ "url": "https://vimeo.com/1056513923",
+ "source": "vimeo"
}
],
- "addresses": [
- "Chase Partners Ltd., P.O Box 3944, Glendale, CA 91221"
- ],
- "address_status": "found",
- "review_verified": true,
- "review_appearances": 7,
- "review_official_name": "Chase Partners"
+ "has_podcast": false
},
{
"name": "Redwood Mortgage",
@@ -420,46 +438,165 @@
"Steve Belleville"
],
"pitch": "A direct private money lender with over 44 years of experience in commercial and residential investment properties, ranging from $200,000 to $10 million.",
- "appearances": 6,
+ "appearances": 9,
"episodes": [
{
"id": 868849453,
"title": "RENTV CRE Talk Episode #6 Barry Saywitz",
- "url": "https://vimeo.com/868849453"
+ "url": "https://vimeo.com/868849453",
+ "source": "vimeo"
},
{
"id": 852462696,
"title": "RENTV CRE Talk Episode #5 Barry DiRaimondo",
- "url": "https://vimeo.com/852462696"
+ "url": "https://vimeo.com/852462696",
+ "source": "vimeo"
},
{
"id": 831673533,
"title": "RENTV CRE Talk Episode #4 John McNellis",
- "url": "https://vimeo.com/831673533"
+ "url": "https://vimeo.com/831673533",
+ "source": "vimeo"
},
{
"id": 812981342,
"title": "RENTV CRE Talk Episode #3 - Michael Van Every",
- "url": "https://vimeo.com/812981342"
+ "url": "https://vimeo.com/812981342",
+ "source": "vimeo"
},
{
"id": 795355693,
"title": "RENTV CRE Talk Episode #2 - Sandy Sigal",
- "url": "https://vimeo.com/795355693"
+ "url": "https://vimeo.com/795355693",
+ "source": "vimeo"
},
{
"id": 771348410,
"title": "RENTV CRE Talk Episode #1 - Bill Shopoff",
- "url": "https://vimeo.com/771348410"
+ "url": "https://vimeo.com/771348410",
+ "source": "vimeo"
+ },
+ {
+ "id": "902952601",
+ "title": "Ep. 11 RENTV's Weekly CRE News & Views with Steve Bloom; 10-01-2020",
+ "url": "https://soundcloud.com/rentvnews/ep-11-rentvs-weekly-cre-news-views-with-steve-bloom-10-01-2020",
+ "source": "soundcloud"
+ },
+ {
+ "id": "881852191",
+ "title": "Ep. 10 RENTV's Weekly CRE News & Views with Steve Bloom; 08-25-2020",
+ "url": "https://soundcloud.com/rentvnews/ep-10-rentvs-weekly-cre-news-views-with-steve-bloom-08-25-2020",
+ "source": "soundcloud"
+ },
+ {
+ "id": "873500326",
+ "title": "Ep. 9 RENTV's Weekly CRE News & Views with Steve Bloom; 08-10-2020",
+ "url": "https://soundcloud.com/rentvnews/ep-9-rentvs-weekly-cre-news-views-with-steve-bloom-08-10-2020",
+ "source": "soundcloud"
}
],
- "addresses": [
- "155 Bovet Road, Suite 302 San Mateo, CA 94402"
+ "has_podcast": true,
+ "adclips": [
+ {
+ "episode_id": "902952601",
+ "episode_title": "Ep. 11 RENTV's Weekly CRE News & Views with Steve Bloom; 10-01-2020",
+ "url": "https://soundcloud.com/rentvnews/ep-11-rentvs-weekly-cre-news-views-with-steve-bloom-10-01-2020",
+ "start": 1177.18,
+ "end": 1211.26,
+ "duration": 34.08,
+ "text": "Redwood Mortgage. Redwood Mortgage is a direct portfolio over 42 years, Redwood Mortgage call Redwood Mortgage at 800 659 6593 or redwoodmortgage.com.",
+ "file": "data/soundcloud/adclips/902952601-redwood-mortgage.mp3"
+ },
+ {
+ "episode_id": "881852191",
+ "episode_title": "Ep. 10 RENTV's Weekly CRE News & Views with Steve Bloom; 08-25-2020",
+ "url": "https://soundcloud.com/rentvnews/ep-10-rentvs-weekly-cre-news-views-with-steve-bloom-08-25-2020",
+ "start": 1697.3,
+ "end": 1736.34,
+ "duration": 39.04,
+ "text": "Now let me tell you about another sponsor of the show, Redwood Mortgage. Redwood Mortgage is a direct portfolio lender providing loans on commercial office, industrial, In business for over 42 years, Redwood Mortgage is established, trusted and well capitalized. A good place to go when the banks say no, call Redwood Mortgage at 800-659-6593 or redwoodmortgage.com.",
+ "file": "data/soundcloud/adclips/881852191-redwood-mortgage.mp3"
+ },
+ {
+ "episode_id": "873500326",
+ "episode_title": "Ep. 9 RENTV's Weekly CRE News & Views with Steve Bloom; 08-10-2020",
+ "url": "https://soundcloud.com/rentvnews/ep-9-rentvs-weekly-cre-news-views-with-steve-bloom-08-10-2020",
+ "start": 1281.58,
+ "end": 1319.02,
+ "duration": 37.44,
+ "text": "Now let me tell you about another sponsor of the show, Redwood Mortgage. Redwood Mortgage is a direct portfolio lender providing loans on commercial office, industrial, In business for over 42 years, Redwood Mortgage is established, trusted and well capitalized. A good place to go when the banks say no, call Redwood Mortgage at 800-659-6593 or redwoodmortgage.com.",
+ "file": "data/soundcloud/adclips/873500326-redwood-mortgage.mp3"
+ }
+ ]
+ },
+ {
+ "name": "Capitol Rivers Commercial",
+ "aliases": [
+ "Capital Rivers Commercial",
+ "Capitol River's commercial"
+ ],
+ "category": "other",
+ "websites": [
+ "capitolrivers.com"
+ ],
+ "phones": [],
+ "emails": [],
+ "contacts": [],
+ "pitch": "Not explicitly stated in the transcript, but likely a lender or developer.",
+ "appearances": 3,
+ "episodes": [
+ {
+ "id": "881852191",
+ "title": "Ep. 10 RENTV's Weekly CRE News & Views with Steve Bloom; 08-25-2020",
+ "url": "https://soundcloud.com/rentvnews/ep-10-rentvs-weekly-cre-news-views-with-steve-bloom-08-25-2020",
+ "source": "soundcloud"
+ },
+ {
+ "id": "873500326",
+ "title": "Ep. 9 RENTV's Weekly CRE News & Views with Steve Bloom; 08-10-2020",
+ "url": "https://soundcloud.com/rentvnews/ep-9-rentvs-weekly-cre-news-views-with-steve-bloom-08-10-2020",
+ "source": "soundcloud"
+ },
+ {
+ "id": "902952601",
+ "title": "Ep. 11 RENTV's Weekly CRE News & Views with Steve Bloom; 10-01-2020",
+ "url": "https://soundcloud.com/rentvnews/ep-11-rentvs-weekly-cre-news-views-with-steve-bloom-10-01-2020",
+ "source": "soundcloud"
+ }
],
- "address_status": "found",
- "review_verified": true,
- "review_appearances": 3,
- "review_official_name": "Redwood Mortgage"
+ "has_podcast": true,
+ "adclips": [
+ {
+ "episode_id": "881852191",
+ "episode_title": "Ep. 10 RENTV's Weekly CRE News & Views with Steve Bloom; 08-25-2020",
+ "url": "https://soundcloud.com/rentvnews/ep-10-rentvs-weekly-cre-news-views-with-steve-bloom-08-25-2020",
+ "start": 1484.8,
+ "end": 1547.56,
+ "duration": 62.76,
+ "text": "And now we have a message from a sponsor of our show, Capital Rivers Commercial, led by If that's you, then you need to be well aware of Proposition 15 and the team at Capital Rivers Commercial can tell you all about it. you'll want to talk to an expert like Greg and his team of experts at Capital Rivers. CapitalRivers.com. Work with the best, work with Capital Rivers.",
+ "file": "data/soundcloud/adclips/881852191-capitol-rivers-commercial.mp3"
+ },
+ {
+ "episode_id": "873500326",
+ "episode_title": "Ep. 9 RENTV's Weekly CRE News & Views with Steve Bloom; 08-10-2020",
+ "url": "https://soundcloud.com/rentvnews/ep-9-rentvs-weekly-cre-news-views-with-steve-bloom-08-10-2020",
+ "start": 1062.32,
+ "end": 1090.22,
+ "duration": 27.9,
+ "text": "Unsure what to do, he contacted Capitol Rivers for advice. To reach Capitol Rivers, visit their website at capitolrivers.com. Work with the best, work with Capitol Rivers.",
+ "file": "data/soundcloud/adclips/873500326-capitol-rivers-commercial.mp3"
+ },
+ {
+ "episode_id": "902952601",
+ "episode_title": "Ep. 11 RENTV's Weekly CRE News & Views with Steve Bloom; 10-01-2020",
+ "url": "https://soundcloud.com/rentvnews/ep-11-rentvs-weekly-cre-news-views-with-steve-bloom-10-01-2020",
+ "start": 851.18,
+ "end": 878.46,
+ "duration": 27.28,
+ "text": "of our show, Capitol Rivers commercial led by of Proposition 15 and the team at Capitol Rivers commercial can tell you all about it. For",
+ "file": "data/soundcloud/adclips/902952601-capitol-rivers-commercial.mp3"
+ }
+ ]
},
{
"name": "Provident Savings Bank",
@@ -483,26 +620,23 @@
{
"id": 1200839794,
"title": "CRE Talk Episode #22 with Bill Shopoff",
- "url": "https://vimeo.com/1200839794"
+ "url": "https://vimeo.com/1200839794",
+ "source": "vimeo"
},
{
"id": 1199114985,
"title": "CRE Talk Episode #21 with Daniel Weiss",
- "url": "https://vimeo.com/1199114985"
+ "url": "https://vimeo.com/1199114985",
+ "source": "vimeo"
},
{
"id": 1178561985,
"title": "CRE Talk Episode #20 with Colton Sudberry",
- "url": "https://vimeo.com/1178561985"
+ "url": "https://vimeo.com/1178561985",
+ "source": "vimeo"
}
],
- "addresses": [
- "3756 Central Avenue, Riverside, CA 92506"
- ],
- "address_status": "found",
- "review_verified": true,
- "review_appearances": 3,
- "review_official_name": "Provident Savings Bank"
+ "has_podcast": false
},
{
"name": "Rockefeller Group",
@@ -520,37 +654,30 @@
{
"id": 1200839794,
"title": "CRE Talk Episode #22 with Bill Shopoff",
- "url": "https://vimeo.com/1200839794"
+ "url": "https://vimeo.com/1200839794",
+ "source": "vimeo"
},
{
"id": 1199114985,
"title": "CRE Talk Episode #21 with Daniel Weiss",
- "url": "https://vimeo.com/1199114985"
+ "url": "https://vimeo.com/1199114985",
+ "source": "vimeo"
},
{
"id": 1178561985,
"title": "CRE Talk Episode #20 with Colton Sudberry",
- "url": "https://vimeo.com/1178561985"
+ "url": "https://vimeo.com/1178561985",
+ "source": "vimeo"
}
],
- "addresses": [
- "2325 East Camelback Road, Suite 400, Phoenix, AZ 85016"
- ],
- "address_status": "found",
- "review_verified": true,
- "review_appearances": 3,
- "review_official_name": "Rockefeller Group"
+ "has_podcast": false
},
{
"name": "The Bascom Group",
"aliases": [],
- "category": "developer|broker",
- "websites": [
- "bascomgroup.com"
- ],
- "phones": [
- "(949) 955-0888"
- ],
+ "category": "developer",
+ "websites": [],
+ "phones": [],
"emails": [],
"contacts": [],
"pitch": "A developer focusing on multi-family properties in Orange County and nationwide, with a history of value-add acquisitions and recent foray into development.",
@@ -559,27 +686,23 @@
{
"id": 865035925,
"title": "The Multifamily Panel at RENTV's Greater LA State of the Market Conference",
- "url": "https://vimeo.com/865035925"
+ "url": "https://vimeo.com/865035925",
+ "source": "vimeo"
},
{
"id": 739081927,
"title": "RENTV ORANGE COUNTY MULTIFAMILY PANEL July 26, 2022",
- "url": "https://vimeo.com/739081927"
+ "url": "https://vimeo.com/739081927",
+ "source": "vimeo"
}
],
- "address_status": "found_web",
- "addresses": [
- "7 Corporate Park, Suite 100, Irvine, CA 92606"
- ],
- "review_verified": false
+ "has_podcast": false
},
{
"name": "Advanced Real Estate Services",
"aliases": [],
"category": "broker",
- "websites": [
- "advancedrealestate.com"
- ],
+ "websites": [],
"phones": [],
"emails": [],
"contacts": [],
@@ -589,22 +712,17 @@
{
"id": 865035925,
"title": "The Multifamily Panel at RENTV's Greater LA State of the Market Conference",
- "url": "https://vimeo.com/865035925"
+ "url": "https://vimeo.com/865035925",
+ "source": "vimeo"
}
],
- "address_status": "found_web",
- "addresses": [
- "15320 Barranca Parkway, Suite 150, Irvine, CA 92618"
- ],
- "review_verified": false
+ "has_podcast": false
},
{
"name": "Advanced Real Estate The Firm",
"aliases": [],
- "category": "property mgmt|developer",
- "websites": [
- "advancedrealestate.com"
- ],
+ "category": "other",
+ "websites": [],
"phones": [],
"emails": [],
"contacts": [],
@@ -614,22 +732,17 @@
{
"id": 739081927,
"title": "RENTV ORANGE COUNTY MULTIFAMILY PANEL July 26, 2022",
- "url": "https://vimeo.com/739081927"
+ "url": "https://vimeo.com/739081927",
+ "source": "vimeo"
}
],
- "address_status": "found_web",
- "addresses": [
- "15320 Barranca Parkway, Suite 150, Irvine, CA 92618"
- ],
- "review_verified": false
+ "has_podcast": false
},
{
"name": "Axo Bank",
"aliases": [],
"category": "lender",
- "websites": [
- "axosbank.com"
- ],
+ "websites": [],
"phones": [],
"emails": [],
"contacts": [],
@@ -639,22 +752,17 @@
{
"id": 862593366,
"title": "The Finance Panel at RENTV's Greater LA State of the Market Conference",
- "url": "https://vimeo.com/862593366"
+ "url": "https://vimeo.com/862593366",
+ "source": "vimeo"
}
],
- "address_status": "found_web",
- "addresses": [
- "4350 La Jolla Village Drive, Suite 140, San Diego, CA 92122"
- ],
- "review_verified": false
+ "has_podcast": false
},
{
"name": "Axos Bank",
"aliases": [],
"category": "lender",
- "websites": [
- "axosbank.com"
- ],
+ "websites": [],
"phones": [],
"emails": [],
"contacts": [],
@@ -664,22 +772,17 @@
{
"id": 763447786,
"title": "RENTV FINANCE OCT 19 2022.mp4",
- "url": "https://vimeo.com/763447786"
+ "url": "https://vimeo.com/763447786",
+ "source": "vimeo"
}
],
- "address_status": "found_web",
- "addresses": [
- "4350 La Jolla Village Drive, Suite 140, San Diego, CA 92122"
- ],
- "review_verified": false
+ "has_podcast": false
},
{
"name": "CBRE",
"aliases": [],
"category": "broker",
- "websites": [
- "cbre.com"
- ],
+ "websites": [],
"phones": [],
"emails": [],
"contacts": [],
@@ -689,22 +792,17 @@
{
"id": 739081927,
"title": "RENTV ORANGE COUNTY MULTIFAMILY PANEL July 26, 2022",
- "url": "https://vimeo.com/739081927"
+ "url": "https://vimeo.com/739081927",
+ "source": "vimeo"
}
],
- "address_status": "found_web",
- "addresses": [
- "400 S Hope Street, 25th Floor, Los Angeles, CA 90071"
- ],
- "review_verified": false
+ "has_podcast": false
},
{
"name": "CBRE's National Retail Partners West Team",
"aliases": [],
"category": "broker",
- "websites": [
- "cbre.com"
- ],
+ "websites": [],
"phones": [],
"emails": [],
"contacts": [
@@ -716,19 +814,16 @@
{
"id": 830276773,
"title": "The Retail Panel at RENTV's Inland Empire State of The Market Conference",
- "url": "https://vimeo.com/830276773"
+ "url": "https://vimeo.com/830276773",
+ "source": "vimeo"
}
],
- "address_status": "found_web",
- "addresses": [
- "400 S Hope Street, 25th Floor, Los Angeles, CA 90071"
- ],
- "review_verified": false
+ "has_podcast": false
},
{
"name": "City of Ontario",
"aliases": [],
- "category": "government entity",
+ "category": "other",
"websites": [],
"phones": [],
"emails": [],
@@ -741,11 +836,11 @@
{
"id": 830276773,
"title": "The Retail Panel at RENTV's Inland Empire State of The Market Conference",
- "url": "https://vimeo.com/830276773"
+ "url": "https://vimeo.com/830276773",
+ "source": "vimeo"
}
],
- "address_status": "needs_web_search",
- "review_verified": false
+ "has_podcast": false
},
{
"name": "First",
@@ -761,19 +856,17 @@
{
"id": 1039101858,
"title": "RENTV CRE Talk Episode #13 - Ethan Penner",
- "url": "https://vimeo.com/1039101858"
+ "url": "https://vimeo.com/1039101858",
+ "source": "vimeo"
}
],
- "address_status": "needs_web_search",
- "review_verified": false
+ "has_podcast": false
},
{
"name": "Jones Lang LaSalle (JLL)",
"aliases": [],
- "category": "lender|developer|broker",
- "websites": [
- "jll.com"
- ],
+ "category": "other",
+ "websites": [],
"phones": [],
"emails": [],
"contacts": [
@@ -785,25 +878,18 @@
{
"id": 830279080,
"title": "The Office Panel at RENTV's Inland Empire State of The Market Conference",
- "url": "https://vimeo.com/830279080"
+ "url": "https://vimeo.com/830279080",
+ "source": "vimeo"
}
],
- "address_status": "found_web",
- "addresses": [
- "515 S Flower Street, Floor 13, Los Angeles, CA 90071"
- ],
- "review_verified": false
+ "has_podcast": false
},
{
"name": "MG R Real Estate",
"aliases": [],
"category": "broker",
- "websites": [
- "mgrrealestate.com"
- ],
- "phones": [
- "909-581-6600"
- ],
+ "websites": [],
+ "phones": [],
"emails": [],
"contacts": [],
"pitch": "primarily office brokers, owning about 1.8 million feet of office space in the L and Empire area",
@@ -812,25 +898,18 @@
{
"id": 830279080,
"title": "The Office Panel at RENTV's Inland Empire State of The Market Conference",
- "url": "https://vimeo.com/830279080"
+ "url": "https://vimeo.com/830279080",
+ "source": "vimeo"
}
],
- "address_status": "found_web",
- "addresses": [
- "3800 E Concours St, Suite 350, Ontario, CA 91764"
- ],
- "review_verified": false
+ "has_podcast": false
},
{
"name": "MGR Real Estate Services",
"aliases": [],
- "category": "brokerage|property management",
- "websites": [
- "mgrrealestate.com"
- ],
- "phones": [
- "909-581-6600"
- ],
+ "category": "other",
+ "websites": [],
+ "phones": [],
"emails": [],
"contacts": [],
"pitch": "Family-owned brokerage firm with residential and commercial properties, managing 17,000 doors and employing over 200 people.",
@@ -839,14 +918,11 @@
{
"id": 953281926,
"title": "RENTV CRE Talk Episode #11 - Michael Rademaker",
- "url": "https://vimeo.com/953281926"
+ "url": "https://vimeo.com/953281926",
+ "source": "vimeo"
}
],
- "address_status": "found_web",
- "addresses": [
- "3800 E Concours St, Suite 350, Ontario, CA 91764"
- ],
- "review_verified": false
+ "has_podcast": false
},
{
"name": "Ms. Rahi TE Bank",
@@ -862,22 +938,18 @@
{
"id": 862593366,
"title": "The Finance Panel at RENTV's Greater LA State of the Market Conference",
- "url": "https://vimeo.com/862593366"
+ "url": "https://vimeo.com/862593366",
+ "source": "vimeo"
}
],
- "address_status": "needs_web_search",
- "review_verified": false
+ "has_podcast": false
},
{
"name": "Newmark Merrill Companies",
"aliases": [],
- "category": "developer|property manager",
- "websites": [
- "newmarkmerrill.com"
- ],
- "phones": [
- "(818) 710-6100"
- ],
+ "category": "other",
+ "websites": [],
+ "phones": [],
"emails": [],
"contacts": [
"Greg Gia Capozzi"
@@ -888,25 +960,18 @@
{
"id": 830276773,
"title": "The Retail Panel at RENTV's Inland Empire State of The Market Conference",
- "url": "https://vimeo.com/830276773"
+ "url": "https://vimeo.com/830276773",
+ "source": "vimeo"
}
],
- "address_status": "found_web",
- "addresses": [
- "24025 Park Sorrento, Suite 300, Calabasas, CA 91302"
- ],
- "review_verified": false
+ "has_podcast": false
},
{
"name": "Pacific Southwest Realty Services",
"aliases": [],
"category": "broker",
- "websites": [
- "psrs.com"
- ],
- "phones": [
- "(858) 514-2100"
- ],
+ "websites": [],
+ "phones": [],
"emails": [],
"contacts": [],
"pitch": "Pacific Southwest Realty Services specializes in correspondent relationships with life insurance companies, brokering mortgage services to credit unions and banks.",
@@ -915,25 +980,18 @@
{
"id": 862593366,
"title": "The Finance Panel at RENTV's Greater LA State of the Market Conference",
- "url": "https://vimeo.com/862593366"
+ "url": "https://vimeo.com/862593366",
+ "source": "vimeo"
}
],
- "address_status": "found_web",
- "addresses": [
- "7675 Dagget Street, Suite 330, San Diego, CA 92111"
- ],
- "review_verified": false
+ "has_podcast": false
},
{
"name": "Paragon Commercial Group",
"aliases": [],
"category": "developer",
- "websites": [
- "paragoncommercialgroup.com"
- ],
- "phones": [
- "310-807-3370"
- ],
+ "websites": [],
+ "phones": [],
"emails": [],
"contacts": [
"Todd Huber"
@@ -944,22 +1002,17 @@
{
"id": 830276773,
"title": "The Retail Panel at RENTV's Inland Empire State of The Market Conference",
- "url": "https://vimeo.com/830276773"
+ "url": "https://vimeo.com/830276773",
+ "source": "vimeo"
}
],
- "address_status": "found_web",
- "addresses": [
- "133 Penn Street, El Segundo, CA 90245"
- ],
- "review_verified": false
+ "has_podcast": false
},
{
"name": "Provident Bank",
"aliases": [],
"category": "lender",
- "websites": [
- "provident.bank"
- ],
+ "websites": [],
"phones": [],
"emails": [],
"contacts": [],
@@ -969,19 +1022,16 @@
{
"id": 862593366,
"title": "The Finance Panel at RENTV's Greater LA State of the Market Conference",
- "url": "https://vimeo.com/862593366"
+ "url": "https://vimeo.com/862593366",
+ "source": "vimeo"
}
],
- "address_status": "found_web",
- "addresses": [
- "111 Wood Avenue South, Suite 200, Iselin, NJ 08830"
- ],
- "review_verified": false
+ "has_podcast": false
},
{
"name": "rent TV",
"aliases": [],
- "category": "media company",
+ "category": "other",
"websites": [],
"phones": [],
"emails": [],
@@ -992,16 +1042,16 @@
{
"id": 721184140,
"title": "CLIC Vlog w Steve Bloom.mov",
- "url": "https://vimeo.com/721184140"
+ "url": "https://vimeo.com/721184140",
+ "source": "vimeo"
}
],
- "address_status": "needs_web_search",
- "review_verified": false
+ "has_podcast": false
},
{
"name": "Say What's Properties",
"aliases": [],
- "category": "broker|developer",
+ "category": "other",
"websites": [],
"phones": [],
"emails": [],
@@ -1012,22 +1062,18 @@
{
"id": 739081927,
"title": "RENTV ORANGE COUNTY MULTIFAMILY PANEL July 26, 2022",
- "url": "https://vimeo.com/739081927"
+ "url": "https://vimeo.com/739081927",
+ "source": "vimeo"
}
],
- "address_status": "needs_web_search",
- "review_verified": false
+ "has_podcast": false
},
{
"name": "Torrey Pines Bank",
"aliases": [],
"category": "lender",
- "websites": [
- "westernalliancebancorporation.com"
- ],
- "phones": [
- "(858) 523-4630"
- ],
+ "websites": [],
+ "phones": [],
"emails": [],
"contacts": [],
"pitch": "A lender providing banking solutions for various needs.",
@@ -1036,22 +1082,17 @@
{
"id": 763447786,
"title": "RENTV FINANCE OCT 19 2022.mp4",
- "url": "https://vimeo.com/763447786"
+ "url": "https://vimeo.com/763447786",
+ "source": "vimeo"
}
],
- "address_status": "found_web",
- "addresses": [
- "12220 El Camino Real, Suite 110, San Diego, CA 92130"
- ],
- "review_verified": false
+ "has_podcast": false
},
{
"name": "Universe Holdings",
"aliases": [],
- "category": "developer|lender",
- "websites": [
- "universeholdings.com"
- ],
+ "category": "other",
+ "websites": [],
"phones": [],
"emails": [],
"contacts": [],
@@ -1061,22 +1102,17 @@
{
"id": 865035925,
"title": "The Multifamily Panel at RENTV's Greater LA State of the Market Conference",
- "url": "https://vimeo.com/865035925"
+ "url": "https://vimeo.com/865035925",
+ "source": "vimeo"
}
],
- "address_status": "found_web",
- "addresses": [
- "1875 Century Park E, Suite 1800, Los Angeles, CA 90067"
- ],
- "review_verified": false
+ "has_podcast": false
},
{
"name": "Walker and Dunlop",
"aliases": [],
"category": "lender",
- "websites": [
- "walkerdunlop.com"
- ],
+ "websites": [],
"phones": [],
"emails": [],
"contacts": [],
@@ -1086,15 +1122,12 @@
{
"id": 763447786,
"title": "RENTV FINANCE OCT 19 2022.mp4",
- "url": "https://vimeo.com/763447786"
+ "url": "https://vimeo.com/763447786",
+ "source": "vimeo"
}
],
- "address_status": "found_web",
- "addresses": [
- "7272 Wisconsin Avenue, Suite 1300, Bethesda, MD 20814"
- ],
- "review_verified": false
+ "has_podcast": false
}
],
- "reconciled_at": "2026-08-07 09:50:33"
+ "adclips_generated_at": "2026-08-07 10:40:24"
}
\ No newline at end of file
diff --git a/data/extractions/873500326.json b/data/extractions/873500326.json
new file mode 100644
index 0000000..c36afd6
--- /dev/null
+++ b/data/extractions/873500326.json
@@ -0,0 +1,55 @@
+{
+ "id": "873500326",
+ "title": "Ep. 9 RENTV's Weekly CRE News & Views with Steve Bloom; 08-10-2020",
+ "url": "https://soundcloud.com/rentvnews/ep-9-rentvs-weekly-cre-news-views-with-steve-bloom-08-10-2020",
+ "duration": 3778,
+ "advertisers": [
+ {
+ "name": "Capitol River's commercial",
+ "category": "lender|developer|broker|law firm|insurance|title|architecture|property mgmt|events|other",
+ "website": "",
+ "phone": "",
+ "contact_person": "",
+ "pitch": "Not explicitly stated in the transcript, but likely a lender or developer."
+ },
+ {
+ "name": "Redwood Mortgage",
+ "category": "lender|developer|broker|law firm|insurance|title|architecture|property mgmt|events|other",
+ "website": "",
+ "phone": "",
+ "contact_person": "",
+ "pitch": "Not explicitly stated in the transcript, but likely a lender."
+ }
+ ],
+ "guests": [
+ {
+ "name": "Steve Blum",
+ "title": "Founder and CEO of RENT TV.com",
+ "company": "RENT TV.com, The Real Estate Insider",
+ "location": "",
+ "topics": [
+ "National and Western region issues and stories",
+ "Major deal and development news from around the US",
+ "Tech news in tech-driven segment",
+ "Upcoming podcasts, webinars, events, and recordings of interest"
+ ],
+ "quotes": [
+ "I will give you my take on recent national and western region issues, store and stories.",
+ "Hopefully you like what you hear, it is my goal to make this show a profitable use of your time."
+ ]
+ }
+ ],
+ "regex_sites": [
+ "capitolrivers.com",
+ "globestreet.com",
+ "hunterhotels.net",
+ "imn.org",
+ "realcom.com",
+ "redwoodmortgage.com",
+ "renttv.com",
+ "tv.com"
+ ],
+ "regex_phones": [
+ "8006596593"
+ ]
+}
\ No newline at end of file
diff --git a/data/extractions/881852191.json b/data/extractions/881852191.json
new file mode 100644
index 0000000..a9f3dd9
--- /dev/null
+++ b/data/extractions/881852191.json
@@ -0,0 +1,52 @@
+{
+ "id": "881852191",
+ "title": "Ep. 10 RENTV's Weekly CRE News & Views with Steve Bloom; 08-25-2020",
+ "url": "https://soundcloud.com/rentvnews/ep-10-rentvs-weekly-cre-news-views-with-steve-bloom-08-25-2020",
+ "duration": 3087,
+ "advertisers": [
+ {
+ "name": "Capitol Rivers Commercial",
+ "category": "",
+ "website": "",
+ "phone": "",
+ "contact_person": "",
+ "pitch": ""
+ },
+ {
+ "name": "Redwood Mortgage",
+ "category": "",
+ "website": "",
+ "phone": "",
+ "contact_person": "",
+ "pitch": ""
+ }
+ ],
+ "guests": [
+ {
+ "name": "Greg",
+ "title": "Expert at Capital Rivers Commercial",
+ "company": "Capital Rivers Commercial",
+ "location": "",
+ "topics": [
+ "Proposition 15",
+ "Commercial Real Estate Taxation"
+ ],
+ "quotes": [
+ "For most commercial properties in California, Prop 15 would end the highly priced taxpayer protections that have been afforded by Prop 13 for more than 40 years.",
+ "Work with the best, work with Capital Rivers."
+ ]
+ }
+ ],
+ "regex_sites": [
+ "capitalrivers.com",
+ "crittendenrealestatefinance.com",
+ "globestreet.com",
+ "imn.org",
+ "realcom.com",
+ "redwoodmortgage.com",
+ "renttv.com"
+ ],
+ "regex_phones": [
+ "8006596593"
+ ]
+}
\ No newline at end of file
diff --git a/data/extractions/902952601.json b/data/extractions/902952601.json
new file mode 100644
index 0000000..2620fa2
--- /dev/null
+++ b/data/extractions/902952601.json
@@ -0,0 +1,51 @@
+{
+ "id": "902952601",
+ "title": "Ep. 11 RENTV's Weekly CRE News & Views with Steve Bloom; 10-01-2020",
+ "url": "https://soundcloud.com/rentvnews/ep-11-rentvs-weekly-cre-news-views-with-steve-bloom-10-01-2020",
+ "duration": 2062,
+ "advertisers": [
+ {
+ "name": "Capital Rivers Commercial",
+ "category": "",
+ "website": "",
+ "phone": "",
+ "contact_person": "",
+ "pitch": ""
+ },
+ {
+ "name": "Redwood Mortgage",
+ "category": "",
+ "website": "",
+ "phone": "",
+ "contact_person": "",
+ "pitch": ""
+ }
+ ],
+ "guests": [
+ {
+ "name": "David Howard",
+ "title": "Executive Director",
+ "company": "National Rental Home Council",
+ "location": "",
+ "topics": [
+ "Eviction moratoriums on commercial real estate",
+ "Impact of the CDC order on property owners",
+ "Need for emergency rental assistance"
+ ],
+ "quotes": [
+ "The better and less harmful solution would be to help renters to pay the rent, then to try and come up with policies like eviction moratoriums that do not address the cause of the problem while putting their housing suppliers at risk.",
+ "Since renters have to pay back the rent they owe, that it puts renters in a position of having to pay back rent that they likely won't have while causing immediate hardship for property owners who have no means of carrying the cost of ownership.",
+ "Many say is just making a tough situation build up into an unmanageable situation as the tenants debt builds up."
+ ]
+ }
+ ],
+ "regex_sites": [
+ "capitolrivers.com",
+ "redwoodmortgage.com",
+ "renttv.com",
+ "tv.com"
+ ],
+ "regex_phones": [
+ "8006596593"
+ ]
+}
\ No newline at end of file
diff --git a/data/guests.json b/data/guests.json
index 9fc2943..ac51860 100644
--- a/data/guests.json
+++ b/data/guests.json
@@ -1,6 +1,6 @@
{
- "generated_at": "2026-08-07 09:10:29",
- "count": 42,
+ "generated_at": "2026-08-07 10:39:42",
+ "count": 44,
"guests": [
{
"name": "Bill Shopoff",
@@ -22,8 +22,7 @@
"episode_title": "CRE Talk Episode #22 with Bill Shopoff",
"url": "https://vimeo.com/1200839794",
"is_panel": false,
- "verified": true,
- "poster_confirmed": true
+ "verified": true
},
{
"name": "Daniel Weiss",
@@ -44,8 +43,7 @@
"episode_title": "CRE Talk Episode #21 with Daniel Weiss",
"url": "https://vimeo.com/1199114985",
"is_panel": false,
- "verified": true,
- "poster_confirmed": true
+ "verified": true
},
{
"name": "Colton Sudberry",
@@ -66,8 +64,7 @@
"episode_title": "CRE Talk Episode #20 with Colton Sudberry",
"url": "https://vimeo.com/1178561985",
"is_panel": false,
- "verified": true,
- "poster_confirmed": true
+ "verified": true
},
{
"name": "Chris Tolo",
@@ -132,8 +129,7 @@
"episode_title": "RENTV CRE Talk Episode #17 Chris Rising",
"url": "https://vimeo.com/1106281388",
"is_panel": false,
- "verified": true,
- "poster_confirmed": true
+ "verified": true
},
{
"name": "Alex Zikakis",
@@ -154,8 +150,7 @@
"episode_title": "RENTV CRE Talk Episode #16 - Alex Zikakis",
"url": "https://vimeo.com/1079649123",
"is_panel": false,
- "verified": true,
- "poster_confirmed": true
+ "verified": true
},
{
"name": "Mark Brutten",
@@ -199,8 +194,7 @@
"episode_title": "RENTV CRE Talk Episode #14 - John McNellis",
"url": "https://vimeo.com/1056513923",
"is_panel": false,
- "verified": true,
- "poster_confirmed": true
+ "verified": true
},
{
"name": "Ethan Penner",
@@ -221,8 +215,7 @@
"episode_title": "RENTV CRE Talk Episode #13 - Ethan Penner",
"url": "https://vimeo.com/1039101858",
"is_panel": false,
- "verified": true,
- "poster_confirmed": true
+ "verified": true
},
{
"name": "Kaitlin Arden Murphy",
@@ -243,8 +236,7 @@
"episode_title": "RENTV CRE Talk Episode #12 - Kaitlin Arduino",
"url": "https://vimeo.com/1012976399",
"is_panel": false,
- "verified": true,
- "poster_confirmed": true
+ "verified": true
},
{
"name": "Michael G Maker",
@@ -287,8 +279,7 @@
"episode_title": "RENTV CRE Talk Episode #10 Henry Manoucheri",
"url": "https://vimeo.com/931863337",
"is_panel": false,
- "verified": true,
- "poster_confirmed": true
+ "verified": true
},
{
"name": "Eddie Ring",
@@ -309,8 +300,7 @@
"episode_title": "RENTV CRE Talk Episode #9 Eddie Ring",
"url": "https://vimeo.com/911412212",
"is_panel": false,
- "verified": true,
- "poster_confirmed": true
+ "verified": true
},
{
"name": "Irwin Busey",
@@ -332,8 +322,7 @@
"episode_title": "RENTV CRE Talk Episode #8 Erwin Bucy",
"url": "https://vimeo.com/906276616",
"is_panel": false,
- "verified": true,
- "poster_confirmed": true
+ "verified": false
},
{
"name": "Chuck Hershson",
@@ -354,8 +343,7 @@
"episode_title": "RENTV CRE Talk Episode #7 Chuck Hershson",
"url": "https://vimeo.com/886025667",
"is_panel": false,
- "verified": true,
- "poster_confirmed": true
+ "verified": true
},
{
"name": "Barry Seitz",
@@ -560,8 +548,7 @@
"episode_title": "RENTV CRE Talk Episode #5 Barry DiRaimondo",
"url": "https://vimeo.com/852462696",
"is_panel": false,
- "verified": true,
- "poster_confirmed": true
+ "verified": true
},
{
"name": "John McNellis",
@@ -582,8 +569,7 @@
"episode_title": "RENTV CRE Talk Episode #4 John McNellis",
"url": "https://vimeo.com/831673533",
"is_panel": false,
- "verified": true,
- "poster_confirmed": true
+ "verified": true
},
{
"name": "Clayton McFadden",
@@ -766,8 +752,7 @@
"episode_title": "RENTV CRE Talk Episode #3 - Michael Van Every",
"url": "https://vimeo.com/812981342",
"is_panel": false,
- "verified": true,
- "poster_confirmed": true
+ "verified": true
},
{
"name": "Sandy Siegel",
@@ -788,8 +773,7 @@
"episode_title": "RENTV CRE Talk Episode #2 - Sandy Sigal",
"url": "https://vimeo.com/795355693",
"is_panel": false,
- "verified": true,
- "poster_confirmed": true
+ "verified": true
},
{
"name": "Bill Shopoff",
@@ -810,8 +794,7 @@
"episode_title": "RENTV CRE Talk Episode #1 - Bill Shopoff",
"url": "https://vimeo.com/771348410",
"is_panel": false,
- "verified": true,
- "poster_confirmed": true
+ "verified": true
},
{
"name": "Jerry Fink",
@@ -893,6 +876,48 @@
"url": "https://vimeo.com/721184140",
"is_panel": false,
"verified": true
+ },
+ {
+ "name": "David Howard",
+ "title": "Executive Director",
+ "company": "National Rental Home Council",
+ "location": "",
+ "topics": [
+ "Eviction moratoriums on commercial real estate",
+ "Impact of the CDC order on property owners",
+ "Need for emergency rental assistance"
+ ],
+ "quotes": [
+ "The better and less harmful solution would be to help renters to pay the rent, then to try and come up with policies like eviction moratoriums that do not address the cause of the problem while putting their housing suppliers at risk.",
+ "Since renters have to pay back the rent they owe, that it puts renters in a position of having to pay back rent that they likely won't have while causing immediate hardship for property owners who have no means of carrying the cost of ownership.",
+ "Many say is just making a tough situation build up into an unmanageable situation as the tenants debt builds up."
+ ],
+ "episode_id": "902952601",
+ "episode_title": "Ep. 11 RENTV's Weekly CRE News & Views with Steve Bloom; 10-01-2020",
+ "url": "https://soundcloud.com/rentvnews/ep-11-rentvs-weekly-cre-news-views-with-steve-bloom-10-01-2020",
+ "is_panel": false,
+ "verified": false
+ },
+ {
+ "name": "Steve Blum",
+ "title": "Founder and CEO of RENT TV.com",
+ "company": "RENT TV.com, The Real Estate Insider",
+ "location": "",
+ "topics": [
+ "National and Western region issues and stories",
+ "Major deal and development news from around the US",
+ "Tech news in tech-driven segment",
+ "Upcoming podcasts, webinars, events, and recordings of interest"
+ ],
+ "quotes": [
+ "I will give you my take on recent national and western region issues, store and stories.",
+ "Hopefully you like what you hear, it is my goal to make this show a profitable use of your time."
+ ],
+ "episode_id": "873500326",
+ "episode_title": "Ep. 9 RENTV's Weekly CRE News & Views with Steve Bloom; 08-10-2020",
+ "url": "https://soundcloud.com/rentvnews/ep-9-rentvs-weekly-cre-news-views-with-steve-bloom-08-10-2020",
+ "is_panel": false,
+ "verified": true
}
]
}
\ No newline at end of file
diff --git a/data/manifest.json b/data/manifest.json
index 9cce4a8..67ba23d 100644
--- a/data/manifest.json
+++ b/data/manifest.json
@@ -1,6 +1,6 @@
{
"generated_at": "2026-08-07 08:45:32",
- "total": 123,
+ "total": 126,
"rich": 38,
"thin": 0,
"none": 85,
@@ -1003,6 +1003,33 @@
"duration": 334,
"caption_chars": 0,
"has_captions": false
+ },
+ {
+ "id": "902952601",
+ "title": "Ep. 11 RENTV's Weekly CRE News & Views with Steve Bloom; 10-01-2020",
+ "url": "https://soundcloud.com/rentvnews/ep-11-rentvs-weekly-cre-news-views-with-steve-bloom-10-01-2020",
+ "duration": 2062,
+ "caption_chars": 32017,
+ "has_captions": true,
+ "source": "soundcloud"
+ },
+ {
+ "id": "881852191",
+ "title": "Ep. 10 RENTV's Weekly CRE News & Views with Steve Bloom; 08-25-2020",
+ "url": "https://soundcloud.com/rentvnews/ep-10-rentvs-weekly-cre-news-views-with-steve-bloom-08-25-2020",
+ "duration": 3087,
+ "caption_chars": 49243,
+ "has_captions": true,
+ "source": "soundcloud"
+ },
+ {
+ "id": "873500326",
+ "title": "Ep. 9 RENTV's Weekly CRE News & Views with Steve Bloom; 08-10-2020",
+ "url": "https://soundcloud.com/rentvnews/ep-9-rentvs-weekly-cre-news-views-with-steve-bloom-08-10-2020",
+ "duration": 3778,
+ "caption_chars": 59864,
+ "has_captions": true,
+ "source": "soundcloud"
}
]
}
\ No newline at end of file
diff --git a/data/soundcloud/adclips.json b/data/soundcloud/adclips.json
new file mode 100644
index 0000000..72df089
--- /dev/null
+++ b/data/soundcloud/adclips.json
@@ -0,0 +1,71 @@
+{
+ "count": 6,
+ "clips": [
+ {
+ "advertiser": "Redwood Mortgage",
+ "episode_id": "902952601",
+ "episode_title": "Ep. 11 RENTV's Weekly CRE News & Views with Steve Bloom; 10-01-2020",
+ "url": "https://soundcloud.com/rentvnews/ep-11-rentvs-weekly-cre-news-views-with-steve-bloom-10-01-2020",
+ "start": 1177.18,
+ "end": 1211.26,
+ "duration": 34.08,
+ "text": "Redwood Mortgage. Redwood Mortgage is a direct portfolio over 42 years, Redwood Mortgage call Redwood Mortgage at 800 659 6593 or redwoodmortgage.com.",
+ "file": "data/soundcloud/adclips/902952601-redwood-mortgage.mp3"
+ },
+ {
+ "advertiser": "Redwood Mortgage",
+ "episode_id": "881852191",
+ "episode_title": "Ep. 10 RENTV's Weekly CRE News & Views with Steve Bloom; 08-25-2020",
+ "url": "https://soundcloud.com/rentvnews/ep-10-rentvs-weekly-cre-news-views-with-steve-bloom-08-25-2020",
+ "start": 1697.3,
+ "end": 1736.34,
+ "duration": 39.04,
+ "text": "Now let me tell you about another sponsor of the show, Redwood Mortgage. Redwood Mortgage is a direct portfolio lender providing loans on commercial office, industrial, In business for over 42 years, Redwood Mortgage is established, trusted and well capitalized. A good place to go when the banks say no, call Redwood Mortgage at 800-659-6593 or redwoodmortgage.com.",
+ "file": "data/soundcloud/adclips/881852191-redwood-mortgage.mp3"
+ },
+ {
+ "advertiser": "Redwood Mortgage",
+ "episode_id": "873500326",
+ "episode_title": "Ep. 9 RENTV's Weekly CRE News & Views with Steve Bloom; 08-10-2020",
+ "url": "https://soundcloud.com/rentvnews/ep-9-rentvs-weekly-cre-news-views-with-steve-bloom-08-10-2020",
+ "start": 1281.58,
+ "end": 1319.02,
+ "duration": 37.44,
+ "text": "Now let me tell you about another sponsor of the show, Redwood Mortgage. Redwood Mortgage is a direct portfolio lender providing loans on commercial office, industrial, In business for over 42 years, Redwood Mortgage is established, trusted and well capitalized. A good place to go when the banks say no, call Redwood Mortgage at 800-659-6593 or redwoodmortgage.com.",
+ "file": "data/soundcloud/adclips/873500326-redwood-mortgage.mp3"
+ },
+ {
+ "advertiser": "Capitol Rivers Commercial",
+ "episode_id": "881852191",
+ "episode_title": "Ep. 10 RENTV's Weekly CRE News & Views with Steve Bloom; 08-25-2020",
+ "url": "https://soundcloud.com/rentvnews/ep-10-rentvs-weekly-cre-news-views-with-steve-bloom-08-25-2020",
+ "start": 1484.8,
+ "end": 1547.56,
+ "duration": 62.76,
+ "text": "And now we have a message from a sponsor of our show, Capital Rivers Commercial, led by If that's you, then you need to be well aware of Proposition 15 and the team at Capital Rivers Commercial can tell you all about it. you'll want to talk to an expert like Greg and his team of experts at Capital Rivers. CapitalRivers.com. Work with the best, work with Capital Rivers.",
+ "file": "data/soundcloud/adclips/881852191-capitol-rivers-commercial.mp3"
+ },
+ {
+ "advertiser": "Capitol Rivers Commercial",
+ "episode_id": "873500326",
+ "episode_title": "Ep. 9 RENTV's Weekly CRE News & Views with Steve Bloom; 08-10-2020",
+ "url": "https://soundcloud.com/rentvnews/ep-9-rentvs-weekly-cre-news-views-with-steve-bloom-08-10-2020",
+ "start": 1062.32,
+ "end": 1090.22,
+ "duration": 27.9,
+ "text": "Unsure what to do, he contacted Capitol Rivers for advice. To reach Capitol Rivers, visit their website at capitolrivers.com. Work with the best, work with Capitol Rivers.",
+ "file": "data/soundcloud/adclips/873500326-capitol-rivers-commercial.mp3"
+ },
+ {
+ "advertiser": "Capitol Rivers Commercial",
+ "episode_id": "902952601",
+ "episode_title": "Ep. 11 RENTV's Weekly CRE News & Views with Steve Bloom; 10-01-2020",
+ "url": "https://soundcloud.com/rentvnews/ep-11-rentvs-weekly-cre-news-views-with-steve-bloom-10-01-2020",
+ "start": 851.18,
+ "end": 878.46,
+ "duration": 27.28,
+ "text": "of our show, Capitol Rivers commercial led by of Proposition 15 and the team at Capitol Rivers commercial can tell you all about it. For",
+ "file": "data/soundcloud/adclips/902952601-capitol-rivers-commercial.mp3"
+ }
+ ]
+}
\ No newline at end of file
diff --git a/data/soundcloud/adclips/873500326-capitol-rivers-commercial.mp3 b/data/soundcloud/adclips/873500326-capitol-rivers-commercial.mp3
new file mode 100644
index 0000000..5cc996a
Binary files /dev/null and b/data/soundcloud/adclips/873500326-capitol-rivers-commercial.mp3 differ
diff --git a/data/soundcloud/adclips/873500326-redwood-mortgage.mp3 b/data/soundcloud/adclips/873500326-redwood-mortgage.mp3
new file mode 100644
index 0000000..3565ca6
Binary files /dev/null and b/data/soundcloud/adclips/873500326-redwood-mortgage.mp3 differ
diff --git a/data/soundcloud/adclips/881852191-capitol-rivers-commercial.mp3 b/data/soundcloud/adclips/881852191-capitol-rivers-commercial.mp3
new file mode 100644
index 0000000..42b5b70
Binary files /dev/null and b/data/soundcloud/adclips/881852191-capitol-rivers-commercial.mp3 differ
diff --git a/data/soundcloud/adclips/881852191-redwood-mortgage.mp3 b/data/soundcloud/adclips/881852191-redwood-mortgage.mp3
new file mode 100644
index 0000000..1330761
Binary files /dev/null and b/data/soundcloud/adclips/881852191-redwood-mortgage.mp3 differ
diff --git a/data/soundcloud/adclips/902952601-capitol-rivers-commercial.mp3 b/data/soundcloud/adclips/902952601-capitol-rivers-commercial.mp3
new file mode 100644
index 0000000..3aaf095
Binary files /dev/null and b/data/soundcloud/adclips/902952601-capitol-rivers-commercial.mp3 differ
diff --git a/data/soundcloud/adclips/902952601-redwood-mortgage.mp3 b/data/soundcloud/adclips/902952601-redwood-mortgage.mp3
new file mode 100644
index 0000000..0c23712
Binary files /dev/null and b/data/soundcloud/adclips/902952601-redwood-mortgage.mp3 differ
diff --git a/data/soundcloud/manifest.json b/data/soundcloud/manifest.json
new file mode 100644
index 0000000..a06ae5b
--- /dev/null
+++ b/data/soundcloud/manifest.json
@@ -0,0 +1,113 @@
+{
+ "channel": "https://soundcloud.com/rentvnews",
+ "count": 3,
+ "episodes": [
+ {
+ "id": "902952601",
+ "title": "Ep. 11 RENTV's Weekly CRE News & Views with Steve Bloom; 10-01-2020",
+ "url": "https://soundcloud.com/rentvnews/ep-11-rentvs-weekly-cre-news-views-with-steve-bloom-10-01-2020",
+ "description": "In this informative and fast-paced podcast episode, RENTV CEO Steve Bloom discusses eviction moratorium news; Covid effects on multifamily, hotel and office sectors; the story getting Bloom fired up; the deal round up of major national deal and development news.\n1:25 - Eviction Moratorium News\n7:00- Stats & Reports on Covid effects on Multifamily, Hotel and Office Sectors\n15:10 - Bloom Gets Fired up About the Fires\n20:10 - Round-up of National Deal & Development News",
+ "duration": 2062,
+ "uploader": "RENTV Commercial Real Estate News",
+ "date": "20201001",
+ "artwork": "https://i1.sndcdn.com/artworks-W6UqvU7NsWZzRFh7-ihA2MA-original.jpg",
+ "genre": "Business",
+ "view_count": 96,
+ "like_count": 2,
+ "audio_path": "data/soundcloud/audio/902952601.mp3",
+ "chapters": [
+ {
+ "t": 85,
+ "label": "Eviction Moratorium News"
+ },
+ {
+ "t": 420,
+ "label": "Stats & Reports on Covid effects on Multifamily, Hotel and Office Sectors"
+ },
+ {
+ "t": 910,
+ "label": "Bloom Gets Fired up About the Fires"
+ },
+ {
+ "t": 1210,
+ "label": "Round-up of National Deal & Development News"
+ }
+ ],
+ "source": "soundcloud"
+ },
+ {
+ "id": "881852191",
+ "title": "Ep. 10 RENTV's Weekly CRE News & Views with Steve Bloom; 08-25-2020",
+ "url": "https://soundcloud.com/rentvnews/ep-10-rentvs-weekly-cre-news-views-with-steve-bloom-08-25-2020",
+ "description": "In this informative and fast-paced podcast, RENTV CEO Steve Bloom takes listeners through the week's major CRE news stories, tech updates and notable events, in addition to commenting on important issues for the industry.\n2:30 - CRE Industry Reports\n25:45 - CRE Issues, Legislation & C-Suite News - Passing of Gerald Hines\n28:54 - Round-up of U.S. Deals & Developments\n40:10 - CRE Tech Drive\n44:40 - CRE PoWER Segment - Podcasts, Webinars, Events & Recordings.",
+ "duration": 3087,
+ "uploader": "RENTV Commercial Real Estate News",
+ "date": "20200825",
+ "artwork": "https://i1.sndcdn.com/artworks-W6UqvU7NsWZzRFh7-ihA2MA-original.jpg",
+ "genre": "Business",
+ "view_count": 59,
+ "like_count": 2,
+ "audio_path": "data/soundcloud/audio/881852191.mp3",
+ "chapters": [
+ {
+ "t": 150,
+ "label": "CRE Industry Reports"
+ },
+ {
+ "t": 1545,
+ "label": "CRE Issues, Legislation & C-Suite News - Passing of Gerald Hines"
+ },
+ {
+ "t": 1734,
+ "label": "Round-up of U.S. Deals & Developments"
+ },
+ {
+ "t": 2410,
+ "label": "CRE Tech Drive"
+ },
+ {
+ "t": 2680,
+ "label": "CRE PoWER Segment - Podcasts, Webinars, Events & Recordings."
+ }
+ ],
+ "source": "soundcloud"
+ },
+ {
+ "id": "873500326",
+ "title": "Ep. 9 RENTV's Weekly CRE News & Views with Steve Bloom; 08-10-2020",
+ "url": "https://soundcloud.com/rentvnews/ep-9-rentvs-weekly-cre-news-views-with-steve-bloom-08-10-2020",
+ "description": "In this informative and fast-paced podcast, RENTV CEO Steve Bloom takes listeners through the week's major CRE news stories, tech updates and notable events, in addition to commenting on important issues for the industry.\n2:18 - CRE Industry Reports\n18:05 - CRE Issues & Legislation\n22:58 - Round-up of U.S. Deals & Developments\n49:10 - CRE Tech Drive\n54:50 - CRE PoWER Segment - Podcasts, Webinars, Events & Recordings.",
+ "duration": 3778,
+ "uploader": "RENTV Commercial Real Estate News",
+ "date": "20200810",
+ "artwork": "https://i1.sndcdn.com/artworks-W6UqvU7NsWZzRFh7-ihA2MA-original.jpg",
+ "genre": "Business",
+ "view_count": 87,
+ "like_count": 1,
+ "audio_path": "data/soundcloud/audio/873500326.mp3",
+ "chapters": [
+ {
+ "t": 138,
+ "label": "CRE Industry Reports"
+ },
+ {
+ "t": 1085,
+ "label": "CRE Issues & Legislation"
+ },
+ {
+ "t": 1378,
+ "label": "Round-up of U.S. Deals & Developments"
+ },
+ {
+ "t": 2950,
+ "label": "CRE Tech Drive"
+ },
+ {
+ "t": 3290,
+ "label": "CRE PoWER Segment - Podcasts, Webinars, Events & Recordings."
+ }
+ ],
+ "source": "soundcloud"
+ }
+ ]
+}
\ No newline at end of file
diff --git a/data/soundcloud/segments/873500326.json b/data/soundcloud/segments/873500326.json
new file mode 100644
index 0000000..bd37af5
--- /dev/null
+++ b/data/soundcloud/segments/873500326.json
@@ -0,0 +1,7548 @@
+{
+ "id": "873500326",
+ "title": "Ep. 9 RENTV's Weekly CRE News & Views with Steve Bloom; 08-10-2020",
+ "url": "https://soundcloud.com/rentvnews/ep-9-rentvs-weekly-cre-news-views-with-steve-bloom-08-10-2020",
+ "duration": 3778,
+ "segments": [
+ {
+ "start": 8.88,
+ "end": 13.46,
+ "text": "Hello and welcome to episode number 9 of RENT TV's commercial real estate news and views"
+ },
+ {
+ "start": 13.46,
+ "end": 17.76,
+ "text": "podcast with Steve Blum on August 10th, 2020."
+ },
+ {
+ "start": 17.76,
+ "end": 23.22,
+ "text": "I'm Steve Blum, your host and founder and CEO of RENT TV.com, our news and media company"
+ },
+ {
+ "start": 23.22,
+ "end": 25.58,
+ "text": "for the commercial real estate industry."
+ },
+ {
+ "start": 25.58,
+ "end": 30.78,
+ "text": "Now in our 21st year providing daily news stories, market reports and more for the commercial"
+ },
+ {
+ "start": 30.78,
+ "end": 35.82,
+ "text": "real estate industry on our website, RENT TV.com, and our email newsletter, The Real"
+ },
+ {
+ "start": 35.82,
+ "end": 41.18,
+ "text": "Estate Insider goes to over 60,000 commercial real estate professionals three times each"
+ },
+ {
+ "start": 41.18,
+ "end": 42.18,
+ "text": "week."
+ },
+ {
+ "start": 42.18,
+ "end": 46.06,
+ "text": "We were also putting on conferences before the pandemic hit, and we have produced our"
+ },
+ {
+ "start": 46.06,
+ "end": 50.38,
+ "text": "share of videos over the years while also broadcasting videos from other commercial"
+ },
+ {
+ "start": 50.38,
+ "end": 54.54,
+ "text": "real estate companies on our website, RENT TV.com."
+ },
+ {
+ "start": 54.54,
+ "end": 59.26,
+ "text": "And thank you for tuning into our new episode of our weekly podcast, RENT TV's commercial"
+ },
+ {
+ "start": 59.26,
+ "end": 64.5,
+ "text": "real estate news and views, a brand new news program for our incredibly dynamic and ever"
+ },
+ {
+ "start": 64.5,
+ "end": 66.14,
+ "text": "changing industry."
+ },
+ {
+ "start": 66.14,
+ "end": 71.1,
+ "text": "In these shows, streaming to you from the heart of Silicon Beach and Marina del Rey, I will"
+ },
+ {
+ "start": 71.1,
+ "end": 76.5,
+ "text": "give you my take on recent national and western region issues, store and stories, followed"
+ },
+ {
+ "start": 76.5,
+ "end": 80.38,
+ "text": "by a review of major deal and development news from around the US."
+ },
+ {
+ "start": 80.38,
+ "end": 85.34,
+ "text": "I will then touch on tech news in our tech drive segment, and then I will discuss recent"
+ },
+ {
+ "start": 85.34,
+ "end": 91.46,
+ "text": "and upcoming podcasts, webinars, events and recordings of interest in our power segment."
+ },
+ {
+ "start": 91.46,
+ "end": 95.86,
+ "text": "Hopefully you like what you hear, it is my goal to make this show a profitable use of"
+ },
+ {
+ "start": 95.86,
+ "end": 97.26,
+ "text": "your time."
+ },
+ {
+ "start": 97.26,
+ "end": 101.54,
+ "text": "And I am confident we will accomplish that today, as we have put together a show packed"
+ },
+ {
+ "start": 101.54,
+ "end": 104.74,
+ "text": "full of industry information that could help your business."
+ },
+ {
+ "start": 104.74,
+ "end": 109.06,
+ "text": "But before I start with the industry wide news and reports segment, I want to give a"
+ },
+ {
+ "start": 109.06,
+ "end": 115.02,
+ "text": "huge thanks to our very first podcast sponsors, Capitol Rivers Commercial and Redwood Mortgage,"
+ },
+ {
+ "start": 115.02,
+ "end": 117.74,
+ "text": "who I will tell you about more later in the show."
+ },
+ {
+ "start": 117.74,
+ "end": 122.14,
+ "text": "I also again want to thank all of those who sent the very positive feedback about our"
+ },
+ {
+ "start": 122.14,
+ "end": 128.02,
+ "text": "new podcast, and to those who sent constructive comments, which I do listen to as we try to"
+ },
+ {
+ "start": 128.02,
+ "end": 134.98,
+ "text": "craft this podcast to best serve our audience of very busy real estate professionals."
+ },
+ {
+ "start": 134.98,
+ "end": 139.78,
+ "text": "So let's get into this show, which I start with the industry market report segment and"
+ },
+ {
+ "start": 139.78,
+ "end": 144.14,
+ "text": "I am taping the show against the backdrop of news, which includes Congress still not"
+ },
+ {
+ "start": 144.14,
+ "end": 147.74,
+ "text": "passing the next stimulus bill, which many need to pay rent this month."
+ },
+ {
+ "start": 147.74,
+ "end": 151.18,
+ "text": "I know many multifamily owners are focused on that."
+ },
+ {
+ "start": 151.18,
+ "end": 157.5,
+ "text": "But on a positive economic news front, there is the just announced improved national employment"
+ },
+ {
+ "start": 157.5,
+ "end": 163.54,
+ "text": "report showing the US adding a higher than expected 1.8 million jobs in July, bringing"
+ },
+ {
+ "start": 163.54,
+ "end": 169.66,
+ "text": "the unemployment rate down to 10.2%, which is much better than the peak of around 15%"
+ },
+ {
+ "start": 169.66,
+ "end": 173.98,
+ "text": "just after the pandemic hit, but still not even halfway back from the total number"
+ },
+ {
+ "start": 173.98,
+ "end": 178.02,
+ "text": "of jobs lost as a result of shutting down the economy."
+ },
+ {
+ "start": 178.02,
+ "end": 182.34,
+ "text": "Now I suspect much of the improvement in the jobs number was in the service sector, since"
+ },
+ {
+ "start": 182.34,
+ "end": 187.58,
+ "text": "a brief email report we received from Wells Fargo economics noted that the service sector"
+ },
+ {
+ "start": 187.58,
+ "end": 193.7,
+ "text": "expanded in July despite rising virus cases and outbreaks, noting that the service sector"
+ },
+ {
+ "start": 193.7,
+ "end": 199.3,
+ "text": "woke up from hibernation with a huge share of businesses seeking a pick seeing a pickup"
+ },
+ {
+ "start": 199.3,
+ "end": 200.3,
+ "text": "in activity."
+ },
+ {
+ "start": 200.3,
+ "end": 205.34,
+ "text": "However, office owners shouldn't share too much since the report noted that service providers"
+ },
+ {
+ "start": 205.34,
+ "end": 209.7,
+ "text": "are not yet ready to bring back their full staff to their offices, especially with the"
+ },
+ {
+ "start": 209.7,
+ "end": 212.62,
+ "text": "recent uptick in COVID cases."
+ },
+ {
+ "start": 212.62,
+ "end": 216.86,
+ "text": "Next I'll tell you about specific commercial real estate reports and these days it's"
+ },
+ {
+ "start": 216.86,
+ "end": 220.8,
+ "text": "all about the effects of COVID on various real estate sectors."
+ },
+ {
+ "start": 220.8,
+ "end": 224.46,
+ "text": "And this week I have a few new reports to summarize for you starting with an industry"
+ },
+ {
+ "start": 224.46,
+ "end": 230.12,
+ "text": "wide survey by NAAP, the National Association of Industrial and Office Properties, the trade"
+ },
+ {
+ "start": 230.12,
+ "end": 235.9,
+ "text": "group mainly comprised of developers and investors, which did its fourth monthly survey of its"
+ },
+ {
+ "start": 235.9,
+ "end": 241.18,
+ "text": "US members on the impacts of COVID-19 on their businesses, which is mainly development."
+ },
+ {
+ "start": 241.18,
+ "end": 245.96,
+ "text": "The survey was completed between July 15th and July 20th and very interestingly most"
+ },
+ {
+ "start": 245.96,
+ "end": 251.16,
+ "text": "respondents said that deal activity, buying and selling actually improved across all sectors"
+ },
+ {
+ "start": 251.16,
+ "end": 252.16,
+ "text": "in July."
+ },
+ {
+ "start": 252.16,
+ "end": 257.7,
+ "text": "However, unfortunately, but not surprisingly, 50% of respondents now expect the coronavirus"
+ },
+ {
+ "start": 257.7,
+ "end": 262.22,
+ "text": "to impact their development business operations for more than a year."
+ },
+ {
+ "start": 262.22,
+ "end": 266.78,
+ "text": "NAAP's July coronavirus impact survey results found that more developers are facing delays"
+ },
+ {
+ "start": 266.78,
+ "end": 272.26,
+ "text": "in permitting and entitlements, financing, supply shortages and contractors declaring force"
+ },
+ {
+ "start": 272.26,
+ "end": 275.82,
+ "text": "majeure or filing for bankruptcy due to the pandemic."
+ },
+ {
+ "start": 275.82,
+ "end": 280.8,
+ "text": "The report noted the increases in disruptions is a reversal of previous trends, which it"
+ },
+ {
+ "start": 280.8,
+ "end": 285.94,
+ "text": "showed improving conditions for current development projects, but the persistence of the disruptions"
+ },
+ {
+ "start": 285.94,
+ "end": 290.82,
+ "text": "has many developers now extending expectations for the length of time COVID will affect"
+ },
+ {
+ "start": 290.82,
+ "end": 297.54,
+ "text": "their operations with nearly 76% citing added delays in permitting entitlements."
+ },
+ {
+ "start": 297.54,
+ "end": 301.34,
+ "text": "Also on their checklist of items affecting their business, the second highest number"
+ },
+ {
+ "start": 301.34,
+ "end": 307.86,
+ "text": "of responses, 52% marked a significant decline in leasing and preleasing of space as a"
+ },
+ {
+ "start": 307.86,
+ "end": 308.86,
+ "text": "reason."
+ },
+ {
+ "start": 308.86,
+ "end": 313.18,
+ "text": "The delays and the spike in US cases in recent weeks may have led to the increased pessimism"
+ },
+ {
+ "start": 313.18,
+ "end": 317.62,
+ "text": "of the respondents when estimating how long they expect their businesses to be impacted"
+ },
+ {
+ "start": 317.62,
+ "end": 324.26,
+ "text": "by the pandemic with approximately 91% stating they expected the outbreak to significantly"
+ },
+ {
+ "start": 324.26,
+ "end": 327.66,
+ "text": "impact their businesses for six months or longer."
+ },
+ {
+ "start": 327.66,
+ "end": 333.46,
+ "text": "This report follows NAAP's latest biannuals commercial real estate sentiment index, which"
+ },
+ {
+ "start": 333.46,
+ "end": 338.78,
+ "text": "was released in May that went into negative territory for the first time since it began"
+ },
+ {
+ "start": 338.78,
+ "end": 344.82,
+ "text": "in 2016, which indicated that unfavorable commercial real estate conditions are expected"
+ },
+ {
+ "start": 344.82,
+ "end": 346.46,
+ "text": "for 12 months."
+ },
+ {
+ "start": 346.46,
+ "end": 351.38,
+ "text": "However, as noted earlier, the July survey wasn't all doom and gloom as those who replied"
+ },
+ {
+ "start": 351.38,
+ "end": 356.1,
+ "text": "saw somewhat of an increase in acquisitions activity depending on the sector, with more"
+ },
+ {
+ "start": 356.1,
+ "end": 359.98,
+ "text": "deals getting done and being marketed than in previous months."
+ },
+ {
+ "start": 359.98,
+ "end": 364.42,
+ "text": "Industrial saw the most activity since most of the pros that did the surveys still said"
+ },
+ {
+ "start": 364.42,
+ "end": 368.9,
+ "text": "they had not witnessed any new office or retail deals for acquisition or development"
+ },
+ {
+ "start": 368.9,
+ "end": 370.82,
+ "text": "in July."
+ },
+ {
+ "start": 370.82,
+ "end": 376.82,
+ "text": "Another study, the summer 2020 Allen Mackens UCLA Anderson forecast California commercial"
+ },
+ {
+ "start": 376.82,
+ "end": 382.7,
+ "text": "real estate survey mirrored the findings of NAAP's national study and showed uniform pessimism"
+ },
+ {
+ "start": 382.7,
+ "end": 388.82,
+ "text": "and a drop in sentiment for developers across all commercial real estate sectors into 2023."
+ },
+ {
+ "start": 388.82,
+ "end": 393.82,
+ "text": "This biannual survey projects three years ahead for its outlook for California's commercial"
+ },
+ {
+ "start": 393.82,
+ "end": 394.82,
+ "text": "real estate industry."
+ },
+ {
+ "start": 394.82,
+ "end": 400.42,
+ "text": "Now, to summarize their findings on the specific sectors, starting with office, they see market"
+ },
+ {
+ "start": 400.42,
+ "end": 405.38,
+ "text": "demand for space decreasing due to work from home policies and the shared sentiment is about"
+ },
+ {
+ "start": 405.38,
+ "end": 410.86,
+ "text": "as gloomy as it was in December 2008 during that implosion of the economy."
+ },
+ {
+ "start": 410.86,
+ "end": 415.54,
+ "text": "They see rising vacancy rates and downward pressure on rents over the next three years"
+ },
+ {
+ "start": 415.54,
+ "end": 420.46,
+ "text": "and they do not think we will see a rapid return to pre-recession, office using employment,"
+ },
+ {
+ "start": 420.54,
+ "end": 426.3,
+ "text": "which implies a continued decrease in new office construction over the ensuing three years."
+ },
+ {
+ "start": 426.3,
+ "end": 431.5,
+ "text": "The shining star through all of this is industrial properties due to the shift to online shopping"
+ },
+ {
+ "start": 431.5,
+ "end": 437.1,
+ "text": "and the panelist actions also indicate that they too aren't very pessimistic about the"
+ },
+ {
+ "start": 437.1,
+ "end": 443.34,
+ "text": "sector as 60% of the panelists in Southern California and 43% in Northern California"
+ },
+ {
+ "start": 443.34,
+ "end": 447.58,
+ "text": "are planning at least one new development in the next 12 months and many are planning"
+ },
+ {
+ "start": 447.58,
+ "end": 449.38,
+ "text": "multiple projects."
+ },
+ {
+ "start": 449.38,
+ "end": 452.98,
+ "text": "While the report notes that the recession may cost short-term downward pressure on rental"
+ },
+ {
+ "start": 452.98,
+ "end": 458.14,
+ "text": "and occupancy rates, it does conclude that if the demand for warehouse space increases"
+ },
+ {
+ "start": 458.14,
+ "end": 463.66,
+ "text": "at about the same rate as projected, then 2023 will only see a mild erosion of rental"
+ },
+ {
+ "start": 463.66,
+ "end": 468.78,
+ "text": "rates when adjusted for inflation and there remains the possibility of some erosion in"
+ },
+ {
+ "start": 468.78,
+ "end": 474.22,
+ "text": "occupancy but that does not mean that industrial space markets will be depressed rather that"
+ },
+ {
+ "start": 474.22,
+ "end": 478.3,
+ "text": "they will not be as tight and imbalanced as in recent years."
+ },
+ {
+ "start": 478.3,
+ "end": 482.94,
+ "text": "Although I must say from all the sources I have seen and spoken to, many think industrial"
+ },
+ {
+ "start": 482.94,
+ "end": 486.82,
+ "text": "space will only get tighter and rates will go higher."
+ },
+ {
+ "start": 486.82,
+ "end": 492.38,
+ "text": "As for the sad retail sector, the UCLA alamakans report predicts that it will continue its"
+ },
+ {
+ "start": 492.38,
+ "end": 497.26,
+ "text": "downward spiral as the current recession has tripled down on the struggles with loss"
+ },
+ {
+ "start": 497.26,
+ "end": 502.66,
+ "text": "of household income and shelter in place policies, reducing demand for brick and mortar retail"
+ },
+ {
+ "start": 502.66,
+ "end": 508.18,
+ "text": "and creating a new set of online shoppers and third, increases in the savings rate on"
+ },
+ {
+ "start": 508.18,
+ "end": 513.34,
+ "text": "the part of households in response to the recession portends less consumption."
+ },
+ {
+ "start": 513.34,
+ "end": 518.34,
+ "text": "While some retail activities will return like personal services, marginal retail properties"
+ },
+ {
+ "start": 518.34,
+ "end": 522.74,
+ "text": "will not find tenants willing to pay sufficient rent to keep the properties in the retail"
+ },
+ {
+ "start": 522.74,
+ "end": 523.82,
+ "text": "space."
+ },
+ {
+ "start": 523.82,
+ "end": 527.78,
+ "text": "The pessimism expressed by the panelists from the Bay Area in Southern California"
+ },
+ {
+ "start": 527.78,
+ "end": 532.1,
+ "text": "in the latest survey continues the trends from the past three years and the prevailing"
+ },
+ {
+ "start": 532.1,
+ "end": 539.34,
+ "text": "view is that retail properties will be generating significantly lower returns in 2023 compared"
+ },
+ {
+ "start": 539.34,
+ "end": 541.38,
+ "text": "to today."
+ },
+ {
+ "start": 541.38,
+ "end": 546.98,
+ "text": "The alamakans' UCLA survey predicts multifamily markets in Cali will only moderately decrease"
+ },
+ {
+ "start": 546.98,
+ "end": 550.26,
+ "text": "due to the continued shortage of housing across the state."
+ },
+ {
+ "start": 550.26,
+ "end": 554.06,
+ "text": "Though there is pessimism that has come with the recession which has hit each of the multifamily"
+ },
+ {
+ "start": 554.06,
+ "end": 558.38,
+ "text": "markets and the state equally, the view that rental and occupancy rates will not be"
+ },
+ {
+ "start": 558.38,
+ "end": 563.54,
+ "text": "as good as they are at present has not affected the rate of activity by developers."
+ },
+ {
+ "start": 563.54,
+ "end": 568.7,
+ "text": "As the economy grows, the demand for housing in the Bay Area and SoCal will grow alongside"
+ },
+ {
+ "start": 568.7,
+ "end": 569.7,
+ "text": "it."
+ },
+ {
+ "start": 569.7,
+ "end": 574.14,
+ "text": "The UCLA forecast is looking at a 30-month recovery in the state and though there remains"
+ },
+ {
+ "start": 574.14,
+ "end": 578.38,
+ "text": "a great deal of uncertainty with regard to the current public health crisis, it is likely"
+ },
+ {
+ "start": 578.38,
+ "end": 582.3,
+ "text": "that the market for multifamily housing will remain robust."
+ },
+ {
+ "start": 582.3,
+ "end": 587.02,
+ "text": "And to accentuate that point, most of the forecast panelists stated that their plans for"
+ },
+ {
+ "start": 587.02,
+ "end": 593.14,
+ "text": "future activity hasn't changed or has actually increased because of the pandemic."
+ },
+ {
+ "start": 593.14,
+ "end": 597.86,
+ "text": "The result is they expect a quick turnaround in this sector sentiment in the next survey"
+ },
+ {
+ "start": 597.86,
+ "end": 598.86,
+ "text": "this December."
+ },
+ {
+ "start": 598.86,
+ "end": 601.26,
+ "text": "A bit about the survey."
+ },
+ {
+ "start": 601.26,
+ "end": 606.9,
+ "text": "It was started in 2006 by Alan Matkins, one of the premier real estate law firms in California"
+ },
+ {
+ "start": 606.9,
+ "end": 612.3,
+ "text": "and UCLA Anderson School and it polls a panel of California real estate professionals"
+ },
+ {
+ "start": 612.3,
+ "end": 616.78,
+ "text": "in the development and investment markets on various aspects of the commercial real estate"
+ },
+ {
+ "start": 616.78,
+ "end": 621.54,
+ "text": "markets with a goal of looking at markets three years in the future as well as building"
+ },
+ {
+ "start": 621.54,
+ "end": 624.58,
+ "text": "conditions over the three-year period."
+ },
+ {
+ "start": 624.58,
+ "end": 629.94,
+ "text": "A dim review of the national multifamily sector was presented by an article by Catherine"
+ },
+ {
+ "start": 629.94,
+ "end": 635.04,
+ "text": "Tucker on Globe Street highlighting a report by Yardi which stated that while the coronavirus"
+ },
+ {
+ "start": 635.04,
+ "end": 639.86,
+ "text": "pandemic has already hurt rental apartment owners, it's going to get rougher."
+ },
+ {
+ "start": 639.86,
+ "end": 645.1,
+ "text": "The Yardi report titled COVID-19 Weaves on Multifamily as Rents Fall and More Pain"
+ },
+ {
+ "start": 645.1,
+ "end": 650.02,
+ "text": "is Coming summarized that the pandemic injected a huge amount of uncertainty and volatility"
+ },
+ {
+ "start": 650.02,
+ "end": 655.14,
+ "text": "into multifamily that the market will have to deal with for months or even years to come."
+ },
+ {
+ "start": 655.14,
+ "end": 659.82,
+ "text": "They noted it hasn't been as bad as it might have been yet because of the federal subsidy"
+ },
+ {
+ "start": 659.82,
+ "end": 662.62,
+ "text": "for unemployment income of $600 a week."
+ },
+ {
+ "start": 662.62,
+ "end": 667.22,
+ "text": "But with that expiring this week and no deal done yet by Congress, concern is growing"
+ },
+ {
+ "start": 667.22,
+ "end": 672.42,
+ "text": "about late or missing rent payments ahead so trouble could be on the horizon."
+ },
+ {
+ "start": 672.42,
+ "end": 677.58,
+ "text": "So those initial hopes for a V-shaped recovery were too rosy and the effects of the pandemic"
+ },
+ {
+ "start": 677.58,
+ "end": 682.26,
+ "text": "will linger until the population is confident about health measures, the Yardi researcher"
+ },
+ {
+ "start": 682.26,
+ "end": 683.26,
+ "text": "said."
+ },
+ {
+ "start": 683.26,
+ "end": 687.36,
+ "text": "They said the US economy is in recession and overall rent levels dropped for the first"
+ },
+ {
+ "start": 687.36,
+ "end": 692.78,
+ "text": "time since the global financial crisis that caused the Great Recession of 2008."
+ },
+ {
+ "start": 692.78,
+ "end": 697.26,
+ "text": "More troubling perhaps is a noted shift in demand from luxury units aimed at those who"
+ },
+ {
+ "start": 697.26,
+ "end": 702.82,
+ "text": "could afford to buy to lower priced rent by necessity housing for those who lack the wealth"
+ },
+ {
+ "start": 702.82,
+ "end": 703.96,
+ "text": "to buy."
+ },
+ {
+ "start": 703.96,
+ "end": 708.6,
+ "text": "But supply and new housing is weighted toward the luxury end since building of lower priced"
+ },
+ {
+ "start": 708.6,
+ "end": 711.86,
+ "text": "rental units is inhibited by the cost."
+ },
+ {
+ "start": 711.86,
+ "end": 717.18,
+ "text": "Also making matters even more challenging, the pandemic will weaken the supply pipeline"
+ },
+ {
+ "start": 717.18,
+ "end": 722.74,
+ "text": "for materials and delay projects that have not yet started construction so new development"
+ },
+ {
+ "start": 722.74,
+ "end": 726.82,
+ "text": "of all kinds has been and will be delayed."
+ },
+ {
+ "start": 726.82,
+ "end": 732.26,
+ "text": "Coming to the office sector, which may best be described as nervous right now, I have"
+ },
+ {
+ "start": 732.26,
+ "end": 737.38,
+ "text": "info from the Wall Street Journal article this week by Konrad Puzier and Mark Moorer"
+ },
+ {
+ "start": 737.38,
+ "end": 743.18,
+ "text": "to share with you from this past Wednesday's property report section in an article titled"
+ },
+ {
+ "start": 743.18,
+ "end": 748.66,
+ "text": "Office Markets Under Pressure as Coronavirus Squeezes Cities, which discusses the problems"
+ },
+ {
+ "start": 748.66,
+ "end": 753.98,
+ "text": "now facing urban office properties such as all the reasons people may leave dense cities"
+ },
+ {
+ "start": 753.98,
+ "end": 757.66,
+ "text": "and the fact that people will now be working more at home."
+ },
+ {
+ "start": 757.66,
+ "end": 762.54,
+ "text": "And tourism and biz travel has evaporated, so they say that urban office markets are"
+ },
+ {
+ "start": 762.54,
+ "end": 767.06,
+ "text": "going through their worst period in decades and they note that a modest drop in building"
+ },
+ {
+ "start": 767.06,
+ "end": 770.5,
+ "text": "occupancy can lead to a big drop in profit."
+ },
+ {
+ "start": 770.5,
+ "end": 775.78,
+ "text": "And as for value, they point to Moody's Analytics Reese estimates that the value of"
+ },
+ {
+ "start": 775.78,
+ "end": 782.7,
+ "text": "office buildings will fall by 17.2% in 2020, which isn't far from the 19.2% decline"
+ },
+ {
+ "start": 782.7,
+ "end": 788.5,
+ "text": "for retail properties or 20.5% for lodging."
+ },
+ {
+ "start": 788.5,
+ "end": 793.9,
+ "text": "On the positive side, longer office leases, lower interest rates and low levels of debt"
+ },
+ {
+ "start": 793.9,
+ "end": 796.74,
+ "text": "will help landlords to some extent."
+ },
+ {
+ "start": 796.74,
+ "end": 802.02,
+ "text": "But shrugging off those positive encouraging factors, the article notes how major office"
+ },
+ {
+ "start": 802.02,
+ "end": 807.9,
+ "text": "REIT shares such as those of Boston Properties, Elsel Green and Vornado are down between"
+ },
+ {
+ "start": 807.9,
+ "end": 810.46,
+ "text": "37% and 50%."
+ },
+ {
+ "start": 810.46,
+ "end": 817.7,
+ "text": "Also, more mortgages on buildings or in special servicing, such as the $106.3 million mortgage"
+ },
+ {
+ "start": 817.7,
+ "end": 823.26,
+ "text": "on the Denver Energy Center, currently still owned by Gemini Rosemont, that was the example"
+ },
+ {
+ "start": 823.26,
+ "end": 825.34,
+ "text": "in the Wall Street Journal article."
+ },
+ {
+ "start": 825.34,
+ "end": 830.38,
+ "text": "Puthier and Marr then conclude by noting how corporate office tenants of all shapes"
+ },
+ {
+ "start": 830.38,
+ "end": 835.98,
+ "text": "and sizes are looking to reduce their office space footprints and they use hydric and struggles"
+ },
+ {
+ "start": 835.98,
+ "end": 843.78,
+ "text": "and Dell technologies as examples of major companies with many locations looking to downsize."
+ },
+ {
+ "start": 843.78,
+ "end": 848.1,
+ "text": "Another report from Moody's Reese noted that office fundamentals started to slip in"
+ },
+ {
+ "start": 848.1,
+ "end": 853.34,
+ "text": "the second quarter as the national office vacancy rate jumped by 10 basis points ending"
+ },
+ {
+ "start": 853.34,
+ "end": 856.22,
+ "text": "the quarter at 17.1%."
+ },
+ {
+ "start": 856.22,
+ "end": 860.96,
+ "text": "Reese forecasted that the national office vacancy rate will rise to 19.3% by year"
+ },
+ {
+ "start": 860.96,
+ "end": 864.82,
+ "text": "end and peak at around 20% in 2021."
+ },
+ {
+ "start": 864.82,
+ "end": 870.58,
+ "text": "That exceeds the previous historic high vacancy rate of 19.7% at the peak of the savings and"
+ },
+ {
+ "start": 870.58,
+ "end": 873.18,
+ "text": "loan crisis in 1991."
+ },
+ {
+ "start": 873.18,
+ "end": 878.46,
+ "text": "Further, Reese reported that only 3.3 million square feet of office space came to market"
+ },
+ {
+ "start": 878.46,
+ "end": 884.86,
+ "text": "this past quarter compared to a quarterly average of 11.8 million square feet in 2019 because"
+ },
+ {
+ "start": 884.86,
+ "end": 887.58,
+ "text": "construction slowed dramatically."
+ },
+ {
+ "start": 887.58,
+ "end": 894.82,
+ "text": "Asking rents for office also fell by 0.1% and effective rents fell by 0.4% after both"
+ },
+ {
+ "start": 894.82,
+ "end": 899.66,
+ "text": "had risen by 0.4% in the first quarter before the pandemic hit."
+ },
+ {
+ "start": 899.66,
+ "end": 906.78,
+ "text": "Reese further projects record declines in rents down 6.2% for asking rents and 10.5% for"
+ },
+ {
+ "start": 906.78,
+ "end": 911.82,
+ "text": "effective rents with a continued slide in 2021."
+ },
+ {
+ "start": 911.82,
+ "end": 916.94,
+ "text": "And lastly, for this industry report segment, throwing more shade on the retail sector,"
+ },
+ {
+ "start": 916.94,
+ "end": 922.18,
+ "text": "I have a newly released report from CBRE titled The Evolution of Online Retail Drives"
+ },
+ {
+ "start": 922.18,
+ "end": 926.62,
+ "text": "Retail to Industrial Conversion Projects Across the US."
+ },
+ {
+ "start": 926.62,
+ "end": 932.9,
+ "text": "In the report, CBRE finds that 13.8 million square feet of retail space has been converted"
+ },
+ {
+ "start": 932.9,
+ "end": 939.98,
+ "text": "to 15.5 million square feet of industrial space across the country since 2017."
+ },
+ {
+ "start": 939.98,
+ "end": 946.64,
+ "text": "As e-commerce continues to expand and industrial rents reach new all-time highs, this activity"
+ },
+ {
+ "start": 946.64,
+ "end": 950.96,
+ "text": "will likely increase in the coming years."
+ },
+ {
+ "start": 950.96,
+ "end": 956.28,
+ "text": "The new survey shows 59 retail to industrial conversion projects that have been completed,"
+ },
+ {
+ "start": 956.28,
+ "end": 961.64,
+ "text": "proposed or underway since 2017, which was a major increase from the previous survey"
+ },
+ {
+ "start": 961.64,
+ "end": 966.24,
+ "text": "in January of 2019, which counted only 24 projects."
+ },
+ {
+ "start": 966.24,
+ "end": 970.94,
+ "text": "John Morris, the America's Industrial and Logistics and Retail Leader for CBRE noted"
+ },
+ {
+ "start": 970.94,
+ "end": 976.6,
+ "text": "that as online retail evolves and expands, many retailers and developers will find opportunity"
+ },
+ {
+ "start": 976.6,
+ "end": 983.56,
+ "text": "to convert underperforming stores into final-mile distribution sites to support e-commerce operations."
+ },
+ {
+ "start": 983.56,
+ "end": 988.38,
+ "text": "With rising industrial rents and changing consumer patterns, we should see this activity"
+ },
+ {
+ "start": 988.38,
+ "end": 994.5,
+ "text": "continue to grow as more retail sites will be economically viable for these type of conversions."
+ },
+ {
+ "start": 994.5,
+ "end": 998.88,
+ "text": "The recent survey indicated the top five markets for these conversions include Milwaukee,"
+ },
+ {
+ "start": 998.88,
+ "end": 1004.24,
+ "text": "Cleveland, Chicago, Omaha, and Dallas-Fort Worth, making up one-third of the total"
+ },
+ {
+ "start": 1004.24,
+ "end": 1006.3,
+ "text": "number of projects nationally."
+ },
+ {
+ "start": 1006.3,
+ "end": 1011.28,
+ "text": "This is primarily due to the volume of, quote, dead malls that plague the Midwest."
+ },
+ {
+ "start": 1011.28,
+ "end": 1016.32,
+ "text": "However, as the retail market continues to evolve, this type of activity should increase"
+ },
+ {
+ "start": 1016.32,
+ "end": 1021.28,
+ "text": "across most of the country, according to the CBRE report."
+ },
+ {
+ "start": 1021.28,
+ "end": 1025.64,
+ "text": "Sorry that there was not a whole lot of great news in that segment, but as the president"
+ },
+ {
+ "start": 1025.64,
+ "end": 1028.7,
+ "text": "said, it is what it is."
+ },
+ {
+ "start": 1028.7,
+ "end": 1032.42,
+ "text": "Now I want to tell you about a different kind of commercial real estate company, one that"
+ },
+ {
+ "start": 1032.42,
+ "end": 1036.52,
+ "text": "really knows the industry and will put that knowledge to work for you."
+ },
+ {
+ "start": 1036.52,
+ "end": 1041.38,
+ "text": "We're talking about Greg Aguirre and the team at Capitol Rivers Commercial, one of the"
+ },
+ {
+ "start": 1041.38,
+ "end": 1043.04,
+ "text": "show's sponsors."
+ },
+ {
+ "start": 1043.04,
+ "end": 1047.02,
+ "text": "In recent weeks, when the commercial real estate world was locked down and panicked,"
+ },
+ {
+ "start": 1047.02,
+ "end": 1048.92,
+ "text": "they figured out a way to help."
+ },
+ {
+ "start": 1048.92,
+ "end": 1053.88,
+ "text": "They offered to assist to any commercial landlord or tenant, no strings attached."
+ },
+ {
+ "start": 1053.88,
+ "end": 1054.96,
+ "text": "And they did."
+ },
+ {
+ "start": 1054.96,
+ "end": 1059.38,
+ "text": "In one case, a restaurant owner had signed a lease for a downtown Sacramento location"
+ },
+ {
+ "start": 1059.38,
+ "end": 1064.32,
+ "text": "when things were fine, but the landlord gave him possession at the height of the shutdown."
+ },
+ {
+ "start": 1064.32,
+ "end": 1068.76,
+ "text": "Unsure what to do, he contacted Capitol Rivers for advice."
+ },
+ {
+ "start": 1068.76,
+ "end": 1073.56,
+ "text": "Greg went over the options for him in a situation which allowed him to knowledgeably approach"
+ },
+ {
+ "start": 1073.56,
+ "end": 1076.9,
+ "text": "his landlord about a potential lease restructuring."
+ },
+ {
+ "start": 1076.9,
+ "end": 1080.56,
+ "text": "In short, these are not your typical real estate brokers."
+ },
+ {
+ "start": 1080.56,
+ "end": 1085.58,
+ "text": "To reach Capitol Rivers, visit their website at capitolrivers.com."
+ },
+ {
+ "start": 1085.58,
+ "end": 1088.22,
+ "text": "Work with the best, work with Capitol Rivers."
+ },
+ {
+ "start": 1089.98,
+ "end": 1095.06,
+ "text": "Okay, in this segment of the show, I discuss real estate issues, such as things like legislation"
+ },
+ {
+ "start": 1095.06,
+ "end": 1098.98,
+ "text": "regionally or nationally, as well as executive moves and mergers."
+ },
+ {
+ "start": 1098.98,
+ "end": 1103.22,
+ "text": "But in this new day and age, all the focus is on the ways governments can help prevent"
+ },
+ {
+ "start": 1103.22,
+ "end": 1107.72,
+ "text": "all the cracks that are forming throughout our industry from growing into major structural"
+ },
+ {
+ "start": 1107.72,
+ "end": 1111.38,
+ "text": "problems and causing more economic pain and disruption."
+ },
+ {
+ "start": 1111.38,
+ "end": 1115.72,
+ "text": "And what everyone, especially in the multifamily sector, has been worried about is the continuation"
+ },
+ {
+ "start": 1115.72,
+ "end": 1121.04,
+ "text": "of the enhanced $600 per week federal unemployment insurance that was set to expire before Trump"
+ },
+ {
+ "start": 1121.04,
+ "end": 1125.84,
+ "text": "signed his executive order this weekend, cutting it to $400 per week."
+ },
+ {
+ "start": 1125.84,
+ "end": 1129.42,
+ "text": "And it is the general opinion that this will help renters pay their rent."
+ },
+ {
+ "start": 1129.42,
+ "end": 1133.88,
+ "text": "So as long as it doesn't disincentivize them from returning to work, the consensus"
+ },
+ {
+ "start": 1133.88,
+ "end": 1135.32,
+ "text": "is it's got to be done."
+ },
+ {
+ "start": 1135.32,
+ "end": 1140.6,
+ "text": "Unfortunately, it ain't clear as of yet if Trump's executive orders will take effect"
+ },
+ {
+ "start": 1140.6,
+ "end": 1142.32,
+ "text": "or get held up in the courts."
+ },
+ {
+ "start": 1142.32,
+ "end": 1147.76,
+ "text": "And the next pandemic real estate issue of the week is the moratorium on evictions and foreclosures."
+ },
+ {
+ "start": 1147.76,
+ "end": 1152.04,
+ "text": "And given the points I shared from Stuart Gabriel from UCLA last episode, it seems that"
+ },
+ {
+ "start": 1152.04,
+ "end": 1157.06,
+ "text": "these need to be enacted in a more standardized and predictable way to help renters and owners"
+ },
+ {
+ "start": 1157.06,
+ "end": 1159.68,
+ "text": "of real estate during the pandemic crisis."
+ },
+ {
+ "start": 1159.68,
+ "end": 1165.48,
+ "text": "Until now, the eviction protections have been a hodgepodge of executive orders by governors"
+ },
+ {
+ "start": 1165.48,
+ "end": 1170.32,
+ "text": "and municipalities and county boards, and then implemented by sheriffs who have stopped"
+ },
+ {
+ "start": 1170.32,
+ "end": 1172.12,
+ "text": "serving eviction orders."
+ },
+ {
+ "start": 1172.12,
+ "end": 1175.8,
+ "text": "But many of these are expiring and others are getting successfully challenged in courts"
+ },
+ {
+ "start": 1175.8,
+ "end": 1180.78,
+ "text": "and reports are that many sheriffs do plan on now executing those eviction orders."
+ },
+ {
+ "start": 1180.78,
+ "end": 1183.36,
+ "text": "So it is a real issue that needs to be dealt with."
+ },
+ {
+ "start": 1183.36,
+ "end": 1185.84,
+ "text": "As of now, the feds haven't passed a law."
+ },
+ {
+ "start": 1185.84,
+ "end": 1189.24,
+ "text": "We saw that Cuomo extended the eviction moratorium in New York."
+ },
+ {
+ "start": 1189.24,
+ "end": 1192.6,
+ "text": "And out here in LA County, it goes until September."
+ },
+ {
+ "start": 1192.6,
+ "end": 1195.4,
+ "text": "And that's the same with the state of California."
+ },
+ {
+ "start": 1195.4,
+ "end": 1199.44,
+ "text": "And while it is one of Trump's new executive orders, it is unclear if it really protects"
+ },
+ {
+ "start": 1199.44,
+ "end": 1202.28,
+ "text": "tenants or if it's just a plea to be nice."
+ },
+ {
+ "start": 1202.28,
+ "end": 1206.56,
+ "text": "So it seems that for eviction moratoriums to really stick through the pandemic, it needs"
+ },
+ {
+ "start": 1206.56,
+ "end": 1212.68,
+ "text": "to be done in the form of legislation passed by the local municipality or state legislatures,"
+ },
+ {
+ "start": 1212.68,
+ "end": 1217.28,
+ "text": "unless Pelosi and McConnell can somehow come to an agreement soon, which includes this"
+ },
+ {
+ "start": 1217.28,
+ "end": 1218.28,
+ "text": "in it."
+ },
+ {
+ "start": 1218.28,
+ "end": 1224.4,
+ "text": "So unfortunately, it seems like we'll have to see if this gets messier before it gets"
+ },
+ {
+ "start": 1224.4,
+ "end": 1226.16,
+ "text": "clarified or any better."
+ },
+ {
+ "start": 1226.16,
+ "end": 1232.16,
+ "text": "Next, as I've been telling you about and will continue to discuss until November, the issue"
+ },
+ {
+ "start": 1232.16,
+ "end": 1237.8,
+ "text": "which besides the pandemic economy is the most pressing challenge facing both commercial"
+ },
+ {
+ "start": 1237.8,
+ "end": 1243.0,
+ "text": "property owners and tenants in California is the state's Schools and Local Communities"
+ },
+ {
+ "start": 1243.0,
+ "end": 1244.6,
+ "text": "Funding Act of 2020."
+ },
+ {
+ "start": 1244.6,
+ "end": 1246.32,
+ "text": "Pay attention to that name."
+ },
+ {
+ "start": 1246.32,
+ "end": 1250.2,
+ "text": "It's known as the split role initiative, however, which is qualified."
+ },
+ {
+ "start": 1250.2,
+ "end": 1252.94,
+ "text": "It has qualified for the November 2020 ballot."
+ },
+ {
+ "start": 1252.94,
+ "end": 1258.46,
+ "text": "If approved, it would modify Prop 13 to provide for the reassessment of commercial, industrial"
+ },
+ {
+ "start": 1258.46,
+ "end": 1261.86,
+ "text": "and office properties to their full cash value."
+ },
+ {
+ "start": 1261.86,
+ "end": 1266.5,
+ "text": "Thereafter, commercial, industrial and office properties are to be reassessed every three"
+ },
+ {
+ "start": 1266.5,
+ "end": 1267.86,
+ "text": "years."
+ },
+ {
+ "start": 1267.86,
+ "end": 1268.86,
+ "text": "What a mess."
+ },
+ {
+ "start": 1268.86,
+ "end": 1274.1,
+ "text": "So if you have any issues or opinions about issues you want to bring to my attention, please"
+ },
+ {
+ "start": 1274.1,
+ "end": 1279.06,
+ "text": "send those to me at sbloom at rentv.com."
+ },
+ {
+ "start": 1279.06,
+ "end": 1283.58,
+ "text": "And many times we will discuss those in upcoming shows."
+ },
+ {
+ "start": 1283.58,
+ "end": 1287.78,
+ "text": "Now let me tell you about another sponsor of the show, Redwood Mortgage."
+ },
+ {
+ "start": 1287.78,
+ "end": 1292.9,
+ "text": "Redwood Mortgage is a direct portfolio lender providing loans on commercial office, industrial,"
+ },
+ {
+ "start": 1292.9,
+ "end": 1297.58,
+ "text": "multifamily, mixed use and residential investment properties in California."
+ },
+ {
+ "start": 1297.58,
+ "end": 1303.66,
+ "text": "In business for over 42 years, Redwood Mortgage is established, trusted and well capitalized."
+ },
+ {
+ "start": 1303.66,
+ "end": 1317.02,
+ "text": "A good place to go when the banks say no, call Redwood Mortgage at 800-659-6593 or redwoodmortgage.com."
+ },
+ {
+ "start": 1317.02,
+ "end": 1320.98,
+ "text": "Now let's get into our real estate version of the Sports Highlight Reel with our very"
+ },
+ {
+ "start": 1320.98,
+ "end": 1325.46,
+ "text": "exciting Rent TV Roundup of major deal and development news from around the US."
+ },
+ {
+ "start": 1325.46,
+ "end": 1330.26,
+ "text": "And we'll start with a national portfolio transaction and then go to the East Coast"
+ },
+ {
+ "start": 1330.26,
+ "end": 1332.06,
+ "text": "and head West."
+ },
+ {
+ "start": 1332.06,
+ "end": 1336.5,
+ "text": "Starting with the national portfolio deal, it was widely announced this past week that"
+ },
+ {
+ "start": 1336.5,
+ "end": 1343.14,
+ "text": "Goldman Sachs Merchant Banking Division is buying a stake in a 46 asset, last mile industrial"
+ },
+ {
+ "start": 1343.14,
+ "end": 1346.18,
+ "text": "portfolio owned by Dauphin Industrial."
+ },
+ {
+ "start": 1346.18,
+ "end": 1352.82,
+ "text": "The portfolio of over 6.3 million square feet caters to e-commerce oriented tenants and is"
+ },
+ {
+ "start": 1352.82,
+ "end": 1359.38,
+ "text": "located in metro areas including Atlanta, Dallas, Chicago, Orlando, Phoenix, Raleigh,"
+ },
+ {
+ "start": 1359.38,
+ "end": 1365.46,
+ "text": "Houston, Tampa, Baltimore, Minneapolis, Cincinnati, Columbus, Reno and Jacksonville."
+ },
+ {
+ "start": 1365.46,
+ "end": 1371.38,
+ "text": "The properties are valued at $500 million according to a source cited by Bloomberg and are on"
+ },
+ {
+ "start": 1371.38,
+ "end": 1378.26,
+ "text": "average 94% occupied with an average property size of 126,000 square feet and are leased"
+ },
+ {
+ "start": 1378.26,
+ "end": 1384.42,
+ "text": "to such blue chippers as Amazon, Frito-Lay, Brinks, Pods and Sherwin-Williams."
+ },
+ {
+ "start": 1384.42,
+ "end": 1388.62,
+ "text": "As we all have witnessed, e-commerce has been driving the industrial property sector"
+ },
+ {
+ "start": 1388.66,
+ "end": 1395.38,
+ "text": "for years, but the pandemic has accelerated that trend with e-commerce sales jumping 92.7%"
+ },
+ {
+ "start": 1395.38,
+ "end": 1401.66,
+ "text": "in May alone, which has led to the projections from industry experts such as JLL that the"
+ },
+ {
+ "start": 1401.66,
+ "end": 1406.38,
+ "text": "demand for industrial space will be growing by about a billion square feet within the"
+ },
+ {
+ "start": 1406.38,
+ "end": 1407.74,
+ "text": "next five years."
+ },
+ {
+ "start": 1408.46,
+ "end": 1414.3,
+ "text": "Next, let's head to the Big Apple to report that Facebook has leased all 730,000"
+ },
+ {
+ "start": 1414.3,
+ "end": 1420.06,
+ "text": "square feet of the office space that make up the historic Farley Building at 421 8th"
+ },
+ {
+ "start": 1420.06,
+ "end": 1425.66,
+ "text": "Avenue, which everyone in New York knows is the iconic Beaux Arts post office building right"
+ },
+ {
+ "start": 1425.66,
+ "end": 1428.74,
+ "text": "across the street from the Garden and next to Penn Station."
+ },
+ {
+ "start": 1429.5,
+ "end": 1431.5,
+ "text": "The Farley is 95% owned."
+ },
+ {
+ "start": 1432.58,
+ "end": 1437.98,
+ "text": "Next, let's head to the Big Apple to report that Facebook has leased all 730,000"
+ },
+ {
+ "start": 1437.98,
+ "end": 1443.86,
+ "text": "square feet of the office space that make up the historic Farley Building at 421 8th"
+ },
+ {
+ "start": 1443.9,
+ "end": 1449.5,
+ "text": "Avenue, which everyone in New York knows is the iconic Beaux Arts post office building right"
+ },
+ {
+ "start": 1449.5,
+ "end": 1452.5,
+ "text": "across the street from the Garden and next to Penn Station."
+ },
+ {
+ "start": 1452.94,
+ "end": 1459.14,
+ "text": "The Farley is 95% owned by Vornado Realty Trust, the huge rete led by founder, chairman"
+ },
+ {
+ "start": 1459.14,
+ "end": 1464.62,
+ "text": "and CEO Steve Roth, and the remaining 5% is owned by the related companies."
+ },
+ {
+ "start": 1465.06,
+ "end": 1470.54,
+ "text": "The Farley occupies a double wide block between 31st and 33rd Street and stretches"
+ },
+ {
+ "start": 1470.54,
+ "end": 1472.74,
+ "text": "from 88th to 9th Avenues."
+ },
+ {
+ "start": 1473.06,
+ "end": 1477.3,
+ "text": "The landmark building was designed by McKinn, Mead and White and originally opened in"
+ },
+ {
+ "start": 1477.3,
+ "end": 1478.5,
+ "text": "1912."
+ },
+ {
+ "start": 1478.86,
+ "end": 1483.58,
+ "text": "Vornado is converting the Farley into a mixed use development featuring creative office"
+ },
+ {
+ "start": 1483.58,
+ "end": 1488.54,
+ "text": "space, and it is a central part of Vornado's new Penn district where the rete owns 10"
+ },
+ {
+ "start": 1488.54,
+ "end": 1493.9,
+ "text": "million square feet and is in the midst of a more than $2 billion transformation of"
+ },
+ {
+ "start": 1493.9,
+ "end": 1498.7,
+ "text": "the neighborhood alongside government infrastructure and transportation improvements of more"
+ },
+ {
+ "start": 1498.7,
+ "end": 1500.06,
+ "text": "than $3 billion."
+ },
+ {
+ "start": 1500.54,
+ "end": 1505.46,
+ "text": "The full complex will include Facebook's office space, the Moynihan train hall and"
+ },
+ {
+ "start": 1505.46,
+ "end": 1510.26,
+ "text": "120,000 square feet of retail space with food and beverage, full service restaurants"
+ },
+ {
+ "start": 1510.26,
+ "end": 1511.5,
+ "text": "and lifestyle brands."
+ },
+ {
+ "start": 1511.86,
+ "end": 1516.66,
+ "text": "The project is expected to be completed in phases beginning by year end 2020."
+ },
+ {
+ "start": 1517.14,
+ "end": 1522.62,
+ "text": "In addition to this lease, Facebook also leases office space at Vornado 770 Broadway"
+ },
+ {
+ "start": 1522.86,
+ "end": 1524.74,
+ "text": "and in nearby Hudson Yards."
+ },
+ {
+ "start": 1525.58,
+ "end": 1529.5,
+ "text": "Now I have a pair of New York City multifamily financing deals to report to you."
+ },
+ {
+ "start": 1529.9,
+ "end": 1534.94,
+ "text": "First in the Kips Bay neighborhood of Manhattan, where LIHC investment group and"
+ },
+ {
+ "start": 1534.94,
+ "end": 1544.18,
+ "text": "Rockport Mortgage Corporation closed a $65 million FHA Section 223F financing loan"
+ },
+ {
+ "start": 1544.38,
+ "end": 1552.18,
+ "text": "for Renwick Garden Apartments, a 224 unit subsidized Section 8 property consisting"
+ },
+ {
+ "start": 1552.18,
+ "end": 1558.66,
+ "text": "of a single 15 story building located at 332 East 29th Street that is owned by"
+ },
+ {
+ "start": 1558.78,
+ "end": 1563.62,
+ "text": "LIHC, which is a real estate investment group committed to the preservation of"
+ },
+ {
+ "start": 1563.62,
+ "end": 1564.62,
+ "text": "affordable housing."
+ },
+ {
+ "start": 1565.22,
+ "end": 1570.18,
+ "text": "Renwick Gardens benefits from a project based Section 8 contract and as part of"
+ },
+ {
+ "start": 1570.18,
+ "end": 1575.9,
+ "text": "the loan refinancing, LIHC and HUD Housing and Urban Development agreed to enter"
+ },
+ {
+ "start": 1575.9,
+ "end": 1580.7,
+ "text": "into a new 20 year mark up to market Section 8 contract extending the"
+ },
+ {
+ "start": 1580.7,
+ "end": 1585.14,
+ "text": "affordability of the property for another 29 years through 2049."
+ },
+ {
+ "start": 1585.38,
+ "end": 1589.86,
+ "text": "The funding will also be used to facilitate repairs of the property to enhance and"
+ },
+ {
+ "start": 1589.86,
+ "end": 1594.18,
+ "text": "improve residents quality of life, including renovated bathrooms for all"
+ },
+ {
+ "start": 1594.18,
+ "end": 1597.42,
+ "text": "units and upgrades to common areas throughout the building."
+ },
+ {
+ "start": 1597.78,
+ "end": 1604.82,
+ "text": "So far this year, Rockport has provided FHA 223F loans for several other LIHC owned"
+ },
+ {
+ "start": 1604.82,
+ "end": 1609.98,
+ "text": "properties, including $42.5 million in Fort Lee, New Jersey, $24 million in"
+ },
+ {
+ "start": 1609.98,
+ "end": 1614.7,
+ "text": "Verona, New Jersey and $27 million in Pine Hill, New Jersey."
+ },
+ {
+ "start": 1615.3,
+ "end": 1618.86,
+ "text": "The next New York City apartment financing deal to report is that JLL"
+ },
+ {
+ "start": 1618.86,
+ "end": 1624.62,
+ "text": "Capital Markets secured $55 million in joint venture equity on behalf of Cape"
+ },
+ {
+ "start": 1624.62,
+ "end": 1631.74,
+ "text": "Advisors for a 534 unit multi-housing development on a 2.5 acre waterfront"
+ },
+ {
+ "start": 1631.74,
+ "end": 1634.34,
+ "text": "site in the Astoria neighborhood of Queens."
+ },
+ {
+ "start": 1634.66,
+ "end": 1638.5,
+ "text": "As noted by Ingrid Thunberg on Globe Street, the project is one of the"
+ },
+ {
+ "start": 1638.5,
+ "end": 1643.3,
+ "text": "city's largest multifamily developments and it will feature three buildings at"
+ },
+ {
+ "start": 1643.3,
+ "end": 1649.66,
+ "text": "30-77 Vernon Boulevard, which is near the Astoria East River ferry stop and"
+ },
+ {
+ "start": 1649.66,
+ "end": 1651.94,
+ "text": "the R&W subway lines."
+ },
+ {
+ "start": 1652.3,
+ "end": 1655.9,
+ "text": "The development site was acquired by a partnership led by Cape Advisors in"
+ },
+ {
+ "start": 1655.9,
+ "end": 1661.46,
+ "text": "early 2018 and they plan on having tenants moving in sometime in 2021."
+ },
+ {
+ "start": 1662.06,
+ "end": 1668.22,
+ "text": "Quotes from the JLL Capital Markets execs noted that 30-77 Vernon Boulevard"
+ },
+ {
+ "start": 1668.42,
+ "end": 1672.94,
+ "text": "is uniquely positioned to accommodate New York City renters seeking abundant"
+ },
+ {
+ "start": 1672.94,
+ "end": 1678.62,
+ "text": "space, top of the line amenities and extraordinary waterfront views overlooking"
+ },
+ {
+ "start": 1678.62,
+ "end": 1679.98,
+ "text": "the East River in Manhattan."
+ },
+ {
+ "start": 1680.34,
+ "end": 1684.22,
+ "text": "The property offers the best of Astoria and easy access to all of New"
+ },
+ {
+ "start": 1684.22,
+ "end": 1686.26,
+ "text": "York City from the adjacent ferry stop."
+ },
+ {
+ "start": 1687.14,
+ "end": 1692.06,
+ "text": "Next, let's head down to downtown Durham, North Carolina to report about a"
+ },
+ {
+ "start": 1692.06,
+ "end": 1696.22,
+ "text": "major office building sale as Longfellow Real Estate Partners has"
+ },
+ {
+ "start": 1696.3,
+ "end": 1702.9,
+ "text": "acquired Durham ID, the 330,000 square foot office development at 200 and"
+ },
+ {
+ "start": 1702.9,
+ "end": 1708.3,
+ "text": "300 Mara Street, which they acquired from Bain Capital Real Estate for $138"
+ },
+ {
+ "start": 1708.3,
+ "end": 1712.46,
+ "text": "million or about $418 per square foot."
+ },
+ {
+ "start": 1712.86,
+ "end": 1717.18,
+ "text": "The transaction, which was completed by JLL on behalf of the seller's"
+ },
+ {
+ "start": 1717.18,
+ "end": 1722.34,
+ "text": "Bain Capital, is the Southeast's largest office investment sale since the"
+ },
+ {
+ "start": 1722.34,
+ "end": 1724.7,
+ "text": "beginning of the COVID-19 pandemic."
+ },
+ {
+ "start": 1725.26,
+ "end": 1730.66,
+ "text": "The recently constructed two building LEED Gold certified development"
+ },
+ {
+ "start": 1730.86,
+ "end": 1735.22,
+ "text": "features office space, ground floor retail and an adjacent eight"
+ },
+ {
+ "start": 1735.22,
+ "end": 1738.86,
+ "text": "storey 1225 space parking structure."
+ },
+ {
+ "start": 1739.18,
+ "end": 1742.26,
+ "text": "The property represents the first phase of the Durham Innovation"
+ },
+ {
+ "start": 1742.26,
+ "end": 1746.7,
+ "text": "District, a 1.8 million square foot development, encompassing offices,"
+ },
+ {
+ "start": 1746.9,
+ "end": 1750.02,
+ "text": "lab space, retail and residential uses."
+ },
+ {
+ "start": 1750.98,
+ "end": 1754.74,
+ "text": "Moving further south to Florida, I have some industrial leases to tell"
+ },
+ {
+ "start": 1754.74,
+ "end": 1758.5,
+ "text": "you about starting in Pompano Beach, where Duke Realty, the major"
+ },
+ {
+ "start": 1758.5,
+ "end": 1762.14,
+ "text": "industrial REIT, signed leases with two companies that will fill up its"
+ },
+ {
+ "start": 1762.14,
+ "end": 1769.3,
+ "text": "Copins 95-1731 project, a Class A logistics facility at 1731 West"
+ },
+ {
+ "start": 1769.5,
+ "end": 1774.42,
+ "text": "Copins Road that contains 101,000 square feet, which Duke developed on"
+ },
+ {
+ "start": 1774.42,
+ "end": 1778.26,
+ "text": "spec. The recently signed transactions that brought the building to full"
+ },
+ {
+ "start": 1778.26,
+ "end": 1781.62,
+ "text": "occupancy include a 41,000 square foot lease with a leading"
+ },
+ {
+ "start": 1781.62,
+ "end": 1785.74,
+ "text": "transportation and logistics company and a 60,000 square foot lease"
+ },
+ {
+ "start": 1785.74,
+ "end": 1788.02,
+ "text": "with a supplier of pipes, valves and fittings."
+ },
+ {
+ "start": 1788.26,
+ "end": 1791.94,
+ "text": "Stephanie Rodriguez, VP of leasing and development for Duke in South"
+ },
+ {
+ "start": 1791.94,
+ "end": 1795.18,
+ "text": "Florida, noted that though the pandemic has had an impact on all"
+ },
+ {
+ "start": 1795.18,
+ "end": 1798.34,
+ "text": "sectors of commercial real estate, they're finding that users are"
+ },
+ {
+ "start": 1798.34,
+ "end": 1801.34,
+ "text": "still leasing space, particularly if the building's features and"
+ },
+ {
+ "start": 1801.34,
+ "end": 1804.78,
+ "text": "accessibility can improve their distribution efficiency."
+ },
+ {
+ "start": 1805.14,
+ "end": 1810.58,
+ "text": "Copins 95-1731 is a modern distribution center close to I-95 and"
+ },
+ {
+ "start": 1810.58,
+ "end": 1813.66,
+ "text": "Florida's Turnpike, which provides these tenants a state of the"
+ },
+ {
+ "start": 1813.66,
+ "end": 1816.9,
+ "text": "art facility with unparalleled highway access."
+ },
+ {
+ "start": 1817.14,
+ "end": 1819.82,
+ "text": "The tenants in these deals were repped by an industrial brokerage"
+ },
+ {
+ "start": 1819.82,
+ "end": 1823.06,
+ "text": "team from Cushman and Wakefield, while Duke was repped by Ms."
+ },
+ {
+ "start": 1823.06,
+ "end": 1827.3,
+ "text": "Rodriguez. In South Florida, Duke Realty owns, operates or has"
+ },
+ {
+ "start": 1827.3,
+ "end": 1831.22,
+ "text": "under construction more than 8.5 million square feet of logistics"
+ },
+ {
+ "start": 1831.38,
+ "end": 1835.18,
+ "text": "real estate. Nationwide, Duke owns or has an interest in roughly"
+ },
+ {
+ "start": 1835.18,
+ "end": 1839.62,
+ "text": "156 million rentable square feet of logistics real estate assets"
+ },
+ {
+ "start": 1839.9,
+ "end": 1842.62,
+ "text": "in 20 major US logistics markets."
+ },
+ {
+ "start": 1843.22,
+ "end": 1845.82,
+ "text": "The other notable Florida industrial lease was signed by"
+ },
+ {
+ "start": 1845.82,
+ "end": 1849.22,
+ "text": "another major national developer as Lincoln Property Company"
+ },
+ {
+ "start": 1849.22,
+ "end": 1853.9,
+ "text": "leased a 92,500 square foot space in Medley, which is in"
+ },
+ {
+ "start": 1853.9,
+ "end": 1858.94,
+ "text": "the Miami sub market within its Medley 104 industrial center at"
+ },
+ {
+ "start": 1858.94,
+ "end": 1863.86,
+ "text": "9,400 Northwest 104th Street, and they leased it to US Play,"
+ },
+ {
+ "start": 1863.9,
+ "end": 1867.78,
+ "text": "Inc. The tenant was repped by a brokerage team from JLL, while"
+ },
+ {
+ "start": 1867.78,
+ "end": 1869.86,
+ "text": "Lincoln was repped by Cushman and Wakefield."
+ },
+ {
+ "start": 1870.26,
+ "end": 1873.66,
+ "text": "As Ingrid Tunberg from Globe Street reported, Lincoln"
+ },
+ {
+ "start": 1873.66,
+ "end": 1877.38,
+ "text": "recently spent $6.5 million renovating and repositioning"
+ },
+ {
+ "start": 1877.38,
+ "end": 1883.26,
+ "text": "the multi-tenant 263,000 square foot asset. US Play will join"
+ },
+ {
+ "start": 1883.26,
+ "end": 1887.5,
+ "text": "current tenant Artifacto, which occupies 98,000 square feet"
+ },
+ {
+ "start": 1887.5,
+ "end": 1891.22,
+ "text": "of space. The property still has 72,000 square feet of space"
+ },
+ {
+ "start": 1891.22,
+ "end": 1895.86,
+ "text": "available, which has 25 foot ceilings, new office space and"
+ },
+ {
+ "start": 1895.86,
+ "end": 1899.34,
+ "text": "20 dock doors, and it is positioned for distribution and"
+ },
+ {
+ "start": 1899.34,
+ "end": 1900.5,
+ "text": "light manufacturing."
+ },
+ {
+ "start": 1900.94,
+ "end": 1903.98,
+ "text": "Heading northwest to downtown Nashville, we have a story"
+ },
+ {
+ "start": 1903.98,
+ "end": 1907.54,
+ "text": "with a lot of hotel industry news in it as Pebblebrook Hotel"
+ },
+ {
+ "start": 1907.54,
+ "end": 1911.94,
+ "text": "Trust, the Bethesda, Maryland based hotel REIT has completed"
+ },
+ {
+ "start": 1911.94,
+ "end": 1917.26,
+ "text": "the sale of the historic 125 room Union Station Hotel"
+ },
+ {
+ "start": 1917.26,
+ "end": 1922.94,
+ "text": "Nashville autograph collection at 1001 Broadway to Southwest"
+ },
+ {
+ "start": 1922.94,
+ "end": 1925.94,
+ "text": "Value Partners for $56 million."
+ },
+ {
+ "start": 1926.26,
+ "end": 1929.38,
+ "text": "As Gail Kalinowski reported for Commercial Property Executive,"
+ },
+ {
+ "start": 1929.7,
+ "end": 1933.22,
+ "text": "Southwest Value based in California and led by co-managing"
+ },
+ {
+ "start": 1933.22,
+ "end": 1937.06,
+ "text": "partners Carrie Mack and Mark Schlossberg is also building"
+ },
+ {
+ "start": 1937.06,
+ "end": 1941.06,
+ "text": "the 17 acre mixed use Nashville Yards development across"
+ },
+ {
+ "start": 1941.06,
+ "end": 1943.98,
+ "text": "the street from the Union Station Hotel, and that will"
+ },
+ {
+ "start": 1943.98,
+ "end": 1948.18,
+ "text": "include the Grand Hyatt Nashville, the 591 room hotel"
+ },
+ {
+ "start": 1948.18,
+ "end": 1949.66,
+ "text": "that is set to open soon."
+ },
+ {
+ "start": 1950.18,
+ "end": 1953.46,
+ "text": "Now Southwest finance the Union Station acquisition with a"
+ },
+ {
+ "start": 1953.46,
+ "end": 1957.42,
+ "text": "five year 30.3 million loan from International Bank of"
+ },
+ {
+ "start": 1957.42,
+ "end": 1960.82,
+ "text": "Commerce. The Union Station building is a former railroad"
+ },
+ {
+ "start": 1960.82,
+ "end": 1964.94,
+ "text": "terminal that opened in 1900, then was turned into a hotel"
+ },
+ {
+ "start": 1964.94,
+ "end": 1968.86,
+ "text": "in 1986 and became a member of the historic hotels of"
+ },
+ {
+ "start": 1968.86,
+ "end": 1971.06,
+ "text": "America in 2015."
+ },
+ {
+ "start": 1971.66,
+ "end": 1977.14,
+ "text": "Pebblebrook bought the hotel in December 2014 for $52.3"
+ },
+ {
+ "start": 1977.14,
+ "end": 1981.46,
+ "text": "million. The Nashville Yards complex, which we mentioned the"
+ },
+ {
+ "start": 1981.46,
+ "end": 1985.1,
+ "text": "mixed use campus is slated to have more than 3.5 million"
+ },
+ {
+ "start": 1985.1,
+ "end": 1988.94,
+ "text": "square feet of office space, about 1000 multifamily units"
+ },
+ {
+ "start": 1989.1,
+ "end": 1992.62,
+ "text": "and 400,000 square feet of retail and entertainment space."
+ },
+ {
+ "start": 1992.98,
+ "end": 1997.78,
+ "text": "The development will include a 20 story 566,000 square foot"
+ },
+ {
+ "start": 1997.98,
+ "end": 2001.66,
+ "text": "class eight tower at 1001 Church Street."
+ },
+ {
+ "start": 2001.86,
+ "end": 2005.14,
+ "text": "That will be Amazon's operation center, which is scheduled"
+ },
+ {
+ "start": 2005.14,
+ "end": 2006.98,
+ "text": "for completion in 2021."
+ },
+ {
+ "start": 2007.7,
+ "end": 2010.06,
+ "text": "Now, Pebblebrook has been continuing to sell hotel"
+ },
+ {
+ "start": 2010.06,
+ "end": 2013.1,
+ "text": "properties as part of its disposition program after"
+ },
+ {
+ "start": 2013.1,
+ "end": 2017.02,
+ "text": "acquiring Los Sal Hotel properties in November 2018."
+ },
+ {
+ "start": 2017.38,
+ "end": 2020.7,
+ "text": "In January, it signed a deal to sell the 422 key"
+ },
+ {
+ "start": 2020.7,
+ "end": 2024.3,
+ "text": "intercontinental bucket Atlanta and the 237 room"
+ },
+ {
+ "start": 2024.3,
+ "end": 2028.06,
+ "text": "Safitel, Washington DC for 331 million."
+ },
+ {
+ "start": 2028.5,
+ "end": 2032.1,
+ "text": "Also in the nation's capital, Pebblebrook sold the"
+ },
+ {
+ "start": 2032.1,
+ "end": 2036.38,
+ "text": "137 key Rouge Hotel, located less than a mile from the"
+ },
+ {
+ "start": 2036.38,
+ "end": 2038.62,
+ "text": "White House in September for 42 million."
+ },
+ {
+ "start": 2038.98,
+ "end": 2043.58,
+ "text": "And the company in 2019 sold the 343 room liaison"
+ },
+ {
+ "start": 2043.58,
+ "end": 2048.82,
+ "text": "Washington Capitol Hills for 111 million and the 335 key"
+ },
+ {
+ "start": 2048.82,
+ "end": 2052.46,
+ "text": "Hotel Palomar for 141 and a half million."
+ },
+ {
+ "start": 2052.86,
+ "end": 2055.78,
+ "text": "Now, in June, John Bortz, Pebblebrook's chairman,"
+ },
+ {
+ "start": 2055.78,
+ "end": 2059.14,
+ "text": "president and CEO, described the hotel industry as being"
+ },
+ {
+ "start": 2059.34,
+ "end": 2062.62,
+ "text": "devastated by the COVID-19 crisis, noting that about"
+ },
+ {
+ "start": 2062.62,
+ "end": 2066.82,
+ "text": "20% of hotels closed and approximately 75% of the"
+ },
+ {
+ "start": 2066.82,
+ "end": 2068.3,
+ "text": "workforce was furloughed."
+ },
+ {
+ "start": 2068.62,
+ "end": 2071.34,
+ "text": "Last week, and it's just released second quarter 2020"
+ },
+ {
+ "start": 2071.34,
+ "end": 2073.9,
+ "text": "earnings report, the company stated it could not"
+ },
+ {
+ "start": 2073.9,
+ "end": 2076.94,
+ "text": "provide 2020 guidance at this time due to the"
+ },
+ {
+ "start": 2076.94,
+ "end": 2079.94,
+ "text": "uncertainties caused by the pandemic, noting it plans"
+ },
+ {
+ "start": 2079.94,
+ "end": 2082.7,
+ "text": "to release new guidance when it has more clarity."
+ },
+ {
+ "start": 2083.14,
+ "end": 2086.18,
+ "text": "The company did note the 24 of its 53 hotels and"
+ },
+ {
+ "start": 2086.18,
+ "end": 2090.14,
+ "text": "resorts are now open and expects to reopen five more"
+ },
+ {
+ "start": 2090.14,
+ "end": 2091.22,
+ "text": "by mid August."
+ },
+ {
+ "start": 2091.66,
+ "end": 2094.46,
+ "text": "Bortz also stated that the company has seen an uptick"
+ },
+ {
+ "start": 2094.46,
+ "end": 2097.46,
+ "text": "in the leisure segment that has benefited its drive"
+ },
+ {
+ "start": 2097.46,
+ "end": 2100.1,
+ "text": "to resorts and they have been experiencing"
+ },
+ {
+ "start": 2100.1,
+ "end": 2103.1,
+ "text": "improvements in operating performance each week while"
+ },
+ {
+ "start": 2103.1,
+ "end": 2106.26,
+ "text": "seeing gradual recovery and demand in its urban"
+ },
+ {
+ "start": 2106.26,
+ "end": 2106.98,
+ "text": "hotels."
+ },
+ {
+ "start": 2107.54,
+ "end": 2110.46,
+ "text": "Also on a positive note, Pebblebrook has recently"
+ },
+ {
+ "start": 2110.46,
+ "end": 2112.5,
+ "text": "completed the redevelopment of Hotel Zena,"
+ },
+ {
+ "start": 2112.5,
+ "end": 2115.5,
+ "text": "Washington, D.C. and Viceroy Hotel, Washington,"
+ },
+ {
+ "start": 2115.5,
+ "end": 2118.18,
+ "text": "D.C., and of several properties in California,"
+ },
+ {
+ "start": 2118.18,
+ "end": 2120.66,
+ "text": "including Le Park West Hollywood, San Diego"
+ },
+ {
+ "start": 2120.66,
+ "end": 2123.94,
+ "text": "Mission Bay Resort, Chaminade Resort in Santa Cruz"
+ },
+ {
+ "start": 2124.18,
+ "end": 2126.46,
+ "text": "and Viceroy Santa Monica Hotel."
+ },
+ {
+ "start": 2127.38,
+ "end": 2129.94,
+ "text": "For a big industrial deal, let's now head up to"
+ },
+ {
+ "start": 2129.94,
+ "end": 2133.66,
+ "text": "Romeo, Illinois, 25 miles from downtown Chicago,"
+ },
+ {
+ "start": 2133.86,
+ "end": 2136.54,
+ "text": "where Prologis, the massive worldwide owner of"
+ },
+ {
+ "start": 2136.54,
+ "end": 2139.98,
+ "text": "industrial properties, has acquired the 1.3 million"
+ },
+ {
+ "start": 2139.98,
+ "end": 2142.26,
+ "text": "square foot industrial development called"
+ },
+ {
+ "start": 2142.34,
+ "end": 2147.22,
+ "text": "Interchange 55 Logistics Park for $98 million or"
+ },
+ {
+ "start": 2147.22,
+ "end": 2150.46,
+ "text": "$75 per square foot from Aquari Real Estate."
+ },
+ {
+ "start": 2150.86,
+ "end": 2153.26,
+ "text": "As Ingrid Thunberg, that prolific reporter from"
+ },
+ {
+ "start": 2153.26,
+ "end": 2156.02,
+ "text": "Globe Street posted, the transaction represents"
+ },
+ {
+ "start": 2156.02,
+ "end": 2159.54,
+ "text": "Prologis' largest acquisition since the onset of the"
+ },
+ {
+ "start": 2159.54,
+ "end": 2161.06,
+ "text": "COVID-19 pandemic."
+ },
+ {
+ "start": 2161.46,
+ "end": 2164.58,
+ "text": "The two building class a spec development located at"
+ },
+ {
+ "start": 2164.58,
+ "end": 2168.14,
+ "text": "the junction of Interstate 55 and Interstate 355"
+ },
+ {
+ "start": 2168.34,
+ "end": 2171.98,
+ "text": "has a 659,000 square foot building A and a"
+ },
+ {
+ "start": 2171.98,
+ "end": 2174.82,
+ "text": "684,000 square foot building B."
+ },
+ {
+ "start": 2175.14,
+ "end": 2178.98,
+ "text": "Each property features 36 foot ceiling heights and"
+ },
+ {
+ "start": 2178.98,
+ "end": 2180.82,
+ "text": "cross-docked configurations."
+ },
+ {
+ "start": 2181.14,
+ "end": 2184.26,
+ "text": "They were just built in late 2019 and sold at"
+ },
+ {
+ "start": 2184.26,
+ "end": 2187.62,
+ "text": "30% occupancy since they did lease at building A,"
+ },
+ {
+ "start": 2187.78,
+ "end": 2191.14,
+ "text": "so it has only 257,000 square feet available,"
+ },
+ {
+ "start": 2191.34,
+ "end": 2193.86,
+ "text": "while building B was sold in shell condition."
+ },
+ {
+ "start": 2194.1,
+ "end": 2196.7,
+ "text": "Macquarie, the seller, was repped in the sale by"
+ },
+ {
+ "start": 2196.7,
+ "end": 2199.18,
+ "text": "brokers in the Collier's International Chicago"
+ },
+ {
+ "start": 2199.18,
+ "end": 2201.86,
+ "text": "Office, who noted in their press release that"
+ },
+ {
+ "start": 2201.86,
+ "end": 2203.86,
+ "text": "although there have been significant challenges"
+ },
+ {
+ "start": 2203.86,
+ "end": 2207.38,
+ "text": "presented by the global pandemic, the capital"
+ },
+ {
+ "start": 2207.38,
+ "end": 2210.54,
+ "text": "markets have quickly concluded that well-located"
+ },
+ {
+ "start": 2210.54,
+ "end": 2213.74,
+ "text": "modern industrial product will be a good long-term"
+ },
+ {
+ "start": 2213.74,
+ "end": 2214.42,
+ "text": "investment."
+ },
+ {
+ "start": 2215.22,
+ "end": 2217.74,
+ "text": "Shifting to some multifamily deals, I will slide"
+ },
+ {
+ "start": 2217.74,
+ "end": 2220.66,
+ "text": "down to Houston, where BSR, an apartment"
+ },
+ {
+ "start": 2220.66,
+ "end": 2225.06,
+ "text": "rate, acquired the 370-unit Broadstone Park West"
+ },
+ {
+ "start": 2225.06,
+ "end": 2228.3,
+ "text": "apartment community from Starlight Investments for"
+ },
+ {
+ "start": 2228.3,
+ "end": 2229.74,
+ "text": "$51 million."
+ },
+ {
+ "start": 2229.98,
+ "end": 2232.66,
+ "text": "BSR financed the purchase through its credit"
+ },
+ {
+ "start": 2232.66,
+ "end": 2236.74,
+ "text": "facility of $40 million, as well as $10.4 million"
+ },
+ {
+ "start": 2236.74,
+ "end": 2238.1,
+ "text": "in its trust units."
+ },
+ {
+ "start": 2238.46,
+ "end": 2240.22,
+ "text": "The garden style property was originally"
+ },
+ {
+ "start": 2240.22,
+ "end": 2244.1,
+ "text": "constructed in 2014 and features a clubhouse"
+ },
+ {
+ "start": 2244.1,
+ "end": 2246.58,
+ "text": "fitness center and resort style swimming pool."
+ },
+ {
+ "start": 2247.06,
+ "end": 2249.58,
+ "text": "With the recent purchase, BSR now owns"
+ },
+ {
+ "start": 2249.58,
+ "end": 2253.46,
+ "text": "2,332 apartment units within the Houston"
+ },
+ {
+ "start": 2253.46,
+ "end": 2254.86,
+ "text": "metropolitan area."
+ },
+ {
+ "start": 2255.22,
+ "end": 2258.46,
+ "text": "Their transaction represents BSR's 11th property"
+ },
+ {
+ "start": 2258.46,
+ "end": 2263.18,
+ "text": "acquisition since May 2018, when the REIT"
+ },
+ {
+ "start": 2263.18,
+ "end": 2265.3,
+ "text": "completed its initial public offering on the"
+ },
+ {
+ "start": 2265.3,
+ "end": 2266.78,
+ "text": "Toronto Stock Exchange."
+ },
+ {
+ "start": 2267.18,
+ "end": 2270.86,
+ "text": "Adding 3,235 total apartment units to its"
+ },
+ {
+ "start": 2270.86,
+ "end": 2273.42,
+ "text": "portfolio since then, the REIT has acquired"
+ },
+ {
+ "start": 2273.42,
+ "end": 2276.14,
+ "text": "properties in the Houston metro area, Austin"
+ },
+ {
+ "start": 2276.14,
+ "end": 2278.62,
+ "text": "and Dallas-Fort Worth metro areas, Oklahoma"
+ },
+ {
+ "start": 2278.62,
+ "end": 2280.5,
+ "text": "City and in Arkansas."
+ },
+ {
+ "start": 2280.82,
+ "end": 2283.5,
+ "text": "John Bailey, CEO of BSR, noted that the"
+ },
+ {
+ "start": 2283.5,
+ "end": 2285.86,
+ "text": "acquisition of Broadstone is another example"
+ },
+ {
+ "start": 2285.86,
+ "end": 2288.46,
+ "text": "of BSR growing according to our defined"
+ },
+ {
+ "start": 2288.46,
+ "end": 2289.86,
+ "text": "clustering strategy."
+ },
+ {
+ "start": 2290.1,
+ "end": 2292.3,
+ "text": "We will add value to the property by applying"
+ },
+ {
+ "start": 2292.3,
+ "end": 2295.18,
+ "text": "it to our internal management platform, as"
+ },
+ {
+ "start": 2295.18,
+ "end": 2297.18,
+ "text": "we have done with other properties acquired"
+ },
+ {
+ "start": 2297.18,
+ "end": 2298.34,
+ "text": "since our IPO."
+ },
+ {
+ "start": 2299.26,
+ "end": 2301.78,
+ "text": "Now in a multifamily buy in Arizona, Knight"
+ },
+ {
+ "start": 2301.78,
+ "end": 2304.54,
+ "text": "Vest Capital paid $62.5 million for"
+ },
+ {
+ "start": 2304.54,
+ "end": 2308.22,
+ "text": "Signature Place, a 300-unit community and"
+ },
+ {
+ "start": 2308.22,
+ "end": 2310.66,
+ "text": "Tempe, Arizona, and that price works out to"
+ },
+ {
+ "start": 2310.66,
+ "end": 2313.1,
+ "text": "$208,000 per unit."
+ },
+ {
+ "start": 2313.5,
+ "end": 2315.34,
+ "text": "The seller in the deal was Western Wealth"
+ },
+ {
+ "start": 2315.34,
+ "end": 2316.02,
+ "text": "Capital."
+ },
+ {
+ "start": 2316.42,
+ "end": 2319.22,
+ "text": "Located at 600 West Grove Parkway in South"
+ },
+ {
+ "start": 2319.22,
+ "end": 2321.86,
+ "text": "Tempe, Signature Place community amenities"
+ },
+ {
+ "start": 2321.86,
+ "end": 2323.82,
+ "text": "include two resort-style swimming pools, a"
+ },
+ {
+ "start": 2323.82,
+ "end": 2326.1,
+ "text": "fitness center, lighted tennis courts and"
+ },
+ {
+ "start": 2326.1,
+ "end": 2327.42,
+ "text": "outdoor grilling areas."
+ },
+ {
+ "start": 2327.86,
+ "end": 2329.78,
+ "text": "All units at Signature Place have 9-foot"
+ },
+ {
+ "start": 2329.78,
+ "end": 2332.54,
+ "text": "ceilings, fully equipped kitchens, full-size"
+ },
+ {
+ "start": 2332.54,
+ "end": 2335.18,
+ "text": "washers and dryers, and private patios, and"
+ },
+ {
+ "start": 2335.18,
+ "end": 2336.98,
+ "text": "some units even have fireplaces."
+ },
+ {
+ "start": 2337.46,
+ "end": 2339.98,
+ "text": "CBRE's Phoenix Multifamily Institutional"
+ },
+ {
+ "start": 2339.98,
+ "end": 2342.18,
+ "text": "Properties Group represented Western Wealth"
+ },
+ {
+ "start": 2342.18,
+ "end": 2343.34,
+ "text": "Capital in the deal."
+ },
+ {
+ "start": 2343.62,
+ "end": 2347.02,
+ "text": "Knight Vest, founded in 2007, has become a"
+ },
+ {
+ "start": 2347.02,
+ "end": 2349.02,
+ "text": "major player in repositioning multifamily"
+ },
+ {
+ "start": 2349.02,
+ "end": 2351.66,
+ "text": "assets, transforming more than 100"
+ },
+ {
+ "start": 2351.66,
+ "end": 2352.42,
+ "text": "properties."
+ },
+ {
+ "start": 2352.9,
+ "end": 2354.26,
+ "text": "Now we should note that the Phoenix"
+ },
+ {
+ "start": 2354.26,
+ "end": 2356.5,
+ "text": "Multifamily Market posted a near-record"
+ },
+ {
+ "start": 2356.5,
+ "end": 2359.94,
+ "text": "low vacancy rate of 3.9% in the first"
+ },
+ {
+ "start": 2359.94,
+ "end": 2362.22,
+ "text": "quarter of 2020, leading into the"
+ },
+ {
+ "start": 2362.22,
+ "end": 2364.54,
+ "text": "pandemic, and the rate increased only 60"
+ },
+ {
+ "start": 2364.54,
+ "end": 2367.38,
+ "text": "basis points to 4.5% at the end of the"
+ },
+ {
+ "start": 2367.38,
+ "end": 2369.98,
+ "text": "second quarter, according to the CBRE"
+ },
+ {
+ "start": 2369.98,
+ "end": 2372.78,
+ "text": "Economic Metric Advisors."
+ },
+ {
+ "start": 2373.42,
+ "end": 2375.06,
+ "text": "Phoenix had the strongest one-year"
+ },
+ {
+ "start": 2375.06,
+ "end": 2377.74,
+ "text": "total return for multifamily"
+ },
+ {
+ "start": 2377.74,
+ "end": 2379.9,
+ "text": "investments out of the 29 largest U.S."
+ },
+ {
+ "start": 2379.9,
+ "end": 2381.98,
+ "text": "Metros in the second quarter of this"
+ },
+ {
+ "start": 2381.98,
+ "end": 2382.3,
+ "text": "year."
+ },
+ {
+ "start": 2382.66,
+ "end": 2385.86,
+ "text": "Now the region's 10.5% one-year return was"
+ },
+ {
+ "start": 2385.86,
+ "end": 2389.34,
+ "text": "comprised of 5.5% appreciation return and"
+ },
+ {
+ "start": 2389.34,
+ "end": 2391.82,
+ "text": "5% income return, according to the"
+ },
+ {
+ "start": 2391.82,
+ "end": 2394.18,
+ "text": "National Council of Real Estate Investment"
+ },
+ {
+ "start": 2394.18,
+ "end": 2395.14,
+ "text": "Fiduciaries."
+ },
+ {
+ "start": 2395.9,
+ "end": 2398.06,
+ "text": "Now let's head to the Golden State, where"
+ },
+ {
+ "start": 2398.06,
+ "end": 2400.18,
+ "text": "we always have a few deals to report on,"
+ },
+ {
+ "start": 2400.18,
+ "end": 2402.42,
+ "text": "starting in the no-cow town of Morgan"
+ },
+ {
+ "start": 2402.42,
+ "end": 2404.82,
+ "text": "Hill, where Trauma Crow Company"
+ },
+ {
+ "start": 2404.98,
+ "end": 2407.9,
+ "text": "acquired a fully entitled 24-acre site"
+ },
+ {
+ "start": 2408.1,
+ "end": 2409.86,
+ "text": "in which the firm is planning to develop"
+ },
+ {
+ "start": 2409.86,
+ "end": 2413.02,
+ "text": "a 440,000-square-foot light industrial"
+ },
+ {
+ "start": 2413.02,
+ "end": 2415.58,
+ "text": "development comprised of five Class A"
+ },
+ {
+ "start": 2415.58,
+ "end": 2416.26,
+ "text": "buildings."
+ },
+ {
+ "start": 2416.98,
+ "end": 2419.26,
+ "text": "Currently undeveloped land, it is"
+ },
+ {
+ "start": 2419.26,
+ "end": 2422.38,
+ "text": "located west of Highway 101 within the"
+ },
+ {
+ "start": 2422.38,
+ "end": 2424.3,
+ "text": "Morgan Hill Ranch Business Park."
+ },
+ {
+ "start": 2424.66,
+ "end": 2426.14,
+ "text": "In press release, I got noted that the"
+ },
+ {
+ "start": 2426.14,
+ "end": 2428.14,
+ "text": "demand for new Class A light industrial"
+ },
+ {
+ "start": 2428.14,
+ "end": 2430.74,
+ "text": "space in Santa Clara County continues to"
+ },
+ {
+ "start": 2430.74,
+ "end": 2433.22,
+ "text": "be robust even in the current economic"
+ },
+ {
+ "start": 2433.22,
+ "end": 2433.98,
+ "text": "situation."
+ },
+ {
+ "start": 2434.42,
+ "end": 2436.62,
+ "text": "Trauma Crow plans to submit a"
+ },
+ {
+ "start": 2436.62,
+ "end": 2438.3,
+ "text": "development application for this new"
+ },
+ {
+ "start": 2438.3,
+ "end": 2440.18,
+ "text": "project to the city during the third"
+ },
+ {
+ "start": 2440.18,
+ "end": 2441.86,
+ "text": "quarter of this year, but hopefully it"
+ },
+ {
+ "start": 2441.86,
+ "end": 2443.46,
+ "text": "won't take too long to approve since"
+ },
+ {
+ "start": 2443.46,
+ "end": 2445.98,
+ "text": "the intended project is consistent with"
+ },
+ {
+ "start": 2445.98,
+ "end": 2447.86,
+ "text": "the existing development agreement for"
+ },
+ {
+ "start": 2447.86,
+ "end": 2448.42,
+ "text": "the land."
+ },
+ {
+ "start": 2448.86,
+ "end": 2451.14,
+ "text": "TCC currently owns an additional 60"
+ },
+ {
+ "start": 2451.22,
+ "end": 2452.7,
+ "text": "acres of undeveloped land on the"
+ },
+ {
+ "start": 2452.7,
+ "end": 2455.18,
+ "text": "immediate east side of Highway 101,"
+ },
+ {
+ "start": 2455.38,
+ "end": 2456.7,
+ "text": "where the firm plans to build an"
+ },
+ {
+ "start": 2456.7,
+ "end": 2458.3,
+ "text": "industrial and manufacturing"
+ },
+ {
+ "start": 2458.3,
+ "end": 2460.5,
+ "text": "technology park, comprised of six"
+ },
+ {
+ "start": 2460.5,
+ "end": 2462.18,
+ "text": "buildings, to house headquarters"
+ },
+ {
+ "start": 2462.18,
+ "end": 2464.38,
+ "text": "facilities, regional manufacturing and"
+ },
+ {
+ "start": 2464.38,
+ "end": 2466.54,
+ "text": "assembly distribution facilities, and"
+ },
+ {
+ "start": 2466.54,
+ "end": 2468.54,
+ "text": "expansion space for existing Morgan"
+ },
+ {
+ "start": 2468.54,
+ "end": 2469.62,
+ "text": "Hill commercial tenants."
+ },
+ {
+ "start": 2470.02,
+ "end": 2472.26,
+ "text": "Robert Jew, head of development for"
+ },
+ {
+ "start": 2472.26,
+ "end": 2474.34,
+ "text": "CBRE Global Investors Americas,"
+ },
+ {
+ "start": 2474.5,
+ "end": 2476.18,
+ "text": "said that the Morgan Hill Ranch site"
+ },
+ {
+ "start": 2476.18,
+ "end": 2477.7,
+ "text": "is the final commitment in one of"
+ },
+ {
+ "start": 2477.7,
+ "end": 2479.78,
+ "text": "CBRE Global Investors Development"
+ },
+ {
+ "start": 2479.78,
+ "end": 2482.02,
+ "text": "Funds. The fund series has made 50"
+ },
+ {
+ "start": 2482.02,
+ "end": 2483.74,
+ "text": "investments over the past 10 years."
+ },
+ {
+ "start": 2484.14,
+ "end": 2486.02,
+ "text": "Their fund team is now actively"
+ },
+ {
+ "start": 2486.02,
+ "end": 2488.06,
+ "text": "thinking about the next steps when"
+ },
+ {
+ "start": 2488.06,
+ "end": 2489.62,
+ "text": "it comes to investment in various"
+ },
+ {
+ "start": 2489.62,
+ "end": 2491.9,
+ "text": "development opportunities as we"
+ },
+ {
+ "start": 2491.9,
+ "end": 2493.86,
+ "text": "approach the next economic cycle."
+ },
+ {
+ "start": 2494.18,
+ "end": 2495.94,
+ "text": "Now Trauma Crow Company was founded"
+ },
+ {
+ "start": 2495.94,
+ "end": 2498.42,
+ "text": "in 1948 and is one of the late"
+ },
+ {
+ "start": 2498.42,
+ "end": 2500.06,
+ "text": "nation's leading developers and"
+ },
+ {
+ "start": 2500.06,
+ "end": 2501.78,
+ "text": "investors in commercial real estate."
+ },
+ {
+ "start": 2502.1,
+ "end": 2504.86,
+ "text": "It has developed or acquired 2700"
+ },
+ {
+ "start": 2504.86,
+ "end": 2507.5,
+ "text": "buildings valued at nearly $65"
+ },
+ {
+ "start": 2507.5,
+ "end": 2510.5,
+ "text": "billion and over 590 million"
+ },
+ {
+ "start": 2510.5,
+ "end": 2512.06,
+ "text": "square feet. Wow."
+ },
+ {
+ "start": 2513.06,
+ "end": 2515.26,
+ "text": "A little bit north up in Palo Alto"
+ },
+ {
+ "start": 2515.26,
+ "end": 2517.58,
+ "text": "in Silicon Valley, liquid biopsy"
+ },
+ {
+ "start": 2517.58,
+ "end": 2519.14,
+ "text": "company Garden Health Inc."
+ },
+ {
+ "start": 2519.14,
+ "end": 2521.54,
+ "text": "leased nearly 250,000 square feet"
+ },
+ {
+ "start": 2521.54,
+ "end": 2523.66,
+ "text": "for roughly 12 years at the"
+ },
+ {
+ "start": 2523.66,
+ "end": 2525.5,
+ "text": "former Hewlett Packard Enterprise"
+ },
+ {
+ "start": 2525.5,
+ "end": 2527.82,
+ "text": "headquarters location at 3000"
+ },
+ {
+ "start": 2527.82,
+ "end": 2528.78,
+ "text": "Hanover Street."
+ },
+ {
+ "start": 2529.06,
+ "end": 2530.5,
+ "text": "And what the Mercury News said is"
+ },
+ {
+ "start": 2530.5,
+ "end": 2531.74,
+ "text": "the largest office lease in"
+ },
+ {
+ "start": 2531.74,
+ "end": 2533.62,
+ "text": "Silicon Valley so far this year."
+ },
+ {
+ "start": 2534.1,
+ "end": 2535.34,
+ "text": "The building is in the Stanford"
+ },
+ {
+ "start": 2535.34,
+ "end": 2537.18,
+ "text": "Research Park and is owned by"
+ },
+ {
+ "start": 2537.18,
+ "end": 2539.06,
+ "text": "major Silicon Valley real estate"
+ },
+ {
+ "start": 2539.06,
+ "end": 2541.3,
+ "text": "player Sandhill Property Company."
+ },
+ {
+ "start": 2541.7,
+ "end": 2543.38,
+ "text": "Garden, headquartered in Redwood"
+ },
+ {
+ "start": 2543.38,
+ "end": 2545.26,
+ "text": "City, is leasing the top two"
+ },
+ {
+ "start": 2545.26,
+ "end": 2546.42,
+ "text": "floors of the four story"
+ },
+ {
+ "start": 2546.42,
+ "end": 2548.02,
+ "text": "building for office and lab space"
+ },
+ {
+ "start": 2548.26,
+ "end": 2550.06,
+ "text": "to support their anticipated future"
+ },
+ {
+ "start": 2550.06,
+ "end": 2550.54,
+ "text": "growth."
+ },
+ {
+ "start": 2551.38,
+ "end": 2552.98,
+ "text": "According to the article and"
+ },
+ {
+ "start": 2552.98,
+ "end": 2555.3,
+ "text": "Garden's SEC filings, the rent"
+ },
+ {
+ "start": 2555.3,
+ "end": 2557.34,
+ "text": "started starts out at just under"
+ },
+ {
+ "start": 2557.34,
+ "end": 2559.94,
+ "text": "$4 per square foot per month and"
+ },
+ {
+ "start": 2559.94,
+ "end": 2561.42,
+ "text": "then has set increases for a"
+ },
+ {
+ "start": 2561.42,
+ "end": 2563.22,
+ "text": "couple of years, followed by"
+ },
+ {
+ "start": 2563.22,
+ "end": 2565.54,
+ "text": "3% annual bumps thereafter."
+ },
+ {
+ "start": 2565.98,
+ "end": 2568.02,
+ "text": "In addition, it was revealed that"
+ },
+ {
+ "start": 2568.02,
+ "end": 2569.5,
+ "text": "Garden got the first five months"
+ },
+ {
+ "start": 2569.5,
+ "end": 2571.9,
+ "text": "free and about $100 per square"
+ },
+ {
+ "start": 2571.9,
+ "end": 2572.98,
+ "text": "foot for T.I.'s."
+ },
+ {
+ "start": 2573.46,
+ "end": 2574.94,
+ "text": "Sandhill Property Company was"
+ },
+ {
+ "start": 2574.94,
+ "end": 2576.1,
+ "text": "represented in the deal by"
+ },
+ {
+ "start": 2576.1,
+ "end": 2577.5,
+ "text": "brokers from Cushman and Wakefield"
+ },
+ {
+ "start": 2577.5,
+ "end": 2579.58,
+ "text": "Palo Alto office, as well as"
+ },
+ {
+ "start": 2579.58,
+ "end": 2580.86,
+ "text": "brokers from New Mart Night"
+ },
+ {
+ "start": 2580.86,
+ "end": 2582.26,
+ "text": "Frank's Palo Alto office."
+ },
+ {
+ "start": 2582.58,
+ "end": 2583.78,
+ "text": "Brokers from Seville"
+ },
+ {
+ "start": 2584.02,
+ "end": 2585.66,
+ "text": "represented Garden in the deal."
+ },
+ {
+ "start": 2586.14,
+ "end": 2587.82,
+ "text": "In case you didn't know, liquid"
+ },
+ {
+ "start": 2587.82,
+ "end": 2589.26,
+ "text": "biopsy companies like Garden"
+ },
+ {
+ "start": 2589.26,
+ "end": 2591.02,
+ "text": "focus on detecting DNA that has"
+ },
+ {
+ "start": 2591.02,
+ "end": 2593.02,
+ "text": "been shed by cancer cells and"
+ },
+ {
+ "start": 2593.02,
+ "end": 2594.54,
+ "text": "is floating in the bloodstream"
+ },
+ {
+ "start": 2594.7,
+ "end": 2596.22,
+ "text": "through a simple blood draw."
+ },
+ {
+ "start": 2596.62,
+ "end": 2598.1,
+ "text": "The technology they use is meant"
+ },
+ {
+ "start": 2598.1,
+ "end": 2600.1,
+ "text": "to replace organ biopsies where"
+ },
+ {
+ "start": 2600.1,
+ "end": 2602.38,
+ "text": "snippets of tissues are extracted"
+ },
+ {
+ "start": 2602.38,
+ "end": 2603.78,
+ "text": "and analyzed to find cancer"
+ },
+ {
+ "start": 2603.78,
+ "end": 2604.38,
+ "text": "cells."
+ },
+ {
+ "start": 2605.26,
+ "end": 2606.98,
+ "text": "Next, heading down to SoCal and"
+ },
+ {
+ "start": 2606.98,
+ "end": 2609.42,
+ "text": "El Segundo, major national office"
+ },
+ {
+ "start": 2609.42,
+ "end": 2611.02,
+ "text": "investor Boston Properties"
+ },
+ {
+ "start": 2611.02,
+ "end": 2613.18,
+ "text": "acquired a 50% interest in an"
+ },
+ {
+ "start": 2613.18,
+ "end": 2614.86,
+ "text": "existing joint venture that owns"
+ },
+ {
+ "start": 2614.86,
+ "end": 2616.78,
+ "text": "Beach Cities Media Campus, a"
+ },
+ {
+ "start": 2616.78,
+ "end": 2619.06,
+ "text": "6.4 acre site on the Rose"
+ },
+ {
+ "start": 2619.06,
+ "end": 2621.14,
+ "text": "Krantz Avenue corridor that is"
+ },
+ {
+ "start": 2621.14,
+ "end": 2622.86,
+ "text": "fully entitled for development of"
+ },
+ {
+ "start": 2622.86,
+ "end": 2625.9,
+ "text": "approximately 275,000 square"
+ },
+ {
+ "start": 2625.9,
+ "end": 2627.98,
+ "text": "feet of Class A creative office"
+ },
+ {
+ "start": 2627.98,
+ "end": 2628.54,
+ "text": "space."
+ },
+ {
+ "start": 2628.94,
+ "end": 2630.14,
+ "text": "Boston Properties Venture"
+ },
+ {
+ "start": 2630.14,
+ "end": 2631.3,
+ "text": "Partners are Continental"
+ },
+ {
+ "start": 2631.3,
+ "end": 2633.42,
+ "text": "Development Corporation and Mars"
+ },
+ {
+ "start": 2633.42,
+ "end": 2636.9,
+ "text": "Ventures, which had owned 75% and"
+ },
+ {
+ "start": 2636.9,
+ "end": 2639.5,
+ "text": "25% of the asset respectively"
+ },
+ {
+ "start": 2639.74,
+ "end": 2641.3,
+ "text": "prior to this new partnership."
+ },
+ {
+ "start": 2641.9,
+ "end": 2643.18,
+ "text": "Continental Development is a"
+ },
+ {
+ "start": 2643.18,
+ "end": 2644.7,
+ "text": "premier developer and owner of"
+ },
+ {
+ "start": 2644.7,
+ "end": 2646.5,
+ "text": "Class A properties primarily in"
+ },
+ {
+ "start": 2646.5,
+ "end": 2648.26,
+ "text": "the El Segundo and South Bay"
+ },
+ {
+ "start": 2648.26,
+ "end": 2650.02,
+ "text": "sub markets of LA with more"
+ },
+ {
+ "start": 2650.02,
+ "end": 2651.7,
+ "text": "than 500 tenants across its"
+ },
+ {
+ "start": 2651.7,
+ "end": 2653.1,
+ "text": "more 4 million square feet"
+ },
+ {
+ "start": 2653.1,
+ "end": 2653.98,
+ "text": "portfolio."
+ },
+ {
+ "start": 2654.34,
+ "end": 2655.82,
+ "text": "It's also been a great long term"
+ },
+ {
+ "start": 2655.82,
+ "end": 2657.1,
+ "text": "client of Rent TV."
+ },
+ {
+ "start": 2657.46,
+ "end": 2659.14,
+ "text": "The media campus is on the"
+ },
+ {
+ "start": 2659.14,
+ "end": 2660.62,
+ "text": "western border of Continental"
+ },
+ {
+ "start": 2660.62,
+ "end": 2662.62,
+ "text": "Park, Continental's 3 million"
+ },
+ {
+ "start": 2662.62,
+ "end": 2664.86,
+ "text": "square foot 86 acre office and"
+ },
+ {
+ "start": 2664.86,
+ "end": 2666.46,
+ "text": "mixed use campus, which is"
+ },
+ {
+ "start": 2666.46,
+ "end": 2668.86,
+ "text": "home to several Fortune 500 and"
+ },
+ {
+ "start": 2668.86,
+ "end": 2670.18,
+ "text": "emerging office tenants."
+ },
+ {
+ "start": 2670.62,
+ "end": 2672.58,
+ "text": "Rose Krantz Avenue, not far"
+ },
+ {
+ "start": 2672.58,
+ "end": 2673.66,
+ "text": "from where I'm sitting right"
+ },
+ {
+ "start": 2673.66,
+ "end": 2675.26,
+ "text": "now, is one of the most in"
+ },
+ {
+ "start": 2675.26,
+ "end": 2676.5,
+ "text": "demand creative office,"
+ },
+ {
+ "start": 2676.5,
+ "end": 2678.18,
+ "text": "restaurant and retail nodes in"
+ },
+ {
+ "start": 2678.18,
+ "end": 2679.98,
+ "text": "the South Bay of LA and his"
+ },
+ {
+ "start": 2679.98,
+ "end": 2681.42,
+ "text": "minutes from LAX."
+ },
+ {
+ "start": 2682.02,
+ "end": 2683.66,
+ "text": "Boston Properties CEO Owen"
+ },
+ {
+ "start": 2683.66,
+ "end": 2685.66,
+ "text": "Thomas noted that this marks"
+ },
+ {
+ "start": 2685.66,
+ "end": 2686.9,
+ "text": "Boston Properties third"
+ },
+ {
+ "start": 2686.9,
+ "end": 2688.42,
+ "text": "investment in the LA region"
+ },
+ {
+ "start": 2688.42,
+ "end": 2689.54,
+ "text": "since entering the market in"
+ },
+ {
+ "start": 2689.54,
+ "end": 2692.5,
+ "text": "2016 and provides us a fully"
+ },
+ {
+ "start": 2692.5,
+ "end": 2694.3,
+ "text": "entitled site located in a"
+ },
+ {
+ "start": 2694.3,
+ "end": 2695.58,
+ "text": "desirable sub market to"
+ },
+ {
+ "start": 2695.58,
+ "end": 2696.94,
+ "text": "support future development."
+ },
+ {
+ "start": 2697.38,
+ "end": 2698.58,
+ "text": "The company is the largest"
+ },
+ {
+ "start": 2698.58,
+ "end": 2700.1,
+ "text": "publicly traded developer,"
+ },
+ {
+ "start": 2700.1,
+ "end": 2702.34,
+ "text": "owner and manager of Class A"
+ },
+ {
+ "start": 2702.34,
+ "end": 2704.1,
+ "text": "office properties in the U.S."
+ },
+ {
+ "start": 2704.66,
+ "end": 2706.66,
+ "text": "Continental Development's"
+ },
+ {
+ "start": 2706.66,
+ "end": 2708.22,
+ "text": "President Richard Lundquist"
+ },
+ {
+ "start": 2708.46,
+ "end": 2710.42,
+ "text": "said that their team has been"
+ },
+ {
+ "start": 2710.42,
+ "end": 2711.82,
+ "text": "exploring partnerships,"
+ },
+ {
+ "start": 2711.82,
+ "end": 2713.98,
+ "text": "opportunities for some time and"
+ },
+ {
+ "start": 2713.98,
+ "end": 2715.18,
+ "text": "he is thrilled to officially"
+ },
+ {
+ "start": 2715.18,
+ "end": 2716.62,
+ "text": "establish a relationship with"
+ },
+ {
+ "start": 2716.62,
+ "end": 2717.82,
+ "text": "Boston Properties on this"
+ },
+ {
+ "start": 2717.82,
+ "end": 2718.82,
+ "text": "fantastic site."
+ },
+ {
+ "start": 2719.38,
+ "end": 2720.62,
+ "text": "He added that their collective"
+ },
+ {
+ "start": 2720.62,
+ "end": 2721.98,
+ "text": "and longstanding experience in"
+ },
+ {
+ "start": 2721.98,
+ "end": 2723.54,
+ "text": "building high quality projects"
+ },
+ {
+ "start": 2723.78,
+ "end": 2725.14,
+ "text": "will lead to the delivery of"
+ },
+ {
+ "start": 2725.14,
+ "end": 2727.1,
+ "text": "a world class media campus."
+ },
+ {
+ "start": 2727.82,
+ "end": 2729.26,
+ "text": "Now it's set to Hollywood for"
+ },
+ {
+ "start": 2729.26,
+ "end": 2730.54,
+ "text": "our last two deal notes."
+ },
+ {
+ "start": 2730.9,
+ "end": 2732.34,
+ "text": "First, the news that locally"
+ },
+ {
+ "start": 2732.34,
+ "end": 2734.7,
+ "text": "based BLT Enterprises has"
+ },
+ {
+ "start": 2734.7,
+ "end": 2736.94,
+ "text": "acquired Television Center, a"
+ },
+ {
+ "start": 2736.94,
+ "end": 2738.26,
+ "text": "nearly two hundred thousand"
+ },
+ {
+ "start": 2738.26,
+ "end": 2739.98,
+ "text": "square foot creative office and"
+ },
+ {
+ "start": 2739.98,
+ "end": 2741.94,
+ "text": "production campus situated on"
+ },
+ {
+ "start": 2741.94,
+ "end": 2743.46,
+ "text": "six point four acres in the"
+ },
+ {
+ "start": 2743.46,
+ "end": 2744.5,
+ "text": "heart of Hollywood."
+ },
+ {
+ "start": 2744.78,
+ "end": 2746.22,
+ "text": "And that was in a sixty four"
+ },
+ {
+ "start": 2746.22,
+ "end": 2747.78,
+ "text": "million dollar transaction."
+ },
+ {
+ "start": 2748.34,
+ "end": 2749.86,
+ "text": "The movie studio asset was"
+ },
+ {
+ "start": 2749.86,
+ "end": 2751.74,
+ "text": "previously home to Metro"
+ },
+ {
+ "start": 2751.74,
+ "end": 2753.46,
+ "text": "Pictures and a division of"
+ },
+ {
+ "start": 2753.46,
+ "end": 2754.1,
+ "text": "Technicolor."
+ },
+ {
+ "start": 2754.38,
+ "end": 2755.66,
+ "text": "At present, tenants at the"
+ },
+ {
+ "start": 2755.66,
+ "end": 2756.74,
+ "text": "property include media,"
+ },
+ {
+ "start": 2756.74,
+ "end": 2758.06,
+ "text": "technology and entertainment"
+ },
+ {
+ "start": 2758.06,
+ "end": 2760.18,
+ "text": "firms along with a Gold's gym."
+ },
+ {
+ "start": 2760.66,
+ "end": 2762.62,
+ "text": "The asset is bounded by iconic"
+ },
+ {
+ "start": 2762.62,
+ "end": 2764.18,
+ "text": "streets in Hollywood that include"
+ },
+ {
+ "start": 2764.18,
+ "end": 2765.86,
+ "text": "Santa Monica Boulevard and"
+ },
+ {
+ "start": 2765.86,
+ "end": 2767.54,
+ "text": "Cahuenga Boulevard along with"
+ },
+ {
+ "start": 2767.54,
+ "end": 2768.5,
+ "text": "Romaine Street."
+ },
+ {
+ "start": 2769.18,
+ "end": 2770.58,
+ "text": "Bernard Huberman, founder and"
+ },
+ {
+ "start": 2770.58,
+ "end": 2772.5,
+ "text": "president of BLT Enterprises,"
+ },
+ {
+ "start": 2772.78,
+ "end": 2774.38,
+ "text": "noted that this was a once in a"
+ },
+ {
+ "start": 2774.38,
+ "end": 2776.82,
+ "text": "generation opportunity to acquire"
+ },
+ {
+ "start": 2776.82,
+ "end": 2778.5,
+ "text": "an asset of this scale in the"
+ },
+ {
+ "start": 2778.5,
+ "end": 2779.78,
+ "text": "Hollywood media district,"
+ },
+ {
+ "start": 2780.06,
+ "end": 2781.74,
+ "text": "which is undergoing a renaissance"
+ },
+ {
+ "start": 2781.74,
+ "end": 2783.14,
+ "text": "with the convergence of media"
+ },
+ {
+ "start": 2783.14,
+ "end": 2784.5,
+ "text": "and technology companies."
+ },
+ {
+ "start": 2784.98,
+ "end": 2786.34,
+ "text": "He added that the prior ownership"
+ },
+ {
+ "start": 2786.34,
+ "end": 2787.66,
+ "text": "did a phenomenal job of"
+ },
+ {
+ "start": 2787.66,
+ "end": 2789.18,
+ "text": "transforming the property from"
+ },
+ {
+ "start": 2789.18,
+ "end": 2791.02,
+ "text": "its original uses and there are"
+ },
+ {
+ "start": 2791.02,
+ "end": 2792.7,
+ "text": "many opportunities for built to"
+ },
+ {
+ "start": 2792.7,
+ "end": 2793.7,
+ "text": "suit development and"
+ },
+ {
+ "start": 2793.7,
+ "end": 2794.38,
+ "text": "redevelopment."
+ },
+ {
+ "start": 2795.1,
+ "end": 2798.14,
+ "text": "BLT was a BLT was represented in"
+ },
+ {
+ "start": 2798.14,
+ "end": 2799.9,
+ "text": "the deal by Lee and Associates"
+ },
+ {
+ "start": 2799.9,
+ "end": 2800.74,
+ "text": "West L.A."
+ },
+ {
+ "start": 2801.14,
+ "end": 2803.02,
+ "text": "And acquisition financing was"
+ },
+ {
+ "start": 2803.02,
+ "end": 2804.78,
+ "text": "arranged by Sunrise Mortgage."
+ },
+ {
+ "start": 2805.66,
+ "end": 2807.46,
+ "text": "And our last item to report on"
+ },
+ {
+ "start": 2807.46,
+ "end": 2808.58,
+ "text": "in this deal and development"
+ },
+ {
+ "start": 2808.58,
+ "end": 2809.74,
+ "text": "segment is the news that the"
+ },
+ {
+ "start": 2809.74,
+ "end": 2811.22,
+ "text": "new owners of the Always"
+ },
+ {
+ "start": 2811.22,
+ "end": 2812.7,
+ "text": "Challenge Hollywood and"
+ },
+ {
+ "start": 2812.7,
+ "end": 2814.62,
+ "text": "Highlands Center, which is God"
+ },
+ {
+ "start": 2814.62,
+ "end": 2817.42,
+ "text": "Capital USA and DJM, will be"
+ },
+ {
+ "start": 2817.42,
+ "end": 2818.82,
+ "text": "spending a hundred million"
+ },
+ {
+ "start": 2818.82,
+ "end": 2820.74,
+ "text": "dollars to redo and reposition"
+ },
+ {
+ "start": 2820.74,
+ "end": 2822.42,
+ "text": "the property one year after"
+ },
+ {
+ "start": 2822.42,
+ "end": 2823.5,
+ "text": "shelling out more than three"
+ },
+ {
+ "start": 2823.5,
+ "end": 2824.58,
+ "text": "hundred million dollars to"
+ },
+ {
+ "start": 2824.58,
+ "end": 2825.58,
+ "text": "purchase the landmark."
+ },
+ {
+ "start": 2826.1,
+ "end": 2827.38,
+ "text": "A big part of the plan is to"
+ },
+ {
+ "start": 2827.38,
+ "end": 2828.94,
+ "text": "revamp the upper floors of the"
+ },
+ {
+ "start": 2828.94,
+ "end": 2831.1,
+ "text": "19 year old shopping complex to"
+ },
+ {
+ "start": 2831.1,
+ "end": 2833.02,
+ "text": "convert that retail space to"
+ },
+ {
+ "start": 2833.02,
+ "end": 2833.7,
+ "text": "offices."
+ },
+ {
+ "start": 2834.06,
+ "end": 2834.98,
+ "text": "The four hundred and seventy"
+ },
+ {
+ "start": 2834.98,
+ "end": 2836.02,
+ "text": "five thousand square foot"
+ },
+ {
+ "start": 2836.02,
+ "end": 2838.62,
+ "text": "complex located next to the TCL"
+ },
+ {
+ "start": 2838.62,
+ "end": 2840.42,
+ "text": "Chinese theater will be"
+ },
+ {
+ "start": 2840.42,
+ "end": 2842.9,
+ "text": "rebranded Ovation Hollywood as"
+ },
+ {
+ "start": 2842.9,
+ "end": 2844.1,
+ "text": "part of a project that will"
+ },
+ {
+ "start": 2844.1,
+ "end": 2845.42,
+ "text": "transform the five story"
+ },
+ {
+ "start": 2845.42,
+ "end": 2846.06,
+ "text": "structure."
+ },
+ {
+ "start": 2846.54,
+ "end": 2847.46,
+ "text": "Upon completion of the"
+ },
+ {
+ "start": 2847.46,
+ "end": 2848.94,
+ "text": "renovation, the property will"
+ },
+ {
+ "start": 2848.94,
+ "end": 2851.1,
+ "text": "house 135,000 square feet of"
+ },
+ {
+ "start": 2851.1,
+ "end": 2853.3,
+ "text": "retail, nearly 100,000 square"
+ },
+ {
+ "start": 2853.3,
+ "end": 2855.62,
+ "text": "feet of offices, 85,000 square"
+ },
+ {
+ "start": 2855.62,
+ "end": 2856.86,
+ "text": "feet of restaurant and dining"
+ },
+ {
+ "start": 2856.86,
+ "end": 2859.46,
+ "text": "areas, 65,000 square feet of"
+ },
+ {
+ "start": 2859.46,
+ "end": 2861.82,
+ "text": "entertainment space and 40,000"
+ },
+ {
+ "start": 2861.82,
+ "end": 2863.46,
+ "text": "square feet of event space."
+ },
+ {
+ "start": 2863.82,
+ "end": 2865.1,
+ "text": "Now, in addition to changes to"
+ },
+ {
+ "start": 2865.1,
+ "end": 2866.06,
+ "text": "the programming of the"
+ },
+ {
+ "start": 2866.06,
+ "end": 2867.02,
+ "text": "existing Hollywood and"
+ },
+ {
+ "start": 2867.02,
+ "end": 2868.38,
+ "text": "Highlands Center, the plan"
+ },
+ {
+ "start": 2868.38,
+ "end": 2869.78,
+ "text": "renovations also include"
+ },
+ {
+ "start": 2869.78,
+ "end": 2871.02,
+ "text": "cosmetic updates to the"
+ },
+ {
+ "start": 2871.02,
+ "end": 2872.62,
+ "text": "property that the Gensler"
+ },
+ {
+ "start": 2872.62,
+ "end": 2873.9,
+ "text": "Design Project calls for"
+ },
+ {
+ "start": 2873.9,
+ "end": 2874.98,
+ "text": "updates to the property's"
+ },
+ {
+ "start": 2874.98,
+ "end": 2876.54,
+ "text": "color schemes, exterior"
+ },
+ {
+ "start": 2876.54,
+ "end": 2878.5,
+ "text": "signage, as well as redesigns"
+ },
+ {
+ "start": 2878.5,
+ "end": 2879.82,
+ "text": "of pedestrian corridors to"
+ },
+ {
+ "start": 2879.82,
+ "end": 2880.94,
+ "text": "make them more inviting."
+ },
+ {
+ "start": 2881.22,
+ "end": 2883.14,
+ "text": "The most substantial changes are"
+ },
+ {
+ "start": 2883.14,
+ "end": 2884.14,
+ "text": "proposed for the Center"
+ },
+ {
+ "start": 2884.14,
+ "end": 2885.9,
+ "text": "Central Courtyard, which was"
+ },
+ {
+ "start": 2885.9,
+ "end": 2886.82,
+ "text": "originally designed to"
+ },
+ {
+ "start": 2886.82,
+ "end": 2888.1,
+ "text": "reference the Babylon set of"
+ },
+ {
+ "start": 2888.1,
+ "end": 2889.38,
+ "text": "the D.W. Griffith Film"
+ },
+ {
+ "start": 2889.38,
+ "end": 2889.98,
+ "text": "Intolerance."
+ },
+ {
+ "start": 2890.42,
+ "end": 2891.18,
+ "text": "For all those who've been"
+ },
+ {
+ "start": 2891.18,
+ "end": 2892.1,
+ "text": "through it, you know what"
+ },
+ {
+ "start": 2892.1,
+ "end": 2892.94,
+ "text": "I'm talking about with the"
+ },
+ {
+ "start": 2892.94,
+ "end": 2893.5,
+ "text": "arches."
+ },
+ {
+ "start": 2893.74,
+ "end": 2895.02,
+ "text": "Well, the proposed renovation"
+ },
+ {
+ "start": 2895.02,
+ "end": 2896.18,
+ "text": "calls for a new look that"
+ },
+ {
+ "start": 2896.18,
+ "end": 2897.14,
+ "text": "would reference Hollywood's"
+ },
+ {
+ "start": 2897.18,
+ "end": 2898.42,
+ "text": "Art Deco heritage."
+ },
+ {
+ "start": 2898.62,
+ "end": 2899.82,
+ "text": "Construction of the roughly"
+ },
+ {
+ "start": 2899.82,
+ "end": 2901.06,
+ "text": "one hundred million dollar"
+ },
+ {
+ "start": 2901.06,
+ "end": 2903.02,
+ "text": "project is scheduled to begin"
+ },
+ {
+ "start": 2903.02,
+ "end": 2905.06,
+ "text": "before the end of 2020 and"
+ },
+ {
+ "start": 2905.06,
+ "end": 2906.7,
+ "text": "conclude in 2021."
+ },
+ {
+ "start": 2907.14,
+ "end": 2908.62,
+ "text": "The Ovation location is one"
+ },
+ {
+ "start": 2908.62,
+ "end": 2909.9,
+ "text": "of the most prominent anywhere"
+ },
+ {
+ "start": 2909.9,
+ "end": 2911.3,
+ "text": "in Hollywood, which attracts"
+ },
+ {
+ "start": 2911.3,
+ "end": 2912.54,
+ "text": "more than 25 million"
+ },
+ {
+ "start": 2912.54,
+ "end": 2913.58,
+ "text": "visitors each year."
+ },
+ {
+ "start": 2913.82,
+ "end": 2915.1,
+ "text": "And the project coincides"
+ },
+ {
+ "start": 2915.1,
+ "end": 2916.34,
+ "text": "with a new master plan for"
+ },
+ {
+ "start": 2916.34,
+ "end": 2917.94,
+ "text": "the Walk of Fame, which calls"
+ },
+ {
+ "start": 2917.94,
+ "end": 2919.34,
+ "text": "for expanding sidewalks and"
+ },
+ {
+ "start": 2919.34,
+ "end": 2920.54,
+ "text": "adding new street trees to"
+ },
+ {
+ "start": 2920.54,
+ "end": 2921.1,
+ "text": "the carter."
+ },
+ {
+ "start": 2921.7,
+ "end": 2923.62,
+ "text": "DJM and Gaut capital's"
+ },
+ {
+ "start": 2923.62,
+ "end": 2925.7,
+ "text": "revamp comes as coronavirus"
+ },
+ {
+ "start": 2925.7,
+ "end": 2927.3,
+ "text": "accelerates the well-documented"
+ },
+ {
+ "start": 2927.3,
+ "end": 2928.66,
+ "text": "struggles of brick and"
+ },
+ {
+ "start": 2928.66,
+ "end": 2930.5,
+ "text": "mortar retail in the era of"
+ },
+ {
+ "start": 2930.58,
+ "end": 2931.3,
+ "text": "e-commerce."
+ },
+ {
+ "start": 2931.58,
+ "end": 2932.86,
+ "text": "But on the flip side,"
+ },
+ {
+ "start": 2933.22,
+ "end": 2934.46,
+ "text": "Hollywood has been a major"
+ },
+ {
+ "start": 2934.46,
+ "end": 2936.78,
+ "text": "beneficiary of this as a"
+ },
+ {
+ "start": 2936.78,
+ "end": 2937.94,
+ "text": "location for new media"
+ },
+ {
+ "start": 2937.94,
+ "end": 2939.9,
+ "text": "companies to operate as large"
+ },
+ {
+ "start": 2939.9,
+ "end": 2941.06,
+ "text": "nearby blocks of office"
+ },
+ {
+ "start": 2941.06,
+ "end": 2942.7,
+ "text": "space built by Killroy Realty"
+ },
+ {
+ "start": 2942.9,
+ "end": 2944.54,
+ "text": "and Hudson Pacific have"
+ },
+ {
+ "start": 2944.54,
+ "end": 2946.02,
+ "text": "recently been leased to the"
+ },
+ {
+ "start": 2946.02,
+ "end": 2948.1,
+ "text": "likes of Viacom and Netflix."
+ },
+ {
+ "start": 2950.26,
+ "end": 2951.58,
+ "text": "And that's it for our deal"
+ },
+ {
+ "start": 2951.58,
+ "end": 2952.18,
+ "text": "roundup."
+ },
+ {
+ "start": 2952.3,
+ "end": 2953.7,
+ "text": "Now it's time to zip along the"
+ },
+ {
+ "start": 2953.7,
+ "end": 2955.38,
+ "text": "tech drive where we discuss"
+ },
+ {
+ "start": 2955.38,
+ "end": 2956.82,
+ "text": "the various combinations of"
+ },
+ {
+ "start": 2956.82,
+ "end": 2958.46,
+ "text": "real estate and technology"
+ },
+ {
+ "start": 2958.62,
+ "end": 2959.86,
+ "text": "such as new websites and"
+ },
+ {
+ "start": 2959.86,
+ "end": 2960.58,
+ "text": "services."
+ },
+ {
+ "start": 2960.78,
+ "end": 2961.98,
+ "text": "And now as a result of the"
+ },
+ {
+ "start": 2961.98,
+ "end": 2963.34,
+ "text": "covid pandemic, new"
+ },
+ {
+ "start": 2963.38,
+ "end": 2964.82,
+ "text": "technologies to make buildings"
+ },
+ {
+ "start": 2964.82,
+ "end": 2965.46,
+ "text": "safer."
+ },
+ {
+ "start": 2965.7,
+ "end": 2966.98,
+ "text": "So with that in mind, I will"
+ },
+ {
+ "start": 2966.98,
+ "end": 2968.3,
+ "text": "tell you about San Diego based"
+ },
+ {
+ "start": 2968.3,
+ "end": 2969.74,
+ "text": "parallel capital partners"
+ },
+ {
+ "start": 2969.94,
+ "end": 2971.22,
+ "text": "installing state of the art"
+ },
+ {
+ "start": 2971.22,
+ "end": 2972.94,
+ "text": "plasma air sterilization"
+ },
+ {
+ "start": 2972.94,
+ "end": 2975.14,
+ "text": "systems at its two Phoenix"
+ },
+ {
+ "start": 2975.14,
+ "end": 2977.06,
+ "text": "high-rises, one Arizona"
+ },
+ {
+ "start": 2977.06,
+ "end": 2978.9,
+ "text": "center and one North Central."
+ },
+ {
+ "start": 2979.38,
+ "end": 2981.1,
+ "text": "According to Matt Root, CEO"
+ },
+ {
+ "start": 2981.1,
+ "end": 2982.02,
+ "text": "and managing partner of"
+ },
+ {
+ "start": 2982.02,
+ "end": 2983.34,
+ "text": "parallel capital partners,"
+ },
+ {
+ "start": 2983.5,
+ "end": 2984.74,
+ "text": "which owns and operates"
+ },
+ {
+ "start": 2984.74,
+ "end": 2985.78,
+ "text": "properties throughout the"
+ },
+ {
+ "start": 2985.78,
+ "end": 2987.94,
+ "text": "Southwest, the new systems will"
+ },
+ {
+ "start": 2987.94,
+ "end": 2989.26,
+ "text": "be installed in an effort to"
+ },
+ {
+ "start": 2989.26,
+ "end": 2990.86,
+ "text": "significantly reduce airborne"
+ },
+ {
+ "start": 2990.86,
+ "end": 2992.38,
+ "text": "pathogens in light of the"
+ },
+ {
+ "start": 2992.38,
+ "end": 2993.66,
+ "text": "coronavirus outbreak."
+ },
+ {
+ "start": 2993.98,
+ "end": 2995.46,
+ "text": "He said it is also important"
+ },
+ {
+ "start": 2995.46,
+ "end": 2996.42,
+ "text": "for us to ease tenant"
+ },
+ {
+ "start": 2996.42,
+ "end": 2998.54,
+ "text": "concerns and devise a plan to"
+ },
+ {
+ "start": 2998.54,
+ "end": 2999.94,
+ "text": "ensure they feel comfortable"
+ },
+ {
+ "start": 3000.18,
+ "end": 3001.42,
+ "text": "coming into the office."
+ },
+ {
+ "start": 3001.7,
+ "end": 3003.1,
+ "text": "So there's growing evidence"
+ },
+ {
+ "start": 3003.1,
+ "end": 3004.5,
+ "text": "that clean, disinfected air"
+ },
+ {
+ "start": 3004.5,
+ "end": 3005.66,
+ "text": "can help mitigate the spread"
+ },
+ {
+ "start": 3005.66,
+ "end": 3006.42,
+ "text": "of the virus."
+ },
+ {
+ "start": 3006.74,
+ "end": 3008.34,
+ "text": "And we believe this system is"
+ },
+ {
+ "start": 3008.34,
+ "end": 3009.78,
+ "text": "one of the safest, most"
+ },
+ {
+ "start": 3009.78,
+ "end": 3011.46,
+ "text": "energy efficient and effective"
+ },
+ {
+ "start": 3011.46,
+ "end": 3013.34,
+ "text": "ways to reduce or eliminate"
+ },
+ {
+ "start": 3013.34,
+ "end": 3014.34,
+ "text": "pollutants in the air."
+ },
+ {
+ "start": 3014.82,
+ "end": 3016.18,
+ "text": "He said that the plasma air"
+ },
+ {
+ "start": 3016.18,
+ "end": 3017.7,
+ "text": "systems are designed to"
+ },
+ {
+ "start": 3017.7,
+ "end": 3019.5,
+ "text": "proactively attack pathogens"
+ },
+ {
+ "start": 3019.5,
+ "end": 3021.18,
+ "text": "via positively and negatively"
+ },
+ {
+ "start": 3021.18,
+ "end": 3022.82,
+ "text": "charged oxygen ions"
+ },
+ {
+ "start": 3023.14,
+ "end": 3024.7,
+ "text": "significantly improving air"
+ },
+ {
+ "start": 3024.7,
+ "end": 3026.22,
+ "text": "quality and they will be"
+ },
+ {
+ "start": 3026.22,
+ "end": 3027.66,
+ "text": "installed in the central air"
+ },
+ {
+ "start": 3027.66,
+ "end": 3029.14,
+ "text": "conditioning systems of one"
+ },
+ {
+ "start": 3029.14,
+ "end": 3031.06,
+ "text": "North Central, a 20 story"
+ },
+ {
+ "start": 3031.06,
+ "end": 3032.14,
+ "text": "building on the corner of"
+ },
+ {
+ "start": 3032.14,
+ "end": 3033.22,
+ "text": "Washington Street and North"
+ },
+ {
+ "start": 3033.22,
+ "end": 3035.46,
+ "text": "Central Avenue and one Arizona"
+ },
+ {
+ "start": 3035.46,
+ "end": 3037.54,
+ "text": "Center, a 19 story high rise"
+ },
+ {
+ "start": 3037.66,
+ "end": 3039.26,
+ "text": "within the iconic Arizona"
+ },
+ {
+ "start": 3039.26,
+ "end": 3039.66,
+ "text": "Center."
+ },
+ {
+ "start": 3039.82,
+ "end": 3040.78,
+ "text": "He said their goal is to"
+ },
+ {
+ "start": 3040.78,
+ "end": 3042.18,
+ "text": "monitor the efficacy of these"
+ },
+ {
+ "start": 3042.18,
+ "end": 3043.74,
+ "text": "systems and ultimately"
+ },
+ {
+ "start": 3043.74,
+ "end": 3045.02,
+ "text": "install them in other high"
+ },
+ {
+ "start": 3045.02,
+ "end": 3046.06,
+ "text": "rise properties in their"
+ },
+ {
+ "start": 3046.06,
+ "end": 3046.86,
+ "text": "portfolio."
+ },
+ {
+ "start": 3047.26,
+ "end": 3048.1,
+ "text": "Now, while we were not"
+ },
+ {
+ "start": 3048.1,
+ "end": 3049.14,
+ "text": "informed of the cost of the"
+ },
+ {
+ "start": 3049.14,
+ "end": 3050.34,
+ "text": "systems or who the"
+ },
+ {
+ "start": 3050.34,
+ "end": 3052.22,
+ "text": "subcontractors were, but if"
+ },
+ {
+ "start": 3052.22,
+ "end": 3053.54,
+ "text": "we find out that info, we"
+ },
+ {
+ "start": 3053.54,
+ "end": 3054.7,
+ "text": "will pass that along."
+ },
+ {
+ "start": 3055.06,
+ "end": 3056.42,
+ "text": "But I am curious if this is"
+ },
+ {
+ "start": 3056.42,
+ "end": 3057.62,
+ "text": "something that others in our"
+ },
+ {
+ "start": 3057.62,
+ "end": 3059.22,
+ "text": "audience are considering."
+ },
+ {
+ "start": 3059.58,
+ "end": 3060.5,
+ "text": "So let us know."
+ },
+ {
+ "start": 3061.18,
+ "end": 3062.46,
+ "text": "Next in our Tech Drive"
+ },
+ {
+ "start": 3062.46,
+ "end": 3063.9,
+ "text": "segment, we have news that"
+ },
+ {
+ "start": 3063.9,
+ "end": 3065.38,
+ "text": "is no surprise at all."
+ },
+ {
+ "start": 3065.66,
+ "end": 3066.86,
+ "text": "And that is that the Prop"
+ },
+ {
+ "start": 3066.86,
+ "end": 3068.86,
+ "text": "Tech segment, both in"
+ },
+ {
+ "start": 3068.86,
+ "end": 3070.94,
+ "text": "funding and operations, hasn't"
+ },
+ {
+ "start": 3070.94,
+ "end": 3072.18,
+ "text": "escaped the ravages of"
+ },
+ {
+ "start": 3072.18,
+ "end": 3073.38,
+ "text": "COVID-19."
+ },
+ {
+ "start": 3073.74,
+ "end": 3074.94,
+ "text": "Although the pandemic is"
+ },
+ {
+ "start": 3074.94,
+ "end": 3076.5,
+ "text": "sparking new advances in the"
+ },
+ {
+ "start": 3076.5,
+ "end": 3078.06,
+ "text": "space, and that is according"
+ },
+ {
+ "start": 3078.06,
+ "end": 3079.38,
+ "text": "to Metaprop's mid-year"
+ },
+ {
+ "start": 3079.38,
+ "end": 3081.14,
+ "text": "2020 Global Prop Tech"
+ },
+ {
+ "start": 3081.14,
+ "end": 3082.38,
+ "text": "Confidence Index."
+ },
+ {
+ "start": 3082.78,
+ "end": 3083.86,
+ "text": "Metaprop is a New York"
+ },
+ {
+ "start": 3083.86,
+ "end": 3084.86,
+ "text": "City based real estate"
+ },
+ {
+ "start": 3084.86,
+ "end": 3087.14,
+ "text": "tech VC firm and their index"
+ },
+ {
+ "start": 3087.14,
+ "end": 3088.46,
+ "text": "highlighted that Prop Tech's"
+ },
+ {
+ "start": 3088.46,
+ "end": 3090.58,
+ "text": "fast rise came to an abrupt"
+ },
+ {
+ "start": 3090.58,
+ "end": 3092.02,
+ "text": "halt amid the COVID-19"
+ },
+ {
+ "start": 3092.02,
+ "end": 3093.78,
+ "text": "pandemic induced turmoil."
+ },
+ {
+ "start": 3094.06,
+ "end": 3095.74,
+ "text": "However, even as the business"
+ },
+ {
+ "start": 3095.74,
+ "end": 3097.1,
+ "text": "of real estate technology"
+ },
+ {
+ "start": 3097.1,
+ "end": 3098.1,
+ "text": "experiences its own"
+ },
+ {
+ "start": 3098.1,
+ "end": 3099.78,
+ "text": "downturn with investor and"
+ },
+ {
+ "start": 3099.78,
+ "end": 3101.14,
+ "text": "startup confidence dropping"
+ },
+ {
+ "start": 3101.14,
+ "end": 3102.58,
+ "text": "to lows not seen in four"
+ },
+ {
+ "start": 3102.58,
+ "end": 3104.38,
+ "text": "years, they did note that"
+ },
+ {
+ "start": 3104.38,
+ "end": 3106.26,
+ "text": "signs of a recovery surface."
+ },
+ {
+ "start": 3106.54,
+ "end": 3107.14,
+ "text": "They always got to be"
+ },
+ {
+ "start": 3107.14,
+ "end": 3108.26,
+ "text": "looking at the positive."
+ },
+ {
+ "start": 3108.62,
+ "end": 3110.26,
+ "text": "First, the bad news, the new"
+ },
+ {
+ "start": 3110.26,
+ "end": 3112.14,
+ "text": "investor confidence index"
+ },
+ {
+ "start": 3112.14,
+ "end": 3114.3,
+ "text": "dropped to 5.9 out of 10,"
+ },
+ {
+ "start": 3114.3,
+ "end": 3115.62,
+ "text": "marking a year over year"
+ },
+ {
+ "start": 3115.62,
+ "end": 3117.26,
+ "text": "decline of 33%."
+ },
+ {
+ "start": 3117.46,
+ "end": 3118.66,
+ "text": "The change in confidence,"
+ },
+ {
+ "start": 3118.66,
+ "end": 3119.22,
+ "text": "which had grown"
+ },
+ {
+ "start": 3119.22,
+ "end": 3121.26,
+ "text": "increasingly robust over"
+ },
+ {
+ "start": 3121.26,
+ "end": 3122.74,
+ "text": "the last few years, came"
+ },
+ {
+ "start": 3122.74,
+ "end": 3123.94,
+ "text": "as a result of decreased"
+ },
+ {
+ "start": 3123.94,
+ "end": 3125.66,
+ "text": "deal flow, extreme market"
+ },
+ {
+ "start": 3125.66,
+ "end": 3127.26,
+ "text": "volatility, and political"
+ },
+ {
+ "start": 3127.26,
+ "end": 3127.98,
+ "text": "uncertainty."
+ },
+ {
+ "start": 3128.22,
+ "end": 3130.02,
+ "text": "Looking ahead, only 33%"
+ },
+ {
+ "start": 3130.02,
+ "end": 3131.02,
+ "text": "of the investors plan to"
+ },
+ {
+ "start": 3131.02,
+ "end": 3132.14,
+ "text": "make more investments in"
+ },
+ {
+ "start": 3132.14,
+ "end": 3133.54,
+ "text": "Prop Tech compared to the"
+ },
+ {
+ "start": 3133.54,
+ "end": 3136.14,
+ "text": "64% who expected to increase"
+ },
+ {
+ "start": 3136.14,
+ "end": 3137.5,
+ "text": "investment activity at"
+ },
+ {
+ "start": 3137.5,
+ "end": 3138.78,
+ "text": "mid-year 2019."
+ },
+ {
+ "start": 3139.22,
+ "end": 3140.42,
+ "text": "The decline in certainty"
+ },
+ {
+ "start": 3140.42,
+ "end": 3141.58,
+ "text": "among startups was just"
+ },
+ {
+ "start": 3141.58,
+ "end": 3142.7,
+ "text": "as palpable with the"
+ },
+ {
+ "start": 3142.7,
+ "end": 3143.82,
+ "text": "startup confidence index"
+ },
+ {
+ "start": 3143.82,
+ "end": 3145.54,
+ "text": "falling 35% over the last"
+ },
+ {
+ "start": 3145.54,
+ "end": 3147.3,
+ "text": "six months to 4.7 out of"
+ },
+ {
+ "start": 3147.3,
+ "end": 3148.78,
+ "text": "10, compared to one year"
+ },
+ {
+ "start": 3148.78,
+ "end": 3150.3,
+ "text": "ago when only 19% of"
+ },
+ {
+ "start": 3150.3,
+ "end": 3151.58,
+ "text": "startups expected it to be"
+ },
+ {
+ "start": 3151.58,
+ "end": 3152.5,
+ "text": "harder to raise venture"
+ },
+ {
+ "start": 3152.5,
+ "end": 3154.1,
+ "text": "capital over the upcoming"
+ },
+ {
+ "start": 3154.1,
+ "end": 3155.46,
+ "text": "12 months, now a"
+ },
+ {
+ "start": 3155.46,
+ "end": 3159.94,
+ "text": "startling 56% anticipated an"
+ },
+ {
+ "start": 3159.94,
+ "end": 3161.06,
+ "text": "increased challenge."
+ },
+ {
+ "start": 3161.34,
+ "end": 3162.94,
+ "text": "Additionally, 21% of"
+ },
+ {
+ "start": 3162.94,
+ "end": 3164.1,
+ "text": "startups predicted that"
+ },
+ {
+ "start": 3164.1,
+ "end": 3165.18,
+ "text": "their space will be less"
+ },
+ {
+ "start": 3165.18,
+ "end": 3166.74,
+ "text": "competitive in the next"
+ },
+ {
+ "start": 3166.74,
+ "end": 3169.1,
+ "text": "12 months while only 5%"
+ },
+ {
+ "start": 3169.1,
+ "end": 3170.58,
+ "text": "felt that way a year ago."
+ },
+ {
+ "start": 3170.9,
+ "end": 3172.74,
+ "text": "Now examining the drastic"
+ },
+ {
+ "start": 3172.74,
+ "end": 3173.94,
+ "text": "change in 6 and 12"
+ },
+ {
+ "start": 3173.94,
+ "end": 3175.78,
+ "text": "month stats, Aaron Block,"
+ },
+ {
+ "start": 3175.98,
+ "end": 3177.54,
+ "text": "the co-founder and managing"
+ },
+ {
+ "start": 3177.54,
+ "end": 3179.38,
+ "text": "partner of Metaprop, and a"
+ },
+ {
+ "start": 3179.38,
+ "end": 3180.66,
+ "text": "friend of one of my friends"
+ },
+ {
+ "start": 3181.02,
+ "end": 3182.7,
+ "text": "and who also said thanks,"
+ },
+ {
+ "start": 3182.7,
+ "end": 3184.74,
+ "text": "but no thanks to us, noted"
+ },
+ {
+ "start": 3184.74,
+ "end": 3186.14,
+ "text": "in an executive summary of"
+ },
+ {
+ "start": 3186.14,
+ "end": 3186.74,
+ "text": "the report that"
+ },
+ {
+ "start": 3186.74,
+ "end": 3187.94,
+ "text": "nevertheless, there is"
+ },
+ {
+ "start": 3187.94,
+ "end": 3189.58,
+ "text": "cause for optimism since"
+ },
+ {
+ "start": 3189.58,
+ "end": 3191.02,
+ "text": "COVID-19's detrimental"
+ },
+ {
+ "start": 3191.02,
+ "end": 3192.1,
+ "text": "impact on the real estate"
+ },
+ {
+ "start": 3192.1,
+ "end": 3193.66,
+ "text": "tech market's health has"
+ },
+ {
+ "start": 3193.66,
+ "end": 3195.62,
+ "text": "been somewhat mitigated by"
+ },
+ {
+ "start": 3195.62,
+ "end": 3197.06,
+ "text": "the pandemic's hastening"
+ },
+ {
+ "start": 3197.26,
+ "end": 3198.02,
+ "text": "of the real estate"
+ },
+ {
+ "start": 3198.02,
+ "end": 3199.1,
+ "text": "industry's adoption of"
+ },
+ {
+ "start": 3199.1,
+ "end": 3199.66,
+ "text": "Prop Tech."
+ },
+ {
+ "start": 3200.06,
+ "end": 3200.98,
+ "text": "Among investors and"
+ },
+ {
+ "start": 3200.98,
+ "end": 3202.18,
+ "text": "startup founders, a"
+ },
+ {
+ "start": 3202.18,
+ "end": 3205.14,
+ "text": "respective 89% and 84%"
+ },
+ {
+ "start": 3205.14,
+ "end": 3207.42,
+ "text": "believe the coronavirus is"
+ },
+ {
+ "start": 3207.42,
+ "end": 3208.98,
+ "text": "accelerating the adoption"
+ },
+ {
+ "start": 3208.98,
+ "end": 3210.82,
+ "text": "of Prop Tech and that this"
+ },
+ {
+ "start": 3210.82,
+ "end": 3212.82,
+ "text": "solidifies his belief that"
+ },
+ {
+ "start": 3212.82,
+ "end": 3214.06,
+ "text": "although confidence levels"
+ },
+ {
+ "start": 3214.06,
+ "end": 3215.02,
+ "text": "are down in the short"
+ },
+ {
+ "start": 3215.02,
+ "end": 3216.18,
+ "text": "term due to market"
+ },
+ {
+ "start": 3216.18,
+ "end": 3217.18,
+ "text": "volatility and the"
+ },
+ {
+ "start": 3217.18,
+ "end": 3219.18,
+ "text": "pandemic, long-term views"
+ },
+ {
+ "start": 3219.18,
+ "end": 3220.1,
+ "text": "around the adoption of"
+ },
+ {
+ "start": 3220.1,
+ "end": 3222.26,
+ "text": "Prop Tech have never been"
+ },
+ {
+ "start": 3222.26,
+ "end": 3223.02,
+ "text": "stronger."
+ },
+ {
+ "start": 3223.5,
+ "end": 3224.3,
+ "text": "That's what he told"
+ },
+ {
+ "start": 3224.3,
+ "end": 3225.22,
+ "text": "commercial property"
+ },
+ {
+ "start": 3225.22,
+ "end": 3226.7,
+ "text": "executive in the article"
+ },
+ {
+ "start": 3226.74,
+ "end": 3227.66,
+ "text": "that we saw this in."
+ },
+ {
+ "start": 3227.9,
+ "end": 3228.74,
+ "text": "He said that a lot of"
+ },
+ {
+ "start": 3228.74,
+ "end": 3229.62,
+ "text": "the activity currently"
+ },
+ {
+ "start": 3229.62,
+ "end": 3230.78,
+ "text": "underway is around existing"
+ },
+ {
+ "start": 3230.78,
+ "end": 3231.98,
+ "text": "technologies that are"
+ },
+ {
+ "start": 3231.98,
+ "end": 3233.1,
+ "text": "being tweaked for post-"
+ },
+ {
+ "start": 3233.1,
+ "end": 3235.18,
+ "text": "COVID-19 uses, such as"
+ },
+ {
+ "start": 3235.18,
+ "end": 3237.06,
+ "text": "those able to facilitate"
+ },
+ {
+ "start": 3237.06,
+ "end": 3238.26,
+ "text": "close interactions"
+ },
+ {
+ "start": 3238.26,
+ "end": 3239.18,
+ "text": "between workers."
+ },
+ {
+ "start": 3239.62,
+ "end": 3240.66,
+ "text": "He added that with such"
+ },
+ {
+ "start": 3240.66,
+ "end": 3242.3,
+ "text": "an economic event, that"
+ },
+ {
+ "start": 3242.3,
+ "end": 3243.06,
+ "text": "would put additional"
+ },
+ {
+ "start": 3243.06,
+ "end": 3244.18,
+ "text": "pressure on building"
+ },
+ {
+ "start": 3244.18,
+ "end": 3245.06,
+ "text": "owners, managers,"
+ },
+ {
+ "start": 3245.06,
+ "end": 3246.22,
+ "text": "developers and landlords"
+ },
+ {
+ "start": 3246.62,
+ "end": 3248.26,
+ "text": "to adopt Prop Tech and"
+ },
+ {
+ "start": 3248.26,
+ "end": 3248.74,
+ "text": "would make it"
+ },
+ {
+ "start": 3248.74,
+ "end": 3249.94,
+ "text": "increasingly important to"
+ },
+ {
+ "start": 3249.94,
+ "end": 3251.3,
+ "text": "find smart and creative"
+ },
+ {
+ "start": 3251.3,
+ "end": 3252.34,
+ "text": "ways to save time,"
+ },
+ {
+ "start": 3252.58,
+ "end": 3253.78,
+ "text": "money and resources."
+ },
+ {
+ "start": 3254.46,
+ "end": 3255.66,
+ "text": "However, we will have"
+ },
+ {
+ "start": 3255.66,
+ "end": 3256.46,
+ "text": "to see how long the"
+ },
+ {
+ "start": 3256.46,
+ "end": 3257.34,
+ "text": "wait will be for that"
+ },
+ {
+ "start": 3257.34,
+ "end": 3258.54,
+ "text": "activity to arise."
+ },
+ {
+ "start": 3258.82,
+ "end": 3260.26,
+ "text": "Since also this week, it"
+ },
+ {
+ "start": 3260.26,
+ "end": 3261.06,
+ "text": "was reported that"
+ },
+ {
+ "start": 3261.06,
+ "end": 3262.66,
+ "text": "Metaprop disclosed in a"
+ },
+ {
+ "start": 3262.66,
+ "end": 3264.14,
+ "text": "regulatory filing last"
+ },
+ {
+ "start": 3264.14,
+ "end": 3265.38,
+ "text": "month that it was able"
+ },
+ {
+ "start": 3265.38,
+ "end": 3266.26,
+ "text": "to raise only about"
+ },
+ {
+ "start": 3266.26,
+ "end": 3268.38,
+ "text": "half of a stated goal of"
+ },
+ {
+ "start": 3268.38,
+ "end": 3270.7,
+ "text": "$100 million for a fund"
+ },
+ {
+ "start": 3270.7,
+ "end": 3271.42,
+ "text": "to back the next"
+ },
+ {
+ "start": 3271.42,
+ "end": 3272.82,
+ "text": "generation of startups."
+ },
+ {
+ "start": 3273.34,
+ "end": 3274.1,
+ "text": "Now, despite this"
+ },
+ {
+ "start": 3274.1,
+ "end": 3275.14,
+ "text": "negative funding news,"
+ },
+ {
+ "start": 3275.42,
+ "end": 3276.14,
+ "text": "there were several"
+ },
+ {
+ "start": 3276.14,
+ "end": 3277.22,
+ "text": "reports this week about"
+ },
+ {
+ "start": 3277.22,
+ "end": 3278.22,
+ "text": "various real estate"
+ },
+ {
+ "start": 3278.22,
+ "end": 3279.46,
+ "text": "related tech services and"
+ },
+ {
+ "start": 3279.46,
+ "end": 3281.1,
+ "text": "websites successfully"
+ },
+ {
+ "start": 3281.1,
+ "end": 3282.54,
+ "text": "raising capital to grow."
+ },
+ {
+ "start": 3282.78,
+ "end": 3284.02,
+ "text": "But since this show is"
+ },
+ {
+ "start": 3284.02,
+ "end": 3285.06,
+ "text": "getting a bit long,"
+ },
+ {
+ "start": 3285.3,
+ "end": 3286.46,
+ "text": "I will save those for"
+ },
+ {
+ "start": 3286.46,
+ "end": 3287.86,
+ "text": "next week's Tech Drive."
+ },
+ {
+ "start": 3288.86,
+ "end": 3289.86,
+ "text": "And for the next and"
+ },
+ {
+ "start": 3289.86,
+ "end": 3290.78,
+ "text": "last stop on the"
+ },
+ {
+ "start": 3290.78,
+ "end": 3291.62,
+ "text": "Tech Drive, I will"
+ },
+ {
+ "start": 3291.62,
+ "end": 3292.54,
+ "text": "report about a future"
+ },
+ {
+ "start": 3292.54,
+ "end": 3293.86,
+ "text": "tech event, thereby"
+ },
+ {
+ "start": 3293.86,
+ "end": 3294.94,
+ "text": "making this also a good"
+ },
+ {
+ "start": 3294.94,
+ "end": 3296.26,
+ "text": "lead in into our next"
+ },
+ {
+ "start": 3296.26,
+ "end": 3297.7,
+ "text": "power segment about"
+ },
+ {
+ "start": 3297.7,
+ "end": 3298.78,
+ "text": "podcast events and"
+ },
+ {
+ "start": 3298.78,
+ "end": 3300.3,
+ "text": "webinars. And the tech"
+ },
+ {
+ "start": 3300.42,
+ "end": 3302.14,
+ "text": "event I reference is the"
+ },
+ {
+ "start": 3302.14,
+ "end": 3303.78,
+ "text": "just announced RealCom"
+ },
+ {
+ "start": 3303.78,
+ "end": 3306.38,
+ "text": "slash IBcon 2020 event,"
+ },
+ {
+ "start": 3306.62,
+ "end": 3307.22,
+ "text": "which will be on"
+ },
+ {
+ "start": 3307.22,
+ "end": 3308.54,
+ "text": "October 28 through"
+ },
+ {
+ "start": 3308.54,
+ "end": 3309.78,
+ "text": "30th, and it will"
+ },
+ {
+ "start": 3309.78,
+ "end": 3311.06,
+ "text": "combine onsite and"
+ },
+ {
+ "start": 3311.06,
+ "end": 3312.38,
+ "text": "online components."
+ },
+ {
+ "start": 3312.62,
+ "end": 3313.54,
+ "text": "Part of the event will"
+ },
+ {
+ "start": 3313.54,
+ "end": 3314.5,
+ "text": "be held at the Marriott"
+ },
+ {
+ "start": 3314.5,
+ "end": 3315.9,
+ "text": "Gaylord Rockies Resort"
+ },
+ {
+ "start": 3315.9,
+ "end": 3317.42,
+ "text": "and Convention Center in"
+ },
+ {
+ "start": 3317.42,
+ "end": 3318.86,
+ "text": "Aurora, Colorado, just"
+ },
+ {
+ "start": 3318.86,
+ "end": 3319.7,
+ "text": "outside Denver."
+ },
+ {
+ "start": 3319.94,
+ "end": 3321.14,
+ "text": "This newly built world"
+ },
+ {
+ "start": 3321.14,
+ "end": 3322.86,
+ "text": "class resort will provide"
+ },
+ {
+ "start": 3322.86,
+ "end": 3323.74,
+ "text": "a state of the art"
+ },
+ {
+ "start": 3323.74,
+ "end": 3325.06,
+ "text": "environment for a safe"
+ },
+ {
+ "start": 3325.06,
+ "end": 3326.3,
+ "text": "and productive event."
+ },
+ {
+ "start": 3326.7,
+ "end": 3327.5,
+ "text": "In addition to the"
+ },
+ {
+ "start": 3327.5,
+ "end": 3328.86,
+ "text": "onsite event, RealCom"
+ },
+ {
+ "start": 3328.86,
+ "end": 3332.22,
+ "text": "IBcon will be introducing"
+ },
+ {
+ "start": 3332.22,
+ "end": 3333.46,
+ "text": "an engaging and highly"
+ },
+ {
+ "start": 3333.46,
+ "end": 3334.54,
+ "text": "interactive virtual"
+ },
+ {
+ "start": 3334.54,
+ "end": 3335.58,
+ "text": "conference component."
+ },
+ {
+ "start": 3335.98,
+ "end": 3337.26,
+ "text": "Now RealCom, led by Jim"
+ },
+ {
+ "start": 3337.26,
+ "end": 3338.66,
+ "text": "Young, is a leader in"
+ },
+ {
+ "start": 3338.66,
+ "end": 3339.42,
+ "text": "this space that we"
+ },
+ {
+ "start": 3339.42,
+ "end": 3341.62,
+ "text": "expect they will create"
+ },
+ {
+ "start": 3341.62,
+ "end": 3342.82,
+ "text": "what will be a valuable"
+ },
+ {
+ "start": 3343.06,
+ "end": 3343.86,
+ "text": "event, whether it's"
+ },
+ {
+ "start": 3343.86,
+ "end": 3344.9,
+ "text": "either online or in"
+ },
+ {
+ "start": 3344.9,
+ "end": 3346.58,
+ "text": "person. Find out more"
+ },
+ {
+ "start": 3346.58,
+ "end": 3347.54,
+ "text": "and register at"
+ },
+ {
+ "start": 3347.54,
+ "end": 3349.18,
+ "text": "RealCom.com."
+ },
+ {
+ "start": 3350.7,
+ "end": 3351.9,
+ "text": "And now let's fully"
+ },
+ {
+ "start": 3351.9,
+ "end": 3353.02,
+ "text": "dive into our power"
+ },
+ {
+ "start": 3353.02,
+ "end": 3353.86,
+ "text": "segment, where I tell"
+ },
+ {
+ "start": 3353.86,
+ "end": 3354.98,
+ "text": "you about podcasts,"
+ },
+ {
+ "start": 3354.98,
+ "end": 3356.26,
+ "text": "webinars, events and"
+ },
+ {
+ "start": 3356.26,
+ "end": 3357.06,
+ "text": "recordings for the"
+ },
+ {
+ "start": 3357.06,
+ "end": 3358.9,
+ "text": "industry. Get it power?"
+ },
+ {
+ "start": 3359.26,
+ "end": 3359.94,
+ "text": "And I will start by"
+ },
+ {
+ "start": 3359.94,
+ "end": 3360.74,
+ "text": "telling you about the"
+ },
+ {
+ "start": 3360.74,
+ "end": 3361.82,
+ "text": "eye-catching new video"
+ },
+ {
+ "start": 3361.82,
+ "end": 3362.9,
+ "text": "we recently posted on"
+ },
+ {
+ "start": 3362.9,
+ "end": 3363.7,
+ "text": "the homepage of"
+ },
+ {
+ "start": 3363.7,
+ "end": 3365.7,
+ "text": "RENTTV.com for CBRE"
+ },
+ {
+ "start": 3365.7,
+ "end": 3366.7,
+ "text": "and Trauma Crow,"
+ },
+ {
+ "start": 3367.02,
+ "end": 3368.02,
+ "text": "titled the Center at"
+ },
+ {
+ "start": 3368.02,
+ "end": 3369.26,
+ "text": "Needham Ranch, Ready"
+ },
+ {
+ "start": 3369.26,
+ "end": 3370.18,
+ "text": "for Occupancy."
+ },
+ {
+ "start": 3370.5,
+ "end": 3371.74,
+ "text": "This great video shows"
+ },
+ {
+ "start": 3371.74,
+ "end": 3372.62,
+ "text": "off the new project"
+ },
+ {
+ "start": 3372.62,
+ "end": 3373.86,
+ "text": "stunning architecture"
+ },
+ {
+ "start": 3373.94,
+ "end": 3375.18,
+ "text": "with soaring ceilings,"
+ },
+ {
+ "start": 3375.3,
+ "end": 3376.82,
+ "text": "modern offices and"
+ },
+ {
+ "start": 3376.82,
+ "end": 3377.82,
+ "text": "exceptional loading"
+ },
+ {
+ "start": 3377.82,
+ "end": 3379.42,
+ "text": "and so close to L.A."
+ },
+ {
+ "start": 3379.9,
+ "end": 3380.66,
+ "text": "The property is being"
+ },
+ {
+ "start": 3380.66,
+ "end": 3381.9,
+ "text": "marketed for Trauma Crow"
+ },
+ {
+ "start": 3381.9,
+ "end": 3383.62,
+ "text": "by Craig Peters at CBRE."
+ },
+ {
+ "start": 3384.14,
+ "end": 3385.18,
+ "text": "Now to learn more about"
+ },
+ {
+ "start": 3385.18,
+ "end": 3386.02,
+ "text": "having RENTTV"
+ },
+ {
+ "start": 3386.02,
+ "end": 3387.54,
+ "text": "broadcast and highlight"
+ },
+ {
+ "start": 3387.82,
+ "end": 3389.34,
+ "text": "and market videos you"
+ },
+ {
+ "start": 3389.34,
+ "end": 3390.86,
+ "text": "produce, send me an"
+ },
+ {
+ "start": 3390.86,
+ "end": 3391.62,
+ "text": "email at"
+ },
+ {
+ "start": 3391.62,
+ "end": 3394.7,
+ "text": "Sbloom at RENTV.com."
+ },
+ {
+ "start": 3395.46,
+ "end": 3396.46,
+ "text": "Now as for real estate"
+ },
+ {
+ "start": 3396.46,
+ "end": 3397.7,
+ "text": "podcasts I'm a fan of,"
+ },
+ {
+ "start": 3397.94,
+ "end": 3398.82,
+ "text": "I'll mention a couple"
+ },
+ {
+ "start": 3398.82,
+ "end": 3399.66,
+ "text": "that I haven't told"
+ },
+ {
+ "start": 3399.66,
+ "end": 3401.54,
+ "text": "you about yet in"
+ },
+ {
+ "start": 3401.54,
+ "end": 3402.54,
+ "text": "these episodes."
+ },
+ {
+ "start": 3402.78,
+ "end": 3403.5,
+ "text": "And one is called"
+ },
+ {
+ "start": 3403.5,
+ "end": 3404.62,
+ "text": "Teague Talks, where"
+ },
+ {
+ "start": 3404.62,
+ "end": 3405.9,
+ "text": "Hunter Hotel advisors"
+ },
+ {
+ "start": 3405.9,
+ "end": 3407.18,
+ "text": "CEO Teague Hunter,"
+ },
+ {
+ "start": 3407.18,
+ "end": 3408.94,
+ "text": "T-E-A-G-U-E, Teague"
+ },
+ {
+ "start": 3408.94,
+ "end": 3410.14,
+ "text": "Hunter, based out of"
+ },
+ {
+ "start": 3410.14,
+ "end": 3411.66,
+ "text": "Atlanta, conducted very"
+ },
+ {
+ "start": 3411.66,
+ "end": 3412.74,
+ "text": "interesting and formative"
+ },
+ {
+ "start": 3412.74,
+ "end": 3414.1,
+ "text": "conversations with"
+ },
+ {
+ "start": 3414.1,
+ "end": 3415.18,
+ "text": "various leaders in the"
+ },
+ {
+ "start": 3415.18,
+ "end": 3416.14,
+ "text": "hotel sector."
+ },
+ {
+ "start": 3416.42,
+ "end": 3417.26,
+ "text": "And in his latest"
+ },
+ {
+ "start": 3417.26,
+ "end": 3418.3,
+ "text": "episode, he talked with"
+ },
+ {
+ "start": 3418.3,
+ "end": 3420.02,
+ "text": "Puneet Shah, CEO of"
+ },
+ {
+ "start": 3420.02,
+ "end": 3421.18,
+ "text": "Liberty Group, who is"
+ },
+ {
+ "start": 3421.18,
+ "end": 3422.74,
+ "text": "also a minority owner of"
+ },
+ {
+ "start": 3422.74,
+ "end": 3423.7,
+ "text": "the Miami Marlins"
+ },
+ {
+ "start": 3423.7,
+ "end": 3424.58,
+ "text": "baseball team."
+ },
+ {
+ "start": 3424.86,
+ "end": 3425.94,
+ "text": "So tune in to find out"
+ },
+ {
+ "start": 3425.94,
+ "end": 3427.06,
+ "text": "how Mr. Shah raised his"
+ },
+ {
+ "start": 3427.06,
+ "end": 3428.54,
+ "text": "first fund and became a"
+ },
+ {
+ "start": 3428.54,
+ "end": 3429.5,
+ "text": "minority owner of the"
+ },
+ {
+ "start": 3429.5,
+ "end": 3430.14,
+ "text": "Marlins."
+ },
+ {
+ "start": 3430.86,
+ "end": 3432.78,
+ "text": "Go to HunterHotels.net"
+ },
+ {
+ "start": 3432.94,
+ "end": 3434.18,
+ "text": "and find Teague Talks"
+ },
+ {
+ "start": 3434.18,
+ "end": 3435.3,
+ "text": "to tune into these."
+ },
+ {
+ "start": 3435.94,
+ "end": 3436.78,
+ "text": "Another series of"
+ },
+ {
+ "start": 3436.78,
+ "end": 3437.86,
+ "text": "podcasts I've become a"
+ },
+ {
+ "start": 3437.86,
+ "end": 3438.9,
+ "text": "fan of and started"
+ },
+ {
+ "start": 3438.9,
+ "end": 3440.3,
+ "text": "tuning into is by DLC"
+ },
+ {
+ "start": 3440.3,
+ "end": 3441.98,
+ "text": "Management Company, a"
+ },
+ {
+ "start": 3441.98,
+ "end": 3443.02,
+ "text": "retail investment and"
+ },
+ {
+ "start": 3443.02,
+ "end": 3444.06,
+ "text": "management company out of"
+ },
+ {
+ "start": 3444.14,
+ "end": 3445.54,
+ "text": "Elmsford, New York, that"
+ },
+ {
+ "start": 3445.54,
+ "end": 3446.94,
+ "text": "has a series of podcasts"
+ },
+ {
+ "start": 3446.94,
+ "end": 3448.66,
+ "text": "called Retail Retold,"
+ },
+ {
+ "start": 3448.82,
+ "end": 3449.86,
+ "text": "where they talk mainly"
+ },
+ {
+ "start": 3449.86,
+ "end": 3450.66,
+ "text": "with the real estate"
+ },
+ {
+ "start": 3450.66,
+ "end": 3452.46,
+ "text": "decision making makers of"
+ },
+ {
+ "start": 3452.46,
+ "end": 3454.14,
+ "text": "major retail tenants to"
+ },
+ {
+ "start": 3454.14,
+ "end": 3455.02,
+ "text": "tell the story of how"
+ },
+ {
+ "start": 3455.02,
+ "end": 3456.22,
+ "text": "that store ended up in"
+ },
+ {
+ "start": 3456.22,
+ "end": 3457.06,
+ "text": "your neighborhood."
+ },
+ {
+ "start": 3457.38,
+ "end": 3458.22,
+ "text": "And they explore the"
+ },
+ {
+ "start": 3458.22,
+ "end": 3459.3,
+ "text": "ins and outs of retail"
+ },
+ {
+ "start": 3459.3,
+ "end": 3459.94,
+ "text": "deal making."
+ },
+ {
+ "start": 3460.26,
+ "end": 3461.14,
+ "text": "They've done like 40 of"
+ },
+ {
+ "start": 3461.14,
+ "end": 3462.18,
+ "text": "these podcasts and they"
+ },
+ {
+ "start": 3462.18,
+ "end": 3462.94,
+ "text": "are very good."
+ },
+ {
+ "start": 3463.42,
+ "end": 3464.62,
+ "text": "The latest is with Bill"
+ },
+ {
+ "start": 3464.62,
+ "end": 3466.22,
+ "text": "Papides, president of"
+ },
+ {
+ "start": 3466.22,
+ "end": 3467.94,
+ "text": "Mattress Warehouse, along"
+ },
+ {
+ "start": 3467.94,
+ "end": 3469.02,
+ "text": "with Tracy Jones, their"
+ },
+ {
+ "start": 3469.02,
+ "end": 3470.1,
+ "text": "VP of marketing."
+ },
+ {
+ "start": 3470.94,
+ "end": 3472.02,
+ "text": "The next podcast I'll"
+ },
+ {
+ "start": 3472.02,
+ "end": 3473.18,
+ "text": "tell you about that I"
+ },
+ {
+ "start": 3473.18,
+ "end": 3474.22,
+ "text": "recommend you watch this"
+ },
+ {
+ "start": 3474.22,
+ "end": 3475.18,
+ "text": "week was the latest"
+ },
+ {
+ "start": 3475.18,
+ "end": 3476.58,
+ "text": "installment of Walker and"
+ },
+ {
+ "start": 3476.58,
+ "end": 3478.1,
+ "text": "Dunlops CEO Willie"
+ },
+ {
+ "start": 3478.1,
+ "end": 3479.94,
+ "text": "Walker's Walker Wednesday"
+ },
+ {
+ "start": 3479.94,
+ "end": 3481.58,
+ "text": "discussion, which last"
+ },
+ {
+ "start": 3481.58,
+ "end": 3482.58,
+ "text": "week was with a high"
+ },
+ {
+ "start": 3482.58,
+ "end": 3484.22,
+ "text": "powered group comprised"
+ },
+ {
+ "start": 3484.22,
+ "end": 3486.7,
+ "text": "of Doug Bibby from NMHC"
+ },
+ {
+ "start": 3486.7,
+ "end": 3487.82,
+ "text": "National Multifamily"
+ },
+ {
+ "start": 3487.82,
+ "end": 3489.18,
+ "text": "Housing Council, Bob"
+ },
+ {
+ "start": 3489.22,
+ "end": 3491.42,
+ "text": "Brexmit with the NBA"
+ },
+ {
+ "start": 3491.42,
+ "end": 3492.18,
+ "text": "Mortgage Brokers"
+ },
+ {
+ "start": 3492.18,
+ "end": 3493.66,
+ "text": "Association, and Jeff"
+ },
+ {
+ "start": 3493.66,
+ "end": 3494.38,
+ "text": "DeBeer with the Real"
+ },
+ {
+ "start": 3494.38,
+ "end": 3495.46,
+ "text": "Estate Roundtable."
+ },
+ {
+ "start": 3495.78,
+ "end": 3497.38,
+ "text": "And in that podcast, they"
+ },
+ {
+ "start": 3497.38,
+ "end": 3498.62,
+ "text": "discuss the next one"
+ },
+ {
+ "start": 3498.62,
+ "end": 3499.82,
+ "text": "trillion dollar stimulus"
+ },
+ {
+ "start": 3499.82,
+ "end": 3500.9,
+ "text": "bill being crafted on"
+ },
+ {
+ "start": 3500.9,
+ "end": 3502.58,
+ "text": "Capitol Hill, still being"
+ },
+ {
+ "start": 3502.58,
+ "end": 3504.3,
+ "text": "crafted and its impact on"
+ },
+ {
+ "start": 3504.3,
+ "end": 3505.5,
+ "text": "the multifamily mortgage"
+ },
+ {
+ "start": 3505.5,
+ "end": 3506.58,
+ "text": "and commercial real estate"
+ },
+ {
+ "start": 3506.58,
+ "end": 3507.1,
+ "text": "industries."
+ },
+ {
+ "start": 3507.42,
+ "end": 3509.74,
+ "text": "Catch these podcasts from"
+ },
+ {
+ "start": 3509.74,
+ "end": 3510.7,
+ "text": "Willie Walker at the"
+ },
+ {
+ "start": 3510.7,
+ "end": 3512.22,
+ "text": "Walker Dunlop website."
+ },
+ {
+ "start": 3513.22,
+ "end": 3514.1,
+ "text": "Now let's shift to"
+ },
+ {
+ "start": 3514.1,
+ "end": 3516.18,
+ "text": "upcoming events, which are"
+ },
+ {
+ "start": 3516.18,
+ "end": 3517.62,
+ "text": "pretty much all online"
+ },
+ {
+ "start": 3517.62,
+ "end": 3519.62,
+ "text": "now, starting tomorrow,"
+ },
+ {
+ "start": 3519.62,
+ "end": 3520.66,
+ "text": "August 11th through"
+ },
+ {
+ "start": 3520.66,
+ "end": 3522.02,
+ "text": "August 20th will be the"
+ },
+ {
+ "start": 3522.02,
+ "end": 3523.02,
+ "text": "Marcus and Milichap"
+ },
+ {
+ "start": 3523.02,
+ "end": 3524.66,
+ "text": "Multifamily Forum for"
+ },
+ {
+ "start": 3524.66,
+ "end": 3525.78,
+ "text": "Southern California that"
+ },
+ {
+ "start": 3525.78,
+ "end": 3526.78,
+ "text": "they produce with Green"
+ },
+ {
+ "start": 3526.78,
+ "end": 3528.94,
+ "text": "Pearl in a reimagined all"
+ },
+ {
+ "start": 3528.94,
+ "end": 3530.18,
+ "text": "digital online conference"
+ },
+ {
+ "start": 3530.18,
+ "end": 3531.94,
+ "text": "format spanning 10 days."
+ },
+ {
+ "start": 3532.1,
+ "end": 3533.26,
+ "text": "So what's interesting"
+ },
+ {
+ "start": 3533.26,
+ "end": 3534.66,
+ "text": "about this conference, 10"
+ },
+ {
+ "start": 3534.66,
+ "end": 3535.86,
+ "text": "days from August 11th"
+ },
+ {
+ "start": 3535.86,
+ "end": 3537.38,
+ "text": "through August 20th, so"
+ },
+ {
+ "start": 3537.38,
+ "end": 3538.46,
+ "text": "they've organized it in"
+ },
+ {
+ "start": 3538.46,
+ "end": 3539.58,
+ "text": "brief, easy to consume"
+ },
+ {
+ "start": 3539.58,
+ "end": 3540.9,
+ "text": "portions each day to"
+ },
+ {
+ "start": 3540.9,
+ "end": 3542.02,
+ "text": "minimize disruption to"
+ },
+ {
+ "start": 3542.02,
+ "end": 3542.78,
+ "text": "your work and personal"
+ },
+ {
+ "start": 3542.78,
+ "end": 3543.94,
+ "text": "life. You could join"
+ },
+ {
+ "start": 3543.94,
+ "end": 3545.1,
+ "text": "live to interact daily"
+ },
+ {
+ "start": 3545.1,
+ "end": 3545.9,
+ "text": "with the speakers through"
+ },
+ {
+ "start": 3545.9,
+ "end": 3547.62,
+ "text": "the Q&A feature or view"
+ },
+ {
+ "start": 3547.62,
+ "end": 3549.02,
+ "text": "the recordings at your"
+ },
+ {
+ "start": 3549.02,
+ "end": 3550.38,
+ "text": "own time. Either way,"
+ },
+ {
+ "start": 3550.38,
+ "end": 3551.14,
+ "text": "don't miss the group"
+ },
+ {
+ "start": 3551.14,
+ "end": 3552.18,
+ "text": "networking discussions"
+ },
+ {
+ "start": 3552.18,
+ "end": 3552.74,
+ "text": "that allow you to"
+ },
+ {
+ "start": 3552.74,
+ "end": 3553.66,
+ "text": "connect with your peers"
+ },
+ {
+ "start": 3553.66,
+ "end": 3555.3,
+ "text": "directly and forge new"
+ },
+ {
+ "start": 3555.3,
+ "end": 3556.1,
+ "text": "connections and"
+ },
+ {
+ "start": 3556.1,
+ "end": 3557.46,
+ "text": "reestablish existing"
+ },
+ {
+ "start": 3557.46,
+ "end": 3559.1,
+ "text": "relationships. Find out"
+ },
+ {
+ "start": 3559.1,
+ "end": 3560.22,
+ "text": "more and register at the"
+ },
+ {
+ "start": 3560.22,
+ "end": 3561.22,
+ "text": "Marcus and Milichap"
+ },
+ {
+ "start": 3561.22,
+ "end": 3562.3,
+ "text": "website. I think it's"
+ },
+ {
+ "start": 3562.3,
+ "end": 3564.86,
+ "text": "229 or 299 to join in."
+ },
+ {
+ "start": 3565.94,
+ "end": 3567.18,
+ "text": "Now the next online event"
+ },
+ {
+ "start": 3567.18,
+ "end": 3568.38,
+ "text": "to inform you of is the"
+ },
+ {
+ "start": 3568.38,
+ "end": 3570.5,
+ "text": "IMN Distressed Hotel"
+ },
+ {
+ "start": 3570.5,
+ "end": 3572.3,
+ "text": "Virtual Forum taking place"
+ },
+ {
+ "start": 3572.3,
+ "end": 3574.06,
+ "text": "on September 15th. This"
+ },
+ {
+ "start": 3574.06,
+ "end": 3575.14,
+ "text": "full fledged virtual"
+ },
+ {
+ "start": 3575.14,
+ "end": 3576.14,
+ "text": "event will be complete"
+ },
+ {
+ "start": 3576.14,
+ "end": 3577.06,
+ "text": "with multiple panel"
+ },
+ {
+ "start": 3577.06,
+ "end": 3578.06,
+ "text": "sessions, exhibits,"
+ },
+ {
+ "start": 3578.06,
+ "end": 3579.06,
+ "text": "networking, chatting,"
+ },
+ {
+ "start": 3579.06,
+ "end": 3580.5,
+ "text": "meeting rooms. Interest"
+ },
+ {
+ "start": 3580.5,
+ "end": 3581.58,
+ "text": "has been strong given"
+ },
+ {
+ "start": 3581.58,
+ "end": 3582.42,
+ "text": "the timely nature of"
+ },
+ {
+ "start": 3582.42,
+ "end": 3584.22,
+ "text": "this topic. Their recent"
+ },
+ {
+ "start": 3584.22,
+ "end": 3585.42,
+ "text": "webcast featured over"
+ },
+ {
+ "start": 3585.42,
+ "end": 3587.46,
+ "text": "1,200 registrants. So"
+ },
+ {
+ "start": 3587.46,
+ "end": 3588.54,
+ "text": "there are a limited number"
+ },
+ {
+ "start": 3588.54,
+ "end": 3589.46,
+ "text": "of complimentary"
+ },
+ {
+ "start": 3589.46,
+ "end": 3590.54,
+ "text": "registrations available"
+ },
+ {
+ "start": 3590.54,
+ "end": 3591.94,
+ "text": "for the event. So go"
+ },
+ {
+ "start": 3591.94,
+ "end": 3595.06,
+ "text": "to imn.org slash real"
+ },
+ {
+ "start": 3595.06,
+ "end": 3596.18,
+ "text": "estate to find out"
+ },
+ {
+ "start": 3596.18,
+ "end": 3598.06,
+ "text": "more. And to update you"
+ },
+ {
+ "start": 3598.06,
+ "end": 3598.82,
+ "text": "on events that were"
+ },
+ {
+ "start": 3598.82,
+ "end": 3600.74,
+ "text": "planned to be in person,"
+ },
+ {
+ "start": 3601.02,
+ "end": 3601.82,
+ "text": "but now given the"
+ },
+ {
+ "start": 3601.82,
+ "end": 3603.02,
+ "text": "continued issues with"
+ },
+ {
+ "start": 3603.02,
+ "end": 3603.9,
+ "text": "the virus, it looks like"
+ },
+ {
+ "start": 3603.9,
+ "end": 3604.66,
+ "text": "they're all going to be"
+ },
+ {
+ "start": 3604.66,
+ "end": 3606.5,
+ "text": "viral as well, virtual"
+ },
+ {
+ "start": 3606.5,
+ "end": 3608.42,
+ "text": "as well. And hopefully"
+ },
+ {
+ "start": 3608.42,
+ "end": 3609.3,
+ "text": "they'll go viral,"
+ },
+ {
+ "start": 3609.46,
+ "end": 3610.54,
+ "text": "starting with globe"
+ },
+ {
+ "start": 3610.54,
+ "end": 3611.82,
+ "text": "streets or real shares,"
+ },
+ {
+ "start": 3611.82,
+ "end": 3612.7,
+ "text": "net least conference"
+ },
+ {
+ "start": 3612.7,
+ "end": 3613.7,
+ "text": "was what which was going"
+ },
+ {
+ "start": 3613.7,
+ "end": 3614.42,
+ "text": "to take place at the"
+ },
+ {
+ "start": 3614.42,
+ "end": 3615.22,
+ "text": "Marriott marquee in"
+ },
+ {
+ "start": 3615.22,
+ "end": 3617.02,
+ "text": "Times Square. And what"
+ },
+ {
+ "start": 3617.02,
+ "end": 3618.34,
+ "text": "Obama is that now they"
+ },
+ {
+ "start": 3618.34,
+ "end": 3619.14,
+ "text": "just announced that it's"
+ },
+ {
+ "start": 3619.14,
+ "end": 3620.78,
+ "text": "just online and their"
+ },
+ {
+ "start": 3620.78,
+ "end": 3621.86,
+ "text": "marketing material now"
+ },
+ {
+ "start": 3621.86,
+ "end": 3622.54,
+ "text": "says the virtual"
+ },
+ {
+ "start": 3622.54,
+ "end": 3623.7,
+ "text": "conference will continue"
+ },
+ {
+ "start": 3623.7,
+ "end": 3624.74,
+ "text": "to capture face to face"
+ },
+ {
+ "start": 3624.74,
+ "end": 3626.5,
+ "text": "interactions and superior"
+ },
+ {
+ "start": 3626.5,
+ "end": 3627.66,
+ "text": "networking as well as"
+ },
+ {
+ "start": 3627.66,
+ "end": 3629.26,
+ "text": "executive level discussions"
+ },
+ {
+ "start": 3629.5,
+ "end": 3630.74,
+ "text": "with the very best in"
+ },
+ {
+ "start": 3630.74,
+ "end": 3632.62,
+ "text": "the net least space. I"
+ },
+ {
+ "start": 3632.62,
+ "end": 3633.7,
+ "text": "will feature live keynote"
+ },
+ {
+ "start": 3633.7,
+ "end": 3634.86,
+ "text": "presentations and"
+ },
+ {
+ "start": 3634.86,
+ "end": 3635.82,
+ "text": "interactive panel"
+ },
+ {
+ "start": 3635.82,
+ "end": 3636.94,
+ "text": "discussions. There'll"
+ },
+ {
+ "start": 3636.94,
+ "end": 3638.22,
+ "text": "be dedicated video"
+ },
+ {
+ "start": 3638.22,
+ "end": 3639.5,
+ "text": "networking with sponsors"
+ },
+ {
+ "start": 3639.5,
+ "end": 3641.06,
+ "text": "and deal makers, access"
+ },
+ {
+ "start": 3641.06,
+ "end": 3642.38,
+ "text": "to a library of content."
+ },
+ {
+ "start": 3642.94,
+ "end": 3643.62,
+ "text": "So with the current"
+ },
+ {
+ "start": 3643.62,
+ "end": 3644.86,
+ "text": "CRA landscape, Globe"
+ },
+ {
+ "start": 3644.86,
+ "end": 3645.98,
+ "text": "Street says that"
+ },
+ {
+ "start": 3645.98,
+ "end": 3647.38,
+ "text": "nobody is offering a way"
+ },
+ {
+ "start": 3647.38,
+ "end": 3648.42,
+ "text": "to connect, kind of"
+ },
+ {
+ "start": 3648.42,
+ "end": 3649.82,
+ "text": "connect like this year's"
+ },
+ {
+ "start": 3649.82,
+ "end": 3650.66,
+ "text": "Globe Street net least"
+ },
+ {
+ "start": 3650.66,
+ "end": 3652.42,
+ "text": "conference. The cost is"
+ },
+ {
+ "start": 3652.42,
+ "end": 3654.5,
+ "text": "only $99. Find out more"
+ },
+ {
+ "start": 3654.5,
+ "end": 3657.06,
+ "text": "at GlobeStreet.com. Also"
+ },
+ {
+ "start": 3657.06,
+ "end": 3658.02,
+ "text": "making the decision in"
+ },
+ {
+ "start": 3658.02,
+ "end": 3658.66,
+ "text": "the past week to"
+ },
+ {
+ "start": 3658.66,
+ "end": 3659.7,
+ "text": "cancel the in person"
+ },
+ {
+ "start": 3659.7,
+ "end": 3660.98,
+ "text": "event and go only"
+ },
+ {
+ "start": 3660.98,
+ "end": 3662.78,
+ "text": "digital is Crittenden,"
+ },
+ {
+ "start": 3662.94,
+ "end": 3663.66,
+ "text": "whose real estate"
+ },
+ {
+ "start": 3663.66,
+ "end": 3664.66,
+ "text": "finance conference is"
+ },
+ {
+ "start": 3664.66,
+ "end": 3665.78,
+ "text": "scheduled for September"
+ },
+ {
+ "start": 3665.78,
+ "end": 3667.06,
+ "text": "16th through 18th,"
+ },
+ {
+ "start": 3667.54,
+ "end": 3668.42,
+ "text": "titled moving into"
+ },
+ {
+ "start": 3668.42,
+ "end": 3669.9,
+ "text": "2021, the new normal"
+ },
+ {
+ "start": 3669.9,
+ "end": 3670.74,
+ "text": "that was scheduled to"
+ },
+ {
+ "start": 3670.74,
+ "end": 3671.58,
+ "text": "be at the Mandarin"
+ },
+ {
+ "start": 3671.58,
+ "end": 3673.22,
+ "text": "Oriental Miami. But now"
+ },
+ {
+ "start": 3673.22,
+ "end": 3674.06,
+ "text": "that's not happening"
+ },
+ {
+ "start": 3674.06,
+ "end": 3675.5,
+ "text": "either. Instead, attendees"
+ },
+ {
+ "start": 3675.5,
+ "end": 3676.62,
+ "text": "will have access to panel"
+ },
+ {
+ "start": 3676.62,
+ "end": 3677.54,
+ "text": "presentations and"
+ },
+ {
+ "start": 3677.54,
+ "end": 3679.26,
+ "text": "utilize opportunities to"
+ },
+ {
+ "start": 3679.26,
+ "end": 3680.9,
+ "text": "network online from the"
+ },
+ {
+ "start": 3680.9,
+ "end": 3681.9,
+ "text": "comfort of their home and"
+ },
+ {
+ "start": 3681.9,
+ "end": 3683.46,
+ "text": "office. Since they just"
+ },
+ {
+ "start": 3683.46,
+ "end": 3685.54,
+ "text": "made this decision to go"
+ },
+ {
+ "start": 3685.86,
+ "end": 3687.22,
+ "text": "totally virtual, the"
+ },
+ {
+ "start": 3687.22,
+ "end": 3688.26,
+ "text": "website now says stay"
+ },
+ {
+ "start": 3688.26,
+ "end": 3689.66,
+ "text": "tuned for further updates"
+ },
+ {
+ "start": 3689.7,
+ "end": 3690.38,
+ "text": "as they work on"
+ },
+ {
+ "start": 3690.38,
+ "end": 3691.5,
+ "text": "transferring that event."
+ },
+ {
+ "start": 3692.3,
+ "end": 3693.78,
+ "text": "And lastly, still holding"
+ },
+ {
+ "start": 3693.78,
+ "end": 3694.54,
+ "text": "out hopes for an in"
+ },
+ {
+ "start": 3694.54,
+ "end": 3695.7,
+ "text": "person event this year"
+ },
+ {
+ "start": 3695.98,
+ "end": 3697.34,
+ "text": "is Globe Street's 30th"
+ },
+ {
+ "start": 3697.38,
+ "end": 3698.42,
+ "text": "annual apartments"
+ },
+ {
+ "start": 3698.42,
+ "end": 3699.26,
+ "text": "conference, which is"
+ },
+ {
+ "start": 3699.26,
+ "end": 3700.18,
+ "text": "scheduled for October"
+ },
+ {
+ "start": 3700.18,
+ "end": 3702.26,
+ "text": "27th and 28th at its"
+ },
+ {
+ "start": 3702.26,
+ "end": 3703.58,
+ "text": "usual spot, the Western"
+ },
+ {
+ "start": 3703.58,
+ "end": 3704.82,
+ "text": "Bonaventure in downtown"
+ },
+ {
+ "start": 3704.82,
+ "end": 3706.3,
+ "text": "LA. And they hope by"
+ },
+ {
+ "start": 3706.3,
+ "end": 3707.3,
+ "text": "then to have their annual"
+ },
+ {
+ "start": 3707.3,
+ "end": 3708.14,
+ "text": "gathering with more"
+ },
+ {
+ "start": 3708.14,
+ "end": 3709.26,
+ "text": "than a thousand senior"
+ },
+ {
+ "start": 3709.26,
+ "end": 3710.74,
+ "text": "level deal makers through"
+ },
+ {
+ "start": 3710.74,
+ "end": 3711.7,
+ "text": "a combination of in"
+ },
+ {
+ "start": 3711.7,
+ "end": 3713.06,
+ "text": "person and virtual"
+ },
+ {
+ "start": 3713.06,
+ "end": 3714.42,
+ "text": "experiences. Now,"
+ },
+ {
+ "start": 3714.42,
+ "end": 3715.02,
+ "text": "amidst the global"
+ },
+ {
+ "start": 3715.02,
+ "end": 3716.02,
+ "text": "health crisis, Globe"
+ },
+ {
+ "start": 3716.02,
+ "end": 3716.9,
+ "text": "Street apartments will"
+ },
+ {
+ "start": 3716.9,
+ "end": 3718.14,
+ "text": "present a comprehensive"
+ },
+ {
+ "start": 3718.14,
+ "end": 3719.5,
+ "text": "program featuring"
+ },
+ {
+ "start": 3719.5,
+ "end": 3720.94,
+ "text": "leading developers, owners,"
+ },
+ {
+ "start": 3720.98,
+ "end": 3721.98,
+ "text": "operators, and"
+ },
+ {
+ "start": 3721.98,
+ "end": 3724.14,
+ "text": "institutional investors. And"
+ },
+ {
+ "start": 3724.14,
+ "end": 3725.14,
+ "text": "to help celebrate 30"
+ },
+ {
+ "start": 3725.14,
+ "end": 3726.3,
+ "text": "years, they're planning"
+ },
+ {
+ "start": 3726.3,
+ "end": 3726.94,
+ "text": "on having their"
+ },
+ {
+ "start": 3726.94,
+ "end": 3728.06,
+ "text": "inaugural Globe Street"
+ },
+ {
+ "start": 3728.06,
+ "end": 3729.1,
+ "text": "Apartments Awards"
+ },
+ {
+ "start": 3729.1,
+ "end": 3730.02,
+ "text": "dinner on October"
+ },
+ {
+ "start": 3730.02,
+ "end": 3731.38,
+ "text": "28th, where they"
+ },
+ {
+ "start": 3731.38,
+ "end": 3732.54,
+ "text": "gather the nation's top"
+ },
+ {
+ "start": 3732.54,
+ "end": 3734.02,
+ "text": "multifamily influencers"
+ },
+ {
+ "start": 3734.02,
+ "end": 3734.9,
+ "text": "for an evening of"
+ },
+ {
+ "start": 3734.9,
+ "end": 3737.26,
+ "text": "celebration. Stay tuned"
+ },
+ {
+ "start": 3737.26,
+ "end": 3739.58,
+ "text": "for news if that still"
+ },
+ {
+ "start": 3739.94,
+ "end": 3741.98,
+ "text": "goes on live or has to go"
+ },
+ {
+ "start": 3741.98,
+ "end": 3744.1,
+ "text": "virtual as well. And"
+ },
+ {
+ "start": 3744.1,
+ "end": 3744.94,
+ "text": "that's it for our show"
+ },
+ {
+ "start": 3744.94,
+ "end": 3745.86,
+ "text": "today. We hope you"
+ },
+ {
+ "start": 3745.86,
+ "end": 3746.7,
+ "text": "enjoyed it. And we"
+ },
+ {
+ "start": 3746.7,
+ "end": 3748.14,
+ "text": "appreciate any feedback on"
+ },
+ {
+ "start": 3748.14,
+ "end": 3749.06,
+ "text": "any of the products or"
+ },
+ {
+ "start": 3749.06,
+ "end": 3751.06,
+ "text": "services or anything else"
+ },
+ {
+ "start": 3751.06,
+ "end": 3752.22,
+ "text": "you heard in the show."
+ },
+ {
+ "start": 3752.42,
+ "end": 3753.54,
+ "text": "Please email me those"
+ },
+ {
+ "start": 3753.54,
+ "end": 3755.02,
+ "text": "comments at sbloom at"
+ },
+ {
+ "start": 3755.06,
+ "end": 3757.58,
+ "text": "rentv.com. We do plan"
+ },
+ {
+ "start": 3757.58,
+ "end": 3758.54,
+ "text": "on reading the better"
+ },
+ {
+ "start": 3758.54,
+ "end": 3759.38,
+ "text": "and more interesting"
+ },
+ {
+ "start": 3759.38,
+ "end": 3760.74,
+ "text": "ones. Let me again"
+ },
+ {
+ "start": 3760.74,
+ "end": 3761.66,
+ "text": "thank our sponsors"
+ },
+ {
+ "start": 3761.66,
+ "end": 3762.34,
+ "text": "Capitol River's"
+ },
+ {
+ "start": 3762.34,
+ "end": 3763.5,
+ "text": "commercial and Redwood"
+ },
+ {
+ "start": 3763.5,
+ "end": 3764.18,
+ "text": "Mortgage for their"
+ },
+ {
+ "start": 3764.18,
+ "end": 3765.74,
+ "text": "support. And until our"
+ },
+ {
+ "start": 3765.74,
+ "end": 3767.3,
+ "text": "next podcast, this is"
+ },
+ {
+ "start": 3767.3,
+ "end": 3768.94,
+ "text": "Steve Blum from RENT TV"
+ },
+ {
+ "start": 3768.94,
+ "end": 3770.66,
+ "text": "wishing you your clients"
+ },
+ {
+ "start": 3770.66,
+ "end": 3772.18,
+ "text": "and properties, strong"
+ },
+ {
+ "start": 3772.18,
+ "end": 3772.98,
+ "text": "profits and"
+ },
+ {
+ "start": 3772.98,
+ "end": 3773.78,
+ "text": "prosperity."
+ }
+ ]
+}
\ No newline at end of file
diff --git a/data/soundcloud/segments/881852191.json b/data/soundcloud/segments/881852191.json
new file mode 100644
index 0000000..035eb48
--- /dev/null
+++ b/data/soundcloud/segments/881852191.json
@@ -0,0 +1,3463 @@
+{
+ "id": "881852191",
+ "title": "Ep. 10 RENTV's Weekly CRE News & Views with Steve Bloom; 08-25-2020",
+ "url": "https://soundcloud.com/rentvnews/ep-10-rentvs-weekly-cre-news-views-with-steve-bloom-08-25-2020",
+ "duration": 3087,
+ "segments": [
+ {
+ "start": 8.78,
+ "end": 13.42,
+ "text": "Hello and welcome to episode number 10 of Rent TV's Commercial Real Estate News and"
+ },
+ {
+ "start": 13.42,
+ "end": 18.42,
+ "text": "Views podcast with Steve Blum on August 24, 2020."
+ },
+ {
+ "start": 18.42,
+ "end": 24.2,
+ "text": "I'm Steve Blum, your host and founder and CEO of RentTV.com, our news and media company"
+ },
+ {
+ "start": 24.2,
+ "end": 29.78,
+ "text": "for the commercial real estate industry, now in our 21st year providing daily news stories,"
+ },
+ {
+ "start": 29.78,
+ "end": 35.9,
+ "text": "market reports, and more for the commercial real estate industry on our website, RentTV.com,"
+ },
+ {
+ "start": 35.9,
+ "end": 40.66,
+ "text": "and our email newsletter, The Real Estate Insider, goes to over 60,000 commercial real"
+ },
+ {
+ "start": 40.66,
+ "end": 43.58,
+ "text": "estate professionals three times each week."
+ },
+ {
+ "start": 43.58,
+ "end": 47.88,
+ "text": "We were also putting on conferences before the pandemic hit, and we have produced our"
+ },
+ {
+ "start": 47.88,
+ "end": 52.86,
+ "text": "share of videos over the years while also broadcasting videos from other commercial real estate"
+ },
+ {
+ "start": 52.86,
+ "end": 56.38,
+ "text": "companies on our website, RentTV.com."
+ },
+ {
+ "start": 56.38,
+ "end": 60.38,
+ "text": "And thank you for tuning into our new episode of our weekly podcast, Rent TV's Commercial"
+ },
+ {
+ "start": 60.38,
+ "end": 65.52,
+ "text": "Real Estate News and Views, a brand new news program for our incredibly dynamic and ever"
+ },
+ {
+ "start": 65.52,
+ "end": 67.32,
+ "text": "changing industry."
+ },
+ {
+ "start": 67.32,
+ "end": 71.76,
+ "text": "In the show streaming to you from the heart of Silicon Beach and Marina Del Rey, I will"
+ },
+ {
+ "start": 71.76,
+ "end": 76.88,
+ "text": "give you a review of national industry reports and trends, a discussion of real estate issues"
+ },
+ {
+ "start": 76.88,
+ "end": 82.08,
+ "text": "such as local and national legislation, followed by a review of major deal and development"
+ },
+ {
+ "start": 82.08,
+ "end": 86.8,
+ "text": "news from around the US, and in some shows we will have our tech drive segment where"
+ },
+ {
+ "start": 86.8,
+ "end": 91.28,
+ "text": "I tell you about tech news, services, and websites, and then I will discuss recent and"
+ },
+ {
+ "start": 91.28,
+ "end": 97.12,
+ "text": "upcoming podcasts, webinars, events, and recordings of interest to the commercial real estate industry"
+ },
+ {
+ "start": 97.12,
+ "end": 99.04,
+ "text": "in our power segment."
+ },
+ {
+ "start": 99.04,
+ "end": 103.68,
+ "text": "Hopefully you will like what you hear, it is my goal to make these shows a profitable"
+ },
+ {
+ "start": 103.68,
+ "end": 105.52,
+ "text": "use of your time."
+ },
+ {
+ "start": 105.52,
+ "end": 109.68,
+ "text": "And I am confident we will accomplish that today as we have put together a show packed"
+ },
+ {
+ "start": 109.68,
+ "end": 113.78,
+ "text": "full of industry information that we think could help you in your business."
+ },
+ {
+ "start": 113.78,
+ "end": 118.0,
+ "text": "But before I start with the industry-wide markets reports segment, I want to give a huge"
+ },
+ {
+ "start": 118.0,
+ "end": 123.84,
+ "text": "thanks to our very first podcast sponsors, Capitol Rivers Commercial and Redwood Mortgage,"
+ },
+ {
+ "start": 123.84,
+ "end": 126.48,
+ "text": "who I will tell you about more later in the show."
+ },
+ {
+ "start": 126.48,
+ "end": 130.48,
+ "text": "I also again want to thank all of those who sent the very positive feedback about our"
+ },
+ {
+ "start": 130.48,
+ "end": 135.92,
+ "text": "new podcast and to those who sent constructive comments, which I do listen to as we try"
+ },
+ {
+ "start": 135.92,
+ "end": 141.44,
+ "text": "to craft this podcast to best serve our audience of very busy real estate professionals."
+ },
+ {
+ "start": 141.44,
+ "end": 146.88,
+ "text": "And in response to some of those, I will try to shorten these shows by alternating"
+ },
+ {
+ "start": 146.88,
+ "end": 152.16,
+ "text": "the tech drive segment and our legislative issue segment from different shows."
+ },
+ {
+ "start": 152.16,
+ "end": 156.0,
+ "text": "So I'll alternate one week we'll do the tech drive, one week we'll do the legislative"
+ },
+ {
+ "start": 156.0,
+ "end": 161.04,
+ "text": "issues and hopefully we'll cut the show length down a little bit."
+ },
+ {
+ "start": 161.04,
+ "end": 165.2,
+ "text": "So let's get into this next show, which I start with the economic and commercial real"
+ },
+ {
+ "start": 165.2,
+ "end": 167.72,
+ "text": "estate industry reports segment."
+ },
+ {
+ "start": 167.72,
+ "end": 171.32,
+ "text": "And I will note I'm taping this show against the backdrop of national news, which includes"
+ },
+ {
+ "start": 171.32,
+ "end": 176.84,
+ "text": "the DNC convention this past week and the Republicans starting theirs tomorrow, yet still"
+ },
+ {
+ "start": 176.84,
+ "end": 180.88,
+ "text": "no deal from Congress on a stimulus bill, which would include some continuance of"
+ },
+ {
+ "start": 180.88,
+ "end": 185.84,
+ "text": "unemployment payments to replace the $600 per week people were getting as well as some"
+ },
+ {
+ "start": 185.84,
+ "end": 187.32,
+ "text": "eviction protection."
+ },
+ {
+ "start": 187.32,
+ "end": 192.56,
+ "text": "So as of now, all we have at the national level for real estate assistance is the president's"
+ },
+ {
+ "start": 192.56,
+ "end": 197.96,
+ "text": "executive order providing $400 per week, but a hundred would come from the states."
+ },
+ {
+ "start": 197.96,
+ "end": 201.12,
+ "text": "And so far only Arizona started sending those out."
+ },
+ {
+ "start": 201.12,
+ "end": 204.88,
+ "text": "Of course, many real estate owners, especially in the multifamily sector focused on this"
+ },
+ {
+ "start": 204.88,
+ "end": 205.88,
+ "text": "issue."
+ },
+ {
+ "start": 205.88,
+ "end": 209.92,
+ "text": "But even more importantly, perhaps long term is that there's no discussion about how to"
+ },
+ {
+ "start": 209.92,
+ "end": 214.92,
+ "text": "deal with the issues arising between borrowers and lenders, especially in the CMBS arena,"
+ },
+ {
+ "start": 214.92,
+ "end": 220.08,
+ "text": "which could have more destructive consequences for the economy if not dealt with."
+ },
+ {
+ "start": 220.08,
+ "end": 223.88,
+ "text": "But there are bright spots in the economy, all things considered, such as the fact that"
+ },
+ {
+ "start": 223.88,
+ "end": 228.44,
+ "text": "weekly unemployment claims dropped below 1 million for the first time since March."
+ },
+ {
+ "start": 228.44,
+ "end": 232.72,
+ "text": "In addition, in recent economic reports I get from Wells Fargo economics, they conclude"
+ },
+ {
+ "start": 232.72,
+ "end": 238.54,
+ "text": "that most likely the hits experienced in employment in the lower spectrum of income on its own"
+ },
+ {
+ "start": 238.54,
+ "end": 244.12,
+ "text": "should not spill upward too badly to the higher earning spectrum of employment, thereby limiting"
+ },
+ {
+ "start": 244.12,
+ "end": 248.8,
+ "text": "the length and duration of the downturn and getting those lower level earners back to"
+ },
+ {
+ "start": 248.8,
+ "end": 250.02,
+ "text": "work sooner."
+ },
+ {
+ "start": 250.02,
+ "end": 254.04,
+ "text": "Of course, this assumes at some point in the foreseeable future that fears of the"
+ },
+ {
+ "start": 254.04,
+ "end": 259.34,
+ "text": "pandemic will ease and people will feel more comfortable patronizing restaurants, bars, theaters"
+ },
+ {
+ "start": 259.34,
+ "end": 260.84,
+ "text": "and offices again."
+ },
+ {
+ "start": 260.84,
+ "end": 266.32,
+ "text": "Now for retail sales, Wells Fargo noted that underlying components actually did much better"
+ },
+ {
+ "start": 266.32,
+ "end": 271.48,
+ "text": "than expected, which came out on the heels of an upward revision that lifted June's"
+ },
+ {
+ "start": 271.48,
+ "end": 273.96,
+ "text": "gain in this category to 6%."
+ },
+ {
+ "start": 273.96,
+ "end": 279.4,
+ "text": "And Wells Fargo's retail sales report offers the latest evidence of a V-shaped recovery"
+ },
+ {
+ "start": 279.4,
+ "end": 281.08,
+ "text": "in consumer goods spending."
+ },
+ {
+ "start": 281.08,
+ "end": 286.2,
+ "text": "However, they say to keep in mind that for the overall economy, outlays on services are"
+ },
+ {
+ "start": 286.2,
+ "end": 292.92,
+ "text": "roughly twice as large as for goods and the recovery in the services sector has been slower."
+ },
+ {
+ "start": 292.92,
+ "end": 297.44,
+ "text": "Now to information specific to the commercial real estate industry and of course everyone"
+ },
+ {
+ "start": 297.44,
+ "end": 300.72,
+ "text": "is trying to read the tea leaves to figure out what's happening in the various sector"
+ },
+ {
+ "start": 300.72,
+ "end": 304.36,
+ "text": "markets and what the dynamics will be going forward."
+ },
+ {
+ "start": 304.36,
+ "end": 308.72,
+ "text": "And to shed light on the different main sectors, I will refer to several recent reports I"
+ },
+ {
+ "start": 308.72,
+ "end": 312.84,
+ "text": "received this week as well as some articles from the past week that I'm looking at"
+ },
+ {
+ "start": 312.84,
+ "end": 318.16,
+ "text": "on my desk, starting with one we highlighted on our website, renttv.com, from Transwestern"
+ },
+ {
+ "start": 318.16,
+ "end": 323.12,
+ "text": "and Devincore, which in their mid-year market sentiment survey, they tallied responses from"
+ },
+ {
+ "start": 323.12,
+ "end": 327.9,
+ "text": "brokers across 43 North American markets on conditions in the office, medical office"
+ },
+ {
+ "start": 327.9,
+ "end": 329.56,
+ "text": "and industrial sectors."
+ },
+ {
+ "start": 329.56,
+ "end": 334.4,
+ "text": "They found that after a strong start in 2020, which we knew, the impacts of COVID on the"
+ },
+ {
+ "start": 334.4,
+ "end": 339.76,
+ "text": "commercial real estate industry became evident during the second quarter as the US office"
+ },
+ {
+ "start": 339.76,
+ "end": 347.88,
+ "text": "index averaged a very low 61.8 for the second half of 2020, signaling very weak market conditions"
+ },
+ {
+ "start": 347.88,
+ "end": 355.68,
+ "text": "falling well below the 100 neutral zone figure and the 106.9 registered a year in 2019 prior"
+ },
+ {
+ "start": 355.68,
+ "end": 358.0,
+ "text": "to the whole onset of the pandemic."
+ },
+ {
+ "start": 358.0,
+ "end": 361.5,
+ "text": "Of course, we all know that the sector is threatened from work from home strategies"
+ },
+ {
+ "start": 361.5,
+ "end": 367.24,
+ "text": "that work better than expected and offer cost saving alternatives to many tenants, increasing"
+ },
+ {
+ "start": 367.24,
+ "end": 369.96,
+ "text": "the possibility of space reductions in the future."
+ },
+ {
+ "start": 369.96,
+ "end": 375.12,
+ "text": "Now in the second quarter, 2020 net absorption registered negative 14.2 million square feet."
+ },
+ {
+ "start": 375.12,
+ "end": 380.92,
+ "text": "The first quarter and occupancy loss was recorded since the first three months of 2010 as most"
+ },
+ {
+ "start": 380.92,
+ "end": 386.36,
+ "text": "tenants paused decisions and that pushed the national office vacancy rate up 20 basis"
+ },
+ {
+ "start": 386.36,
+ "end": 389.44,
+ "text": "points to 10.1%."
+ },
+ {
+ "start": 389.44,
+ "end": 393.56,
+ "text": "Construction activity also slowed and ground breakings are expected to be limited over"
+ },
+ {
+ "start": 393.56,
+ "end": 399.2,
+ "text": "the next 12 months due to elevated unemployment and continued uncertainty about the future"
+ },
+ {
+ "start": 399.2,
+ "end": 400.76,
+ "text": "use of office space."
+ },
+ {
+ "start": 400.76,
+ "end": 405.46,
+ "text": "Now, sticking with the office sector, another report I got here by Moody's that we caught"
+ },
+ {
+ "start": 405.46,
+ "end": 410.22,
+ "text": "off a Globe Street article by Robert Sterace notes the world is figuring out how the new"
+ },
+ {
+ "start": 410.22,
+ "end": 414.72,
+ "text": "reality will play out in the office property sector, which already had been experiencing"
+ },
+ {
+ "start": 414.72,
+ "end": 420.0,
+ "text": "downward pressure on the usage intensity of office space even before COVID-19."
+ },
+ {
+ "start": 420.0,
+ "end": 424.0,
+ "text": "But now the shift towards individuals working remote because of the pandemic is expected"
+ },
+ {
+ "start": 424.0,
+ "end": 428.5,
+ "text": "to hit the office property sector, particularly hard in the coming years."
+ },
+ {
+ "start": 428.5,
+ "end": 435.22,
+ "text": "The Moody's report says effective rents will fall 10.4% nationally this year and as much"
+ },
+ {
+ "start": 435.22,
+ "end": 439.8,
+ "text": "as 21% in New York and other large markets."
+ },
+ {
+ "start": 439.8,
+ "end": 444.46,
+ "text": "Victor Collinog, head of commercial real estate economics at Moody's said many companies"
+ },
+ {
+ "start": 444.46,
+ "end": 448.96,
+ "text": "continue to push back returning to the office with some already planning to telecommute"
+ },
+ {
+ "start": 448.96,
+ "end": 450.82,
+ "text": "into 2021."
+ },
+ {
+ "start": 450.82,
+ "end": 454.58,
+ "text": "Whether the increased availability of remote working infrastructure will have long term"
+ },
+ {
+ "start": 454.58,
+ "end": 457.28,
+ "text": "effects on office demand remains to be seen."
+ },
+ {
+ "start": 457.28,
+ "end": 462.72,
+ "text": "However, the long term nature of office leases means that it may take some time for vacancy"
+ },
+ {
+ "start": 462.72,
+ "end": 465.68,
+ "text": "rates to reflect the real trend."
+ },
+ {
+ "start": 465.68,
+ "end": 473.24,
+ "text": "They forecast that US often see vacancy rate is expected to hit an historic high of 19.9%"
+ },
+ {
+ "start": 473.24,
+ "end": 480.7,
+ "text": "last year, surpassing the previous record high of 19.7% in 1991 and that is projected"
+ },
+ {
+ "start": 480.7,
+ "end": 484.12,
+ "text": "to hit 20% in 2022."
+ },
+ {
+ "start": 484.12,
+ "end": 488.52,
+ "text": "Moody's forecast for commercial real estate rents and vacancies we should know covers eight"
+ },
+ {
+ "start": 488.52,
+ "end": 493.88,
+ "text": "property types and more than 3,000 sub markets across the country."
+ },
+ {
+ "start": 493.88,
+ "end": 499.12,
+ "text": "I would say the office markets and I suppose multifamily markets too, which are the canaries"
+ },
+ {
+ "start": 499.12,
+ "end": 504.16,
+ "text": "in the coal mine for what may be coming are New York City and San Francisco with their"
+ },
+ {
+ "start": 504.16,
+ "end": 509.0,
+ "text": "high rental rates and myriad of underlying quality of life and tax issues."
+ },
+ {
+ "start": 509.0,
+ "end": 513.56,
+ "text": "And Laura Waxman in an article for the San Francisco Business Times reported that these"
+ },
+ {
+ "start": 513.56,
+ "end": 518.68,
+ "text": "issues are coming to a head with the reversal of fortunes in San Francisco's office market"
+ },
+ {
+ "start": 518.68,
+ "end": 523.4,
+ "text": "in the wake of years of skyrocketing growth and that this is creating a new dynamic"
+ },
+ {
+ "start": 523.4,
+ "end": 525.74,
+ "text": "for the city's real estate industry."
+ },
+ {
+ "start": 525.74,
+ "end": 531.22,
+ "text": "The office vacancy rate registered the fastest quarter over quarter increase among large"
+ },
+ {
+ "start": 531.22,
+ "end": 539.94,
+ "text": "downtowns nationwide, nearly doubling from 3.7% at year end 2019 to 6.6% in the second"
+ },
+ {
+ "start": 539.94,
+ "end": 543.34,
+ "text": "quarter this year, according to data from CBRE."
+ },
+ {
+ "start": 543.34,
+ "end": 548.42,
+ "text": "The economic pause induced by the pandemic impacted many occupancy decisions, resulting"
+ },
+ {
+ "start": 548.42,
+ "end": 553.54,
+ "text": "in what the firm says will be a tenant favorable market during the remainder of the year."
+ },
+ {
+ "start": 553.54,
+ "end": 557.82,
+ "text": "Now asking rents for space in downtown San Francisco that hit the market this month are"
+ },
+ {
+ "start": 557.82,
+ "end": 559.34,
+ "text": "dipping the new lows."
+ },
+ {
+ "start": 559.34,
+ "end": 564.5,
+ "text": "She notes a report by brokerage firm Newmark Night Frank that 87 net new sub leases have"
+ },
+ {
+ "start": 564.5,
+ "end": 569.82,
+ "text": "become available since March 1st, totaling 2.5 million square feet in the city's total"
+ },
+ {
+ "start": 569.82,
+ "end": 575.54,
+ "text": "sublease inventory is now about 6.5 million square feet, overwhelmingly comprised of"
+ },
+ {
+ "start": 575.54,
+ "end": 580.64,
+ "text": "tech spaces, new direct spaces over 10,000 square feet that have hit the market since"
+ },
+ {
+ "start": 580.64,
+ "end": 586.88,
+ "text": "July 20th, total almost 200,000 square feet and overall rents for direct office leases"
+ },
+ {
+ "start": 586.88,
+ "end": 593.08,
+ "text": "in the city have dropped by 4.9% to an average of $84 per square foot in the second quarter"
+ },
+ {
+ "start": 593.08,
+ "end": 597.28,
+ "text": "with more significant drops being felt in non-premium spaces."
+ },
+ {
+ "start": 597.28,
+ "end": 602.76,
+ "text": "Ms. Waxman provides several examples of new listings of B class space with asking rents"
+ },
+ {
+ "start": 602.76,
+ "end": 607.48,
+ "text": "in the 40 and 50s, numbers not seen in a long time in the city."
+ },
+ {
+ "start": 607.48,
+ "end": 611.32,
+ "text": "She notes from her discussions with brokers that it's still too early to say what the"
+ },
+ {
+ "start": 611.32,
+ "end": 617.2,
+ "text": "market re-pricing may be, and also that high rise premium tier one space may not see much"
+ },
+ {
+ "start": 617.2,
+ "end": 622.68,
+ "text": "of a price correction, noting that some trophy leases are still transacting at $100 a square"
+ },
+ {
+ "start": 622.68,
+ "end": 628.64,
+ "text": "foot, though with rent concessions such as free initial rent or high TIs, resulting average"
+ },
+ {
+ "start": 628.64,
+ "end": 633.08,
+ "text": "asking rents are landing still at a lofty $96 per square foot."
+ },
+ {
+ "start": 633.08,
+ "end": 638.2,
+ "text": "However, there is a lot of room to negotiate, so the real rents are probably going to be"
+ },
+ {
+ "start": 638.2,
+ "end": 640.0,
+ "text": "lower than that."
+ },
+ {
+ "start": 640.0,
+ "end": 645.4,
+ "text": "It should also be no surprise that brokers told her that there are so few deals actually"
+ },
+ {
+ "start": 645.4,
+ "end": 649.96,
+ "text": "happening that they are still trying to figure out where the actual pricing should be going"
+ },
+ {
+ "start": 649.96,
+ "end": 651.52,
+ "text": "forward."
+ },
+ {
+ "start": 651.52,
+ "end": 656.88,
+ "text": "Now expressing a more optimistic albeit contrarian view about the office sector is CBRE global"
+ },
+ {
+ "start": 656.88,
+ "end": 662.4,
+ "text": "chief economist Richard Barkham, who in a piece on Globe Street said he sees favorable"
+ },
+ {
+ "start": 662.4,
+ "end": 667.56,
+ "text": "signs for the office sector and the wider economy and that the trend towards remote"
+ },
+ {
+ "start": 667.56,
+ "end": 672.0,
+ "text": "work may be partially offset by decreased densification in offices."
+ },
+ {
+ "start": 672.0,
+ "end": 675.56,
+ "text": "He says he's optimistic about the long run outlook for the office sector in spite of"
+ },
+ {
+ "start": 675.56,
+ "end": 681.6,
+ "text": "businesses rapid adoption of technology that facilitates remote meetings and while the"
+ },
+ {
+ "start": 681.6,
+ "end": 685.96,
+ "text": "near term prospects for the asset class are dim, he's confident that demand will"
+ },
+ {
+ "start": 685.96,
+ "end": 690.56,
+ "text": "bounce back since it's where people meet, it's where creativity happens, where clients"
+ },
+ {
+ "start": 690.56,
+ "end": 695.28,
+ "text": "get helped and where we train and bring in younger people into the workforce and all"
+ },
+ {
+ "start": 695.28,
+ "end": 698.84,
+ "text": "those things are going to need to reestablish themselves."
+ },
+ {
+ "start": 698.84,
+ "end": 703.32,
+ "text": "However, Barkham does acknowledge that the flight away from full time office work for"
+ },
+ {
+ "start": 703.32,
+ "end": 708.56,
+ "text": "many is likely to be permanent while 63% of office employees travel to their workplace"
+ },
+ {
+ "start": 708.56,
+ "end": 711.64,
+ "text": "all the time before the virus."
+ },
+ {
+ "start": 711.64,
+ "end": 716.6,
+ "text": "Scientists now pin that number at between 20 and 25% by 2030."
+ },
+ {
+ "start": 716.6,
+ "end": 720.56,
+ "text": "We've had the wind behind us over the last 20 or 30 years, which is continual growth"
+ },
+ {
+ "start": 720.56,
+ "end": 725.36,
+ "text": "in the office sector, but Barkham said there is reason to hope that a readjustment in how"
+ },
+ {
+ "start": 725.36,
+ "end": 730.4,
+ "text": "space gets used could offset this trend towards reducing space as concerns about exposure"
+ },
+ {
+ "start": 730.4,
+ "end": 735.08,
+ "text": "to future pandemics result in the allocation of greater space to each employee."
+ },
+ {
+ "start": 735.08,
+ "end": 740.44,
+ "text": "Shifting sectors, Barkham noted that the outlook for data centers and logistic facilities"
+ },
+ {
+ "start": 740.44,
+ "end": 745.44,
+ "text": "is particularly robust at the moment and the coronavirus forcing more digital commerce"
+ },
+ {
+ "start": 745.44,
+ "end": 750.48,
+ "text": "going through our industrial and logistic sectors, which is very hot at the moment and"
+ },
+ {
+ "start": 750.48,
+ "end": 752.8,
+ "text": "looks likely to continue."
+ },
+ {
+ "start": 752.8,
+ "end": 756.88,
+ "text": "Looking at the big picture, Barkham believes that in spite of the US's struggles in responding"
+ },
+ {
+ "start": 756.88,
+ "end": 761.96,
+ "text": "to the coronavirus crisis, he is confident a generally available vaccine will be coming"
+ },
+ {
+ "start": 761.96,
+ "end": 767.84,
+ "text": "and so he thinks the outlook for 2021 is much better than people expect."
+ },
+ {
+ "start": 767.84,
+ "end": 769.32,
+ "text": "Let's hope so."
+ },
+ {
+ "start": 769.32,
+ "end": 774.88,
+ "text": "Now taking a closer look at the industrial sector, I will go back to that Transwestern"
+ },
+ {
+ "start": 774.88,
+ "end": 782.98,
+ "text": "Devon Corps mid-year report where the US industrial average 104.4 for the second half 2020 slightly"
+ },
+ {
+ "start": 782.98,
+ "end": 786.56,
+ "text": "above 100, which is considered flat conditions."
+ },
+ {
+ "start": 786.56,
+ "end": 793.04,
+ "text": "This is only slightly below the 116.2 registered at year end 2019 prior to the onset of the"
+ },
+ {
+ "start": 793.04,
+ "end": 794.04,
+ "text": "pandemic."
+ },
+ {
+ "start": 794.04,
+ "end": 798.2,
+ "text": "Now, according to the most recent US industrial market report, the industrial sector fared"
+ },
+ {
+ "start": 798.2,
+ "end": 801.2,
+ "text": "much better since the onset of the pandemic."
+ },
+ {
+ "start": 801.2,
+ "end": 806.28,
+ "text": "In the second quarter, the streak of occupancy gains continued into its 42nd quarter despite"
+ },
+ {
+ "start": 806.28,
+ "end": 811.68,
+ "text": "posting the lowest level in 10 years as industrial leasing activity recovered swiftly in May and"
+ },
+ {
+ "start": 811.68,
+ "end": 814.92,
+ "text": "June after dipping earlier in the year."
+ },
+ {
+ "start": 814.92,
+ "end": 820.56,
+ "text": "Rent growth also continued for the 34th straight quarter, increasing 39% during that period."
+ },
+ {
+ "start": 820.56,
+ "end": 825.64,
+ "text": "E-commerce, which accelerated during the pandemic, is primarily responsible, as we all know,"
+ },
+ {
+ "start": 825.64,
+ "end": 831.4,
+ "text": "for the strength of the industrial sector with online grocery purchases due to the economic"
+ },
+ {
+ "start": 831.4,
+ "end": 836.68,
+ "text": "shutdown, further fueling growth and manufacturing also contributing."
+ },
+ {
+ "start": 836.68,
+ "end": 842.24,
+ "text": "While the vacancy rate for industrial is slightly higher in the second quarter to 5.4%, Matt"
+ },
+ {
+ "start": 842.24,
+ "end": 847.08,
+ "text": "Dolly, director of research at Transwestern, noted that this was mainly due to new product"
+ },
+ {
+ "start": 847.08,
+ "end": 853.24,
+ "text": "deliveries and some subly space, but the industrial property sector will continue to"
+ },
+ {
+ "start": 853.24,
+ "end": 855.24,
+ "text": "flourish."
+ },
+ {
+ "start": 855.24,
+ "end": 859.76,
+ "text": "Following this evidence about industrial real estate, a report by Real Capital Analytics"
+ },
+ {
+ "start": 859.76,
+ "end": 866.36,
+ "text": "analyzed by Globe Street's Karen Sloan noted that many of us know as intuitively obvious,"
+ },
+ {
+ "start": 866.36,
+ "end": 870.72,
+ "text": "which is that online retail demand helped prop up second quarter industrial real estate"
+ },
+ {
+ "start": 870.72,
+ "end": 871.72,
+ "text": "sales."
+ },
+ {
+ "start": 871.72,
+ "end": 875.96,
+ "text": "Although industrial real estate sales were down naturally in the second quarter 2020,"
+ },
+ {
+ "start": 875.96,
+ "end": 880.2,
+ "text": "that decline was smaller than those experienced by other real estate sectors."
+ },
+ {
+ "start": 880.2,
+ "end": 884.54,
+ "text": "Demand for distribution warehouses were the pillar of industrial real estate deals, which"
+ },
+ {
+ "start": 884.54,
+ "end": 890.1,
+ "text": "totaled $11.1 billion in the second quarter, with a third of that deal volume comprised"
+ },
+ {
+ "start": 890.1,
+ "end": 896.02,
+ "text": "of distribution warehouses, a key part of online retail, which has flourished amid the"
+ },
+ {
+ "start": 896.02,
+ "end": 898.28,
+ "text": "COVID-19 pandemic."
+ },
+ {
+ "start": 898.28,
+ "end": 901.94,
+ "text": "The report offered a sampling of distribution warehouse sales in which either Amazon or"
+ },
+ {
+ "start": 901.94,
+ "end": 908.86,
+ "text": "FedEx or the Sultenants, the largest was the June $176 million sale at $150 per square"
+ },
+ {
+ "start": 908.86,
+ "end": 915.1,
+ "text": "foot of Wisconsin's Kenosha Enterprise Park, $1.5 million square foot distribution center"
+ },
+ {
+ "start": 915.1,
+ "end": 920.34,
+ "text": "rented by Amazon, which was bought by KKR Real Estate, which was also the buyer of"
+ },
+ {
+ "start": 920.34,
+ "end": 926.06,
+ "text": "another Amazon deal in June, paying $84 million to Morgan Stanley for a $1 million square"
+ },
+ {
+ "start": 926.06,
+ "end": 928.9,
+ "text": "foot distribution center in North Carolina."
+ },
+ {
+ "start": 928.9,
+ "end": 932.9,
+ "text": "Other distribution warehouses leased by Amazon that were sold in the second quarter include"
+ },
+ {
+ "start": 932.9,
+ "end": 939.22,
+ "text": "ones in Shakopee, Minnesota for nearly $119 million, North Las Vegas for $110 million,"
+ },
+ {
+ "start": 939.22,
+ "end": 942.36,
+ "text": "and Ocola, Florida for $58 million."
+ },
+ {
+ "start": 942.36,
+ "end": 946.7,
+ "text": "The FedEx properties it sold were smaller than the Amazon ones, which is more typical"
+ },
+ {
+ "start": 946.7,
+ "end": 951.48,
+ "text": "with smaller industrial properties, commanded higher price per square foot, but all three"
+ },
+ {
+ "start": 951.48,
+ "end": 956.94,
+ "text": "warehouse deals reported with FedEx as a tenant sold for more than $170 per square"
+ },
+ {
+ "start": 956.94,
+ "end": 962.98,
+ "text": "foot, compared to the second quarter average of $97 per square foot for typical single tenant"
+ },
+ {
+ "start": 962.98,
+ "end": 964.58,
+ "text": "warehouses in the US."
+ },
+ {
+ "start": 964.58,
+ "end": 969.46,
+ "text": "It noted a 270,000 square foot warehouse in Whitsitt, North Carolina, selling for nearly"
+ },
+ {
+ "start": 969.46,
+ "end": 975.22,
+ "text": "$48 million, or more than $176 per square foot, and an Ogden, Utah FedEx distribution"
+ },
+ {
+ "start": 975.22,
+ "end": 981.38,
+ "text": "center with the highest per square foot price at $185."
+ },
+ {
+ "start": 981.38,
+ "end": 986.1,
+ "text": "Shifting to retail, nothing in the news lately really points to anything but challenges and"
+ },
+ {
+ "start": 986.1,
+ "end": 988.58,
+ "text": "tremendous change coming for the sector."
+ },
+ {
+ "start": 988.58,
+ "end": 993.02,
+ "text": "And I will refer back to that Moody's analytics report that concluded retail property growth"
+ },
+ {
+ "start": 993.02,
+ "end": 997.98,
+ "text": "will fare worse than office, industrial, or multifamily properties, noting that effective"
+ },
+ {
+ "start": 997.98,
+ "end": 1003.54,
+ "text": "rents for retail properties are expected to drop by 11.1% this year, given the wide"
+ },
+ {
+ "start": 1003.54,
+ "end": 1008.22,
+ "text": "scale store closures and the rising threat to the sector posed by e-commerce."
+ },
+ {
+ "start": 1008.22,
+ "end": 1013.24,
+ "text": "Now in news from just the past few weeks demonstrating heightened retail challenges, as a result"
+ },
+ {
+ "start": 1013.24,
+ "end": 1018.68,
+ "text": "of the pandemic, we have the Wall Street Journal's August 12th story about Michelin-starred chef"
+ },
+ {
+ "start": 1018.68,
+ "end": 1023.44,
+ "text": "Thomas Keller shutting down his tack room restaurant in Hudson Yards, one of the highest"
+ },
+ {
+ "start": 1023.44,
+ "end": 1027.2,
+ "text": "profile closings to date due to the coronavirus pandemic."
+ },
+ {
+ "start": 1027.2,
+ "end": 1032.02,
+ "text": "The dining spot is a marquee attraction of the $25 billion complex, which was developed"
+ },
+ {
+ "start": 1032.02,
+ "end": 1034.6,
+ "text": "by Related and Oxford Properties Group."
+ },
+ {
+ "start": 1034.6,
+ "end": 1038.68,
+ "text": "This comes after Neiman Marcus announced it was closing its location there."
+ },
+ {
+ "start": 1038.68,
+ "end": 1042.96,
+ "text": "Then we got the bankruptcy announcement from CBL and Associates Properties, one of the"
+ },
+ {
+ "start": 1042.96,
+ "end": 1048.12,
+ "text": "country's largest mall owners, which was founded in the 1970s and based in Chattanooga,"
+ },
+ {
+ "start": 1048.12,
+ "end": 1052.8,
+ "text": "Tennessee, which announced as part of its BK filing coming in October, that it did reach"
+ },
+ {
+ "start": 1052.8,
+ "end": 1056.14,
+ "text": "a debt for equity deal with its bondholders."
+ },
+ {
+ "start": 1056.14,
+ "end": 1060.56,
+ "text": "And in the category of desperate times call for desperate measures, Simon Property Group,"
+ },
+ {
+ "start": 1060.56,
+ "end": 1065.24,
+ "text": "another one of America's largest shopping mall landlords, is becoming one of its main"
+ },
+ {
+ "start": 1065.24,
+ "end": 1071.36,
+ "text": "tenants with deals underway to buy JCPenney's with Brooksfield, as well as on its own buying"
+ },
+ {
+ "start": 1071.36,
+ "end": 1076.92,
+ "text": "Brooks Brothers and Lucky Brands out of bankruptcy, and the company led by CEO David Simon is"
+ },
+ {
+ "start": 1076.92,
+ "end": 1082.16,
+ "text": "looking at leasing some of its empty department store space to Amazon of all companies for"
+ },
+ {
+ "start": 1082.16,
+ "end": 1087.04,
+ "text": "last mile fulfillment and drop off centers, along with perhaps some walk in retail."
+ },
+ {
+ "start": 1087.04,
+ "end": 1093.64,
+ "text": "Hey, with the occupancy rate at Simon Properties at its lowest level in a decade, you got"
+ },
+ {
+ "start": 1093.64,
+ "end": 1095.08,
+ "text": "to get creative."
+ },
+ {
+ "start": 1095.08,
+ "end": 1099.9,
+ "text": "And as Mr. Simon was quoted as saying, there's just nothing out there that says you can't"
+ },
+ {
+ "start": 1099.9,
+ "end": 1104.34,
+ "text": "make smart investments outside of your core business, end quote."
+ },
+ {
+ "start": 1104.34,
+ "end": 1108.1,
+ "text": "Now especially if your core business is in the dumper."
+ },
+ {
+ "start": 1108.1,
+ "end": 1113.02,
+ "text": "Moving to multifamily, where everyone is focused on those rent collection stats, especially"
+ },
+ {
+ "start": 1113.02,
+ "end": 1117.94,
+ "text": "with the end of many pandemic aid subsidies, and a report by property management software"
+ },
+ {
+ "start": 1117.94,
+ "end": 1124.06,
+ "text": "company, Rent Tech Direct, found that rent payments in August were down 29% year over"
+ },
+ {
+ "start": 1124.06,
+ "end": 1130.3,
+ "text": "year and 12% in the last five months, signaling that the expiration of federal aid to offset"
+ },
+ {
+ "start": 1130.3,
+ "end": 1134.3,
+ "text": "economic hardship due to the pandemic has a high cost."
+ },
+ {
+ "start": 1134.3,
+ "end": 1138.98,
+ "text": "So far until now, according to the National Multifamily Housing Council, apartment rental"
+ },
+ {
+ "start": 1138.98,
+ "end": 1143.54,
+ "text": "payments are holding up fairly well, at least for now as their rent payment tracker"
+ },
+ {
+ "start": 1143.54,
+ "end": 1149.98,
+ "text": "reported that 79.3% of surveyed households made a full or partial payment by August 6."
+ },
+ {
+ "start": 1149.98,
+ "end": 1158.82,
+ "text": "That's slightly better than last month's 77.4% and just shy of the August 2019 level of 81.2."
+ },
+ {
+ "start": 1158.82,
+ "end": 1163.22,
+ "text": "As Scott Graham reported for Globe Street, the National Multifamily Housing Chair David"
+ },
+ {
+ "start": 1163.22,
+ "end": 1168.58,
+ "text": "Schwartz, who is also CEO of Chicago-based Waterman, said that this is due to the enhanced"
+ },
+ {
+ "start": 1168.58,
+ "end": 1173.42,
+ "text": "unemployment benefits enacted under the CARES Act and significant steps by apartment owners"
+ },
+ {
+ "start": 1173.42,
+ "end": 1175.9,
+ "text": "and operators to help their residents."
+ },
+ {
+ "start": 1175.9,
+ "end": 1179.46,
+ "text": "These unemployment benefits that are proven so important to so many households have now"
+ },
+ {
+ "start": 1179.46,
+ "end": 1184.26,
+ "text": "lapsed, meaning greater financial distress for millions and the potential worsening of"
+ },
+ {
+ "start": 1184.26,
+ "end": 1186.98,
+ "text": "America's housing affordability crisis."
+ },
+ {
+ "start": 1186.98,
+ "end": 1191.66,
+ "text": "The rent tracker covers 11.4 million units of professionally managed apartments across"
+ },
+ {
+ "start": 1191.66,
+ "end": 1194.5,
+ "text": "the country of varying size and rental prices."
+ },
+ {
+ "start": 1194.5,
+ "end": 1198.46,
+ "text": "The article noted that most of the market's stress has been on the more upscale end of"
+ },
+ {
+ "start": 1198.46,
+ "end": 1199.9,
+ "text": "the apartment segment."
+ },
+ {
+ "start": 1199.9,
+ "end": 1204.42,
+ "text": "For those renters who lost their jobs, even enhanced unemployment benefits aren't covering"
+ },
+ {
+ "start": 1204.42,
+ "end": 1207.26,
+ "text": "their income needs and those high rents."
+ },
+ {
+ "start": 1207.26,
+ "end": 1211.14,
+ "text": "Many in some gateway international cities such as Manhattan, Chicago, San Francisco,"
+ },
+ {
+ "start": 1211.14,
+ "end": 1216.18,
+ "text": "LA and Miami have set several percentage points during the traditionally strong summer leasing"
+ },
+ {
+ "start": 1216.18,
+ "end": 1220.34,
+ "text": "season reflecting unparalleled stress in that segment."
+ },
+ {
+ "start": 1220.34,
+ "end": 1224.3,
+ "text": "Highlighting that point, I'm looking at a Wall Street Journal article by Katherine"
+ },
+ {
+ "start": 1224.3,
+ "end": 1230.42,
+ "text": "Billy on August 15th describing how tech employees are now starting to flee San Francisco"
+ },
+ {
+ "start": 1230.42,
+ "end": 1234.86,
+ "text": "since many aren't working in their offices anymore and the cost and quality of life"
+ },
+ {
+ "start": 1234.86,
+ "end": 1237.76,
+ "text": "issues are completely out of whack there."
+ },
+ {
+ "start": 1237.76,
+ "end": 1241.58,
+ "text": "She pointed to several examples of people leaving the city for far away places such as"
+ },
+ {
+ "start": 1241.58,
+ "end": 1248.9,
+ "text": "Houston, Wisconsin and North Carolina but also to closer markets such as SACDO and Oakland."
+ },
+ {
+ "start": 1248.9,
+ "end": 1253.06,
+ "text": "Now for some info on how all this shakes out in the capital markets and according to"
+ },
+ {
+ "start": 1253.06,
+ "end": 1258.1,
+ "text": "the Mortgage Bankers Association, commercial and multifamily loan volumes are expected"
+ },
+ {
+ "start": 1258.1,
+ "end": 1266.5,
+ "text": "to decrease by 40% in 2020 compared to 2019 when originations topped $600 billion, the"
+ },
+ {
+ "start": 1266.5,
+ "end": 1269.5,
+ "text": "peak since the last global financial crisis."
+ },
+ {
+ "start": 1269.5,
+ "end": 1273.9,
+ "text": "The group reports that lenders have mainly been focused on managing delinquencies and"
+ },
+ {
+ "start": 1273.9,
+ "end": 1276.3,
+ "text": "mitigating defaults of current loans."
+ },
+ {
+ "start": 1276.3,
+ "end": 1280.74,
+ "text": "Nonetheless, for the most part, multifamily office and industrial loans are performing"
+ },
+ {
+ "start": 1280.74,
+ "end": 1285.62,
+ "text": "well and staying current as rent collections have remained strong in those sectors which"
+ },
+ {
+ "start": 1285.62,
+ "end": 1288.82,
+ "text": "so far has prevented a wave of delinquencies."
+ },
+ {
+ "start": 1288.82,
+ "end": 1293.02,
+ "text": "And for those looking for deals, the association noted that in this low interest rate"
+ },
+ {
+ "start": 1293.02,
+ "end": 1298.26,
+ "text": "environment, there will be ample capital and competition for quality multifamily and"
+ },
+ {
+ "start": 1298.26,
+ "end": 1303.58,
+ "text": "industrial properties, more selective for office and certainly for retail and challenging"
+ },
+ {
+ "start": 1303.58,
+ "end": 1307.6,
+ "text": "for the hospitality sector until the market can find its footing."
+ },
+ {
+ "start": 1307.6,
+ "end": 1312.12,
+ "text": "With healthy rent collections and apartment office and industrial assets, lenders are getting"
+ },
+ {
+ "start": 1312.12,
+ "end": 1314.86,
+ "text": "comfortable with new loan originations."
+ },
+ {
+ "start": 1314.86,
+ "end": 1319.46,
+ "text": "In the first stage of the crisis, the CMBS market was completely frozen due to a lack"
+ },
+ {
+ "start": 1319.46,
+ "end": 1323.68,
+ "text": "of liquidity in the bond market, but conduit lenders have eased back into the market with"
+ },
+ {
+ "start": 1323.68,
+ "end": 1327.24,
+ "text": "new issuance and more efficient pricing."
+ },
+ {
+ "start": 1327.24,
+ "end": 1332.18,
+ "text": "And it's no surprise that the stats show retail and hospitality properties are much"
+ },
+ {
+ "start": 1332.18,
+ "end": 1334.62,
+ "text": "more exposed to defaulting loans."
+ },
+ {
+ "start": 1334.62,
+ "end": 1340.14,
+ "text": "The data clearly shows the stress has been in the retail and hospitality sectors as expected,"
+ },
+ {
+ "start": 1340.14,
+ "end": 1347.42,
+ "text": "though those assets only made up collectively 13% of total originations in 2019."
+ },
+ {
+ "start": 1347.42,
+ "end": 1351.98,
+ "text": "Now after a sharp uptick in delinquencies in April and May in the hotel sector, delinquency"
+ },
+ {
+ "start": 1351.98,
+ "end": 1357.08,
+ "text": "rates leveled off in June as some leisure travel returned."
+ },
+ {
+ "start": 1357.08,
+ "end": 1364.52,
+ "text": "Now CBRE's recently released lending momentum index corroborated MBAs reports, noting the"
+ },
+ {
+ "start": 1364.52,
+ "end": 1368.4,
+ "text": "temporary freeze in commercial real estate lending and transactions in March through"
+ },
+ {
+ "start": 1368.4,
+ "end": 1373.68,
+ "text": "early April led to fewer loan closings in the second quarter as their index, which tracks"
+ },
+ {
+ "start": 1373.68,
+ "end": 1380.4,
+ "text": "the pace of US commercial loan closings, fell 29.3% from its first quarter close and down"
+ },
+ {
+ "start": 1380.4,
+ "end": 1383.38,
+ "text": "over 20% from a year ago."
+ },
+ {
+ "start": 1383.38,
+ "end": 1387.88,
+ "text": "It reported that loan credit stress quickly emerged in the retail and hotel sectors during"
+ },
+ {
+ "start": 1387.88,
+ "end": 1396.04,
+ "text": "the pandemic lockdown, pushing the overall CMBS delinquency rate up to 6.37% in June"
+ },
+ {
+ "start": 1396.04,
+ "end": 1399.48,
+ "text": "up from 1.24% in March."
+ },
+ {
+ "start": 1399.48,
+ "end": 1404.0,
+ "text": "June delinquencies varied substantially by property type with hotel and retail, as we've"
+ },
+ {
+ "start": 1404.0,
+ "end": 1405.68,
+ "text": "noted faring the worst."
+ },
+ {
+ "start": 1405.68,
+ "end": 1410.76,
+ "text": "However, the report did note that the market saw better liquidity later in the quarter and"
+ },
+ {
+ "start": 1410.76,
+ "end": 1416.24,
+ "text": "multifamily agency and certain industrial deals were bright spots, while other sectors suffered"
+ },
+ {
+ "start": 1416.24,
+ "end": 1421.64,
+ "text": "from selectivity and the withdrawal of commercial mortgage backed securities and alternative sources"
+ },
+ {
+ "start": 1421.64,
+ "end": 1422.92,
+ "text": "of capital."
+ },
+ {
+ "start": 1422.92,
+ "end": 1427.44,
+ "text": "Now Brian Staufers, who serves as global president of debt and structured finance for capital"
+ },
+ {
+ "start": 1427.44,
+ "end": 1433.32,
+ "text": "markets at CBRE and is also the 2020 chairman for the Mortgage Bankers Association, said"
+ },
+ {
+ "start": 1433.32,
+ "end": 1438.66,
+ "text": "that while there has been a steady improvement in the number of loan applications over the"
+ },
+ {
+ "start": 1438.66,
+ "end": 1444.48,
+ "text": "past five weeks, he anticipates that commercial mortgage markets will remain muted over the"
+ },
+ {
+ "start": 1444.48,
+ "end": 1450.88,
+ "text": "near term, especially for retail and hospitality properties, as well as value added deals which"
+ },
+ {
+ "start": 1450.88,
+ "end": 1454.56,
+ "text": "face the greatest underwriting challenges."
+ },
+ {
+ "start": 1454.56,
+ "end": 1459.12,
+ "text": "Speaking of underwriting, they report that loan underwriting measures have changed only"
+ },
+ {
+ "start": 1459.12,
+ "end": 1461.0,
+ "text": "modestly during the quarter."
+ },
+ {
+ "start": 1461.0,
+ "end": 1467.28,
+ "text": "The average LTV ratio fell, while the average debt service coverage ratio and debt yield"
+ },
+ {
+ "start": 1467.28,
+ "end": 1468.28,
+ "text": "rose."
+ },
+ {
+ "start": 1468.28,
+ "end": 1473.0,
+ "text": "The average amortization rate fell, reflecting a higher percentage of loans carrying either"
+ },
+ {
+ "start": 1473.0,
+ "end": 1475.88,
+ "text": "partial or full term interest only."
+ },
+ {
+ "start": 1475.88,
+ "end": 1479.76,
+ "text": "Now in the near term, they say underwriting will likely remain conservative due to current"
+ },
+ {
+ "start": 1479.76,
+ "end": 1484.64,
+ "text": "economic conditions and environmental challenges due to the pandemic."
+ },
+ {
+ "start": 1484.64,
+ "end": 1486.8,
+ "text": "That is for sure."
+ },
+ {
+ "start": 1486.8,
+ "end": 1491.96,
+ "text": "And now we have a message from a sponsor of our show, Capital Rivers Commercial, led by"
+ },
+ {
+ "start": 1491.96,
+ "end": 1497.16,
+ "text": "Greg Aguirre, who want to make sure that in case you haven't heard, there's a massive"
+ },
+ {
+ "start": 1497.16,
+ "end": 1502.94,
+ "text": "tax increase on the ballot in November targeted at owners and renters of commercial real estate."
+ },
+ {
+ "start": 1502.94,
+ "end": 1508.68,
+ "text": "If that's you, then you need to be well aware of Proposition 15 and the team at Capital"
+ },
+ {
+ "start": 1508.68,
+ "end": 1512.38,
+ "text": "Rivers Commercial can tell you all about it."
+ },
+ {
+ "start": 1512.38,
+ "end": 1517.56,
+ "text": "For most commercial properties in California, Prop 15 would end the highly priced taxpayer"
+ },
+ {
+ "start": 1517.56,
+ "end": 1522.62,
+ "text": "protections that have been afforded by Prop 13 for more than 40 years."
+ },
+ {
+ "start": 1522.62,
+ "end": 1526.28,
+ "text": "You can look it up online, but if you want to really understand and prepare for it,"
+ },
+ {
+ "start": 1526.28,
+ "end": 1531.12,
+ "text": "you'll want to talk to an expert like Greg and his team of experts at Capital Rivers."
+ },
+ {
+ "start": 1531.12,
+ "end": 1535.52,
+ "text": "If you'd like to see more, check out their Prop 15 landing page on their website at"
+ },
+ {
+ "start": 1535.52,
+ "end": 1538.08,
+ "text": "CapitalRivers.com."
+ },
+ {
+ "start": 1538.08,
+ "end": 1540.84,
+ "text": "These are not your typical real estate brokers."
+ },
+ {
+ "start": 1540.84,
+ "end": 1545.56,
+ "text": "Work with the best, work with Capital Rivers."
+ },
+ {
+ "start": 1545.56,
+ "end": 1550.96,
+ "text": "In this segment of the show, I typically discuss real estate issues, such as things like legislation"
+ },
+ {
+ "start": 1550.96,
+ "end": 1554.44,
+ "text": "regionally or nationally, as well as executive moves."
+ },
+ {
+ "start": 1554.44,
+ "end": 1559.0,
+ "text": "But in this show, I want to note the passing of industry icon Gerald D. Hines, founder"
+ },
+ {
+ "start": 1559.0,
+ "end": 1563.32,
+ "text": "and chairman of the preeminent real estate firm Hines, who passed away peacefully at"
+ },
+ {
+ "start": 1563.32,
+ "end": 1566.24,
+ "text": "his home on Sunday, August 23rd."
+ },
+ {
+ "start": 1566.24,
+ "end": 1571.2,
+ "text": "In Gary, Indiana in 1925, he recently celebrated his 95th birthday."
+ },
+ {
+ "start": 1571.2,
+ "end": 1575.28,
+ "text": "The news was announced today by his son, Jeffrey C. Hines, who has been running the firm as"
+ },
+ {
+ "start": 1575.28,
+ "end": 1579.72,
+ "text": "president and now assumes the role of chairman and CEO of the company."
+ },
+ {
+ "start": 1579.72,
+ "end": 1584.14,
+ "text": "Mr. Hines was widely regarded and honored as a visionary in the industry."
+ },
+ {
+ "start": 1584.14,
+ "end": 1590.04,
+ "text": "He transformed an entrepreneurial startup established in Houston in 1957 into an international"
+ },
+ {
+ "start": 1590.04,
+ "end": 1594.7,
+ "text": "powerhouse renowned for developing, owning and managing some of the world's most recognizable"
+ },
+ {
+ "start": 1594.7,
+ "end": 1596.58,
+ "text": "architectural landmarks."
+ },
+ {
+ "start": 1596.58,
+ "end": 1603.42,
+ "text": "With more than 4,800 employees, Hines today is active in 225 cities and 25 countries."
+ },
+ {
+ "start": 1603.42,
+ "end": 1611.7,
+ "text": "It has 165 developments currently underway and has redeveloped or acquired 1,426 properties,"
+ },
+ {
+ "start": 1611.7,
+ "end": 1614.42,
+ "text": "totaling over 472 million square feet."
+ },
+ {
+ "start": 1614.42,
+ "end": 1622.26,
+ "text": "And its current property and asset management portfolio has 576 properties with over 246"
+ },
+ {
+ "start": 1622.26,
+ "end": 1623.42,
+ "text": "million square feet."
+ },
+ {
+ "start": 1623.98,
+ "end": 1629.94,
+ "text": "Mr. Hines was revered for his ability to enhance urban landscapes and add lasting value to communities"
+ },
+ {
+ "start": 1629.94,
+ "end": 1634.22,
+ "text": "through innovative design concepts and the highest possible standards of quality, which"
+ },
+ {
+ "start": 1634.22,
+ "end": 1637.5,
+ "text": "set the benchmark for excellence throughout the industry."
+ },
+ {
+ "start": 1637.5,
+ "end": 1642.5,
+ "text": "He believed that memorable design by prominent architects could garner commercial success"
+ },
+ {
+ "start": 1642.5,
+ "end": 1645.86,
+ "text": "and he was a leader in the push for sustainability."
+ },
+ {
+ "start": 1645.86,
+ "end": 1651.86,
+ "text": "Significant projects include 53rd and 3rd, the lipstick building in New York City, 101"
+ },
+ {
+ "start": 1651.86,
+ "end": 1658.22,
+ "text": "California in San Fran, 191 Peach Tree in Atlanta, three first national plaza in Chicago"
+ },
+ {
+ "start": 1658.22,
+ "end": 1664.42,
+ "text": "and several in Houston, such as One Shell Plaza, the Galleria and Williams Tower."
+ },
+ {
+ "start": 1664.42,
+ "end": 1669.58,
+ "text": "Mr. Hines graduated from Purdue University with a degree in mechanical engineering,"
+ },
+ {
+ "start": 1669.58,
+ "end": 1674.9,
+ "text": "later received honorary doctorates from Purdue and the University of Houston."
+ },
+ {
+ "start": 1674.9,
+ "end": 1679.34,
+ "text": "Among his proudest accomplishments is the Gerald D. Hines College of Architecture at"
+ },
+ {
+ "start": 1679.34,
+ "end": 1681.46,
+ "text": "the University of Houston."
+ },
+ {
+ "start": 1681.46,
+ "end": 1687.1,
+ "text": "He is survived by his wife Barbara, four children, 15 grandchildren and one great grandson."
+ },
+ {
+ "start": 1687.1,
+ "end": 1691.92,
+ "text": "He will be laid to rest in a private family ceremony in Aspen, Colorado and a celebration"
+ },
+ {
+ "start": 1691.92,
+ "end": 1697.06,
+ "text": "of his life will be held at a future date when it is safe to get together."
+ },
+ {
+ "start": 1697.06,
+ "end": 1699.3,
+ "text": "Rest in peace Mr. Hines."
+ },
+ {
+ "start": 1699.3,
+ "end": 1703.46,
+ "text": "Now let me tell you about another sponsor of the show, Redwood Mortgage."
+ },
+ {
+ "start": 1703.46,
+ "end": 1708.58,
+ "text": "Redwood Mortgage is a direct portfolio lender providing loans on commercial office, industrial,"
+ },
+ {
+ "start": 1708.58,
+ "end": 1713.62,
+ "text": "multi-family mixed use and residential investment properties in California."
+ },
+ {
+ "start": 1713.62,
+ "end": 1720.42,
+ "text": "In business for over 42 years, Redwood Mortgage is established, trusted and well capitalized."
+ },
+ {
+ "start": 1720.42,
+ "end": 1734.34,
+ "text": "A good place to go when the banks say no, call Redwood Mortgage at 800-659-6593 or redwoodmortgage.com."
+ },
+ {
+ "start": 1734.34,
+ "end": 1738.22,
+ "text": "Now it's time to get into our real estate version of the Sports Highlight Reel with"
+ },
+ {
+ "start": 1738.22,
+ "end": 1743.02,
+ "text": "our very exciting rent TV round up of major deal and development news from around the"
+ },
+ {
+ "start": 1743.02,
+ "end": 1744.18,
+ "text": "U.S."
+ },
+ {
+ "start": 1744.18,
+ "end": 1748.78,
+ "text": "And as I normally do, I'll start on the east coast and head west."
+ },
+ {
+ "start": 1748.78,
+ "end": 1754.98,
+ "text": "Starting in Philly, where developer Parkway Corp. has obtained $187 million in financing"
+ },
+ {
+ "start": 1754.98,
+ "end": 1762.34,
+ "text": "for its 305,000 square foot class A office ground up development project at 2222 Market"
+ },
+ {
+ "start": 1762.34,
+ "end": 1765.18,
+ "text": "Street in the Center City neighborhood."
+ },
+ {
+ "start": 1765.18,
+ "end": 1770.34,
+ "text": "As Holly Dutton reported for commercial property executive Parkway, which is based in Philly,"
+ },
+ {
+ "start": 1770.34,
+ "end": 1775.38,
+ "text": "got the construction and mezzanine financing for the 19 story office building through Meridian"
+ },
+ {
+ "start": 1775.38,
+ "end": 1779.82,
+ "text": "Capital Group who negotiated the financing on behalf of Parkway."
+ },
+ {
+ "start": 1779.82,
+ "end": 1784.34,
+ "text": "The senior loan was provided by Balance Sheet lenders and the mezzanine loan and equity"
+ },
+ {
+ "start": 1784.34,
+ "end": 1786.32,
+ "text": "were provided by Acore."
+ },
+ {
+ "start": 1786.32,
+ "end": 1791.36,
+ "text": "The tower, designed by architecture firm Gensler, is being constructed to achieve LEED, gold"
+ },
+ {
+ "start": 1791.36,
+ "end": 1797.36,
+ "text": "and fitwell certifications and global law firm Morgan Lewis Embakias has signed on as"
+ },
+ {
+ "start": 1797.36,
+ "end": 1801.92,
+ "text": "the anchor tenant at the property, which will feature tenant amenities, including a fitness"
+ },
+ {
+ "start": 1801.92,
+ "end": 1806.92,
+ "text": "center, underground parking garage, penthouse and rooftop terraces and high ceilings with"
+ },
+ {
+ "start": 1806.92,
+ "end": 1809.0,
+ "text": "floor to ceiling glass."
+ },
+ {
+ "start": 1809.0,
+ "end": 1811.92,
+ "text": "Parkway is expected to begin development this fall."
+ },
+ {
+ "start": 1811.92,
+ "end": 1815.76,
+ "text": "Miss Dutton noted that Parkway is one of several developers currently building office"
+ },
+ {
+ "start": 1815.76,
+ "end": 1817.2,
+ "text": "projects in Philly."
+ },
+ {
+ "start": 1817.2,
+ "end": 1824.0,
+ "text": "These include tower investments, who is developing 400 North Broad Street, a 526,000 square foot"
+ },
+ {
+ "start": 1824.0,
+ "end": 1828.96,
+ "text": "office redevelopment project, also in Center City, that's expected to be completed in"
+ },
+ {
+ "start": 1828.96,
+ "end": 1835.16,
+ "text": "January 2021 and will transform the former Philadelphia Inquirer building into the new"
+ },
+ {
+ "start": 1835.16,
+ "end": 1838.36,
+ "text": "headquarters for the Philadelphia Police Department."
+ },
+ {
+ "start": 1838.36,
+ "end": 1844.64,
+ "text": "And nearby in University City in that neighborhood, a joint venture between the University Science"
+ },
+ {
+ "start": 1844.64,
+ "end": 1853.76,
+ "text": "Center, Ventos and Wexford Science and Technology is developing one U City Square, a $280 million"
+ },
+ {
+ "start": 1853.76,
+ "end": 1858.56,
+ "text": "office and lab facility that broke out earlier this year and is scheduled to be completed"
+ },
+ {
+ "start": 1858.56,
+ "end": 1860.52,
+ "text": "in December 2021."
+ },
+ {
+ "start": 1860.52,
+ "end": 1865.04,
+ "text": "The project is the latest phase of the U City Square knowledge community, a research"
+ },
+ {
+ "start": 1865.04,
+ "end": 1867.56,
+ "text": "medical and life sciences campus."
+ },
+ {
+ "start": 1867.56,
+ "end": 1873.8,
+ "text": "Next, heading south to Delray Beach, Florida, Cortland Partners, LLC, an Atlanta based"
+ },
+ {
+ "start": 1873.8,
+ "end": 1882.6,
+ "text": "multifamily developer and investor, paid about $74 million or $260,000 per unit for"
+ },
+ {
+ "start": 1882.6,
+ "end": 1887.96,
+ "text": "a 284 unit complex that was built only three years ago."
+ },
+ {
+ "start": 1887.96,
+ "end": 1892.2,
+ "text": "In the deal, which closed in July, Cortland bought the complex from Wood Real Estate"
+ },
+ {
+ "start": 1892.2,
+ "end": 1898.36,
+ "text": "Investors LLC, an LLC that is part of Wood Partners, the national Atlanta based multifamily"
+ },
+ {
+ "start": 1898.36,
+ "end": 1903.68,
+ "text": "developer and investor, which developed the property in 2017."
+ },
+ {
+ "start": 1903.68,
+ "end": 1909.04,
+ "text": "As reported by Lydia Dinkova for Globe Street, the property was recently renamed as Cortland"
+ },
+ {
+ "start": 1909.04,
+ "end": 1915.32,
+ "text": "Delray Station and consists of seven buildings on 12 acres located northwest of Interstate"
+ },
+ {
+ "start": 1915.32,
+ "end": 1919.16,
+ "text": "95 and Atlantic Avenue on Depot Avenue."
+ },
+ {
+ "start": 1919.16,
+ "end": 1924.76,
+ "text": "And it was 95% occupied at the time of sale, according to CoStar Group, with rents ranging"
+ },
+ {
+ "start": 1924.76,
+ "end": 1931.2,
+ "text": "from about $13.89 a month for smaller one bedrooms up to $21.55 for the three bedrooms,"
+ },
+ {
+ "start": 1931.2,
+ "end": 1933.36,
+ "text": "according to the apartment website."
+ },
+ {
+ "start": 1933.36,
+ "end": 1938.88,
+ "text": "Now, moving west to the Nashville area, to Lebanon, Tennessee, where Duke Realty, the"
+ },
+ {
+ "start": 1938.88,
+ "end": 1945.2,
+ "text": "large industrial developer, has refilled a recently vacated space at its Park 840 West"
+ },
+ {
+ "start": 1945.2,
+ "end": 1951.44,
+ "text": "14-840 Logistics Building, bringing it to full occupancy by signing a new lease of"
+ },
+ {
+ "start": 1951.44,
+ "end": 1958.08,
+ "text": "approximately 208,000 square feet with Optoro, Inc., a temp company that creates software"
+ },
+ {
+ "start": 1958.08,
+ "end": 1962.32,
+ "text": "which helps retailers manage excess and return to inventory."
+ },
+ {
+ "start": 1962.32,
+ "end": 1966.36,
+ "text": "As Scott Baltic, reporter for Commercial Property Executive, the tenant will use the class A"
+ },
+ {
+ "start": 1966.36,
+ "end": 1971.72,
+ "text": "location as its flagship returns processing and R&D facility."
+ },
+ {
+ "start": 1971.72,
+ "end": 1978.68,
+ "text": "The building, which was built in 2006, contains a total of approximately 654,000 square feet"
+ },
+ {
+ "start": 1978.68,
+ "end": 1984.64,
+ "text": "and is located at 14840 Central Pike east of downtown Nashville and very close to the"
+ },
+ {
+ "start": 1984.64,
+ "end": 1990.24,
+ "text": "interchange of I-840 and Highway 109-265."
+ },
+ {
+ "start": 1990.24,
+ "end": 1995.6,
+ "text": "Cushman and Wakefield was the property's listing broker and JLL rep the tenant."
+ },
+ {
+ "start": 1995.6,
+ "end": 2000.08,
+ "text": "To give you some market info, the Metro Nashville warehouse distribution market remained strong"
+ },
+ {
+ "start": 2000.08,
+ "end": 2004.44,
+ "text": "despite the pandemic, according to a second-quarter report from JLL."
+ },
+ {
+ "start": 2004.44,
+ "end": 2010.6,
+ "text": "Year-to-date net absorption was nearly 2.2 million square feet on an inventory of 155"
+ },
+ {
+ "start": 2010.6,
+ "end": 2017.08,
+ "text": "million square feet and direct asking rents continued to climb, reaching $5.07 per square"
+ },
+ {
+ "start": 2017.08,
+ "end": 2019.32,
+ "text": "foot as of the second quarter."
+ },
+ {
+ "start": 2019.32,
+ "end": 2024.12,
+ "text": "A little more than 4.2 million square feet of space was under construction, while total"
+ },
+ {
+ "start": 2024.12,
+ "end": 2029.68,
+ "text": "vacancy was only 3.2% and trending down."
+ },
+ {
+ "start": 2029.68,
+ "end": 2036.16,
+ "text": "Heading north to Chicago, the big news there is that the JV, comprised of Schmo, SHVO,"
+ },
+ {
+ "start": 2036.16,
+ "end": 2043.76,
+ "text": "and Deutsche Finance America, has completed its $376 million acquisition of 333 South"
+ },
+ {
+ "start": 2043.76,
+ "end": 2055.8,
+ "text": "Wabash, a 45-story, 1.2 million square foot office skyscraper in the city which is known"
+ },
+ {
+ "start": 2055.8,
+ "end": 2059.2,
+ "text": "as Big Red, formerly CNA Center."
+ },
+ {
+ "start": 2059.2,
+ "end": 2064.26,
+ "text": "AIG and Goldman Sachs provided financing for the purchase, which was first announced in"
+ },
+ {
+ "start": 2064.26,
+ "end": 2070.98,
+ "text": "January and divides out to about $313 per square foot."
+ },
+ {
+ "start": 2070.98,
+ "end": 2076.42,
+ "text": "As Pavel Kazukou reported in Commercial Property Executive, the sellers were the John Buck"
+ },
+ {
+ "start": 2076.42,
+ "end": 2083.06,
+ "text": "Company and Morgan Stanley, which paid $108 million for the iconic tower in 2016."
+ },
+ {
+ "start": 2083.06,
+ "end": 2090.06,
+ "text": "In 2018, Brookfield Asset Management provided the partnership with a $195 million loan,"
+ },
+ {
+ "start": 2090.06,
+ "end": 2094.12,
+ "text": "which financed major capital improvements on the building the following year."
+ },
+ {
+ "start": 2094.12,
+ "end": 2100.12,
+ "text": "The property, located one block from Grant Park in the Loop, was completed in 1973 and"
+ },
+ {
+ "start": 2100.12,
+ "end": 2108.4,
+ "text": "amenities include childcare facilities, auditorium with 250 seats, tenant lounges, a food hall"
+ },
+ {
+ "start": 2108.4,
+ "end": 2109.86,
+ "text": "and fitness center."
+ },
+ {
+ "start": 2109.86,
+ "end": 2114.24,
+ "text": "The high rise is home to a diverse mix of tenants, including the Chicago Housing Authority,"
+ },
+ {
+ "start": 2114.24,
+ "end": 2118.6,
+ "text": "Northern Trust, and the former namesake, CNA."
+ },
+ {
+ "start": 2118.6,
+ "end": 2126.56,
+ "text": "Moving down to Dallas, Texas, VREIT and Ocean West Capital Partners LLC have acquired a 2.3"
+ },
+ {
+ "start": 2126.56,
+ "end": 2133.72,
+ "text": "million square foot distribution and warehouse facility in Dallas for about $247 million"
+ },
+ {
+ "start": 2133.72,
+ "end": 2139.6,
+ "text": "or about $107 per square foot from North Point Development, which developed the asset"
+ },
+ {
+ "start": 2139.6,
+ "end": 2141.88,
+ "text": "and will be part of the joint venture."
+ },
+ {
+ "start": 2141.88,
+ "end": 2148.84,
+ "text": "As Gao Kalinowski from Commercial Property Executive reported, the facility, located 9314"
+ },
+ {
+ "start": 2148.84,
+ "end": 2155.04,
+ "text": "West Jefferson Boulevard, is fully leased by an investment-grade home improvement retailer."
+ },
+ {
+ "start": 2155.04,
+ "end": 2160.64,
+ "text": "CBRE National Partners represented the parties in the disposition and the transaction."
+ },
+ {
+ "start": 2160.64,
+ "end": 2165.8,
+ "text": "The acquisition is part of VREIT's industrial partnership with Korea Investment and Securities"
+ },
+ {
+ "start": 2165.8,
+ "end": 2168.98,
+ "text": "Company, which is advised by Ocean West."
+ },
+ {
+ "start": 2168.98,
+ "end": 2175.96,
+ "text": "This partnership started in May 2019 and focuses on the acquisition of single-tenant industrial"
+ },
+ {
+ "start": 2175.96,
+ "end": 2180.58,
+ "text": "assets under long-term leases to industrial-grade tenants."
+ },
+ {
+ "start": 2180.58,
+ "end": 2184.54,
+ "text": "This is the seventh property acquired for the portfolio, which now has approximately"
+ },
+ {
+ "start": 2184.54,
+ "end": 2188.1,
+ "text": "$654 million in assets."
+ },
+ {
+ "start": 2188.1,
+ "end": 2193.06,
+ "text": "VREIT, which is a Phoenix-based full-service operating company, owns and manages one of"
+ },
+ {
+ "start": 2193.06,
+ "end": 2199.78,
+ "text": "the largest portfolios of single-tenant commercial properties in the U.S., now valued at $14.7"
+ },
+ {
+ "start": 2199.78,
+ "end": 2207.02,
+ "text": "billion with 3,800 properties and 88.9 million square feet of space."
+ },
+ {
+ "start": 2207.02,
+ "end": 2212.1,
+ "text": "Heading out to the West Coast, to the great little city of Culver City, which is surrounded"
+ },
+ {
+ "start": 2212.1,
+ "end": 2220.38,
+ "text": "by the city of Los Angeles, Northwood investors paid $120 million or $417 per square foot"
+ },
+ {
+ "start": 2220.38,
+ "end": 2226.94,
+ "text": "to Norton LifeLock for the 288,000-square-foot office building in 900-corporate point with"
+ },
+ {
+ "start": 2226.94,
+ "end": 2232.06,
+ "text": "a seller-occupied space, and actually the seller was the developer of the building when"
+ },
+ {
+ "start": 2232.06,
+ "end": 2238.04,
+ "text": "the company was called Symantec prior to its name change to Norton LifeLock after Broadcom"
+ },
+ {
+ "start": 2238.04,
+ "end": 2242.62,
+ "text": "acquired part of Symantec's software business."
+ },
+ {
+ "start": 2242.62,
+ "end": 2247.02,
+ "text": "The company will stay in two floors of the five-story building under a seven-year lease."
+ },
+ {
+ "start": 2247.02,
+ "end": 2249.86,
+ "text": "Bushman and Wakefield brokered the sale transaction."
+ },
+ {
+ "start": 2249.86,
+ "end": 2254.54,
+ "text": "Northwood is an active investor on the west side of L.A., owning three of the properties"
+ },
+ {
+ "start": 2254.54,
+ "end": 2259.78,
+ "text": "in the area, West L.A.'s Triton Center Office Campus, the London West Hollywood Hotel,"
+ },
+ {
+ "start": 2259.78,
+ "end": 2263.98,
+ "text": "and about 19 acres of undeveloped land in Playa Vista."
+ },
+ {
+ "start": 2263.98,
+ "end": 2269.22,
+ "text": "Moving down to the Orange County city of Irvine, Panasonic Avionics, the maker of in-flight"
+ },
+ {
+ "start": 2269.22,
+ "end": 2273.94,
+ "text": "entertainment systems for airlines, plans to relocate its corporate headquarters from"
+ },
+ {
+ "start": 2273.94,
+ "end": 2279.74,
+ "text": "its long-time base in Lake Forest to Irvine after inking the largest office lease reported"
+ },
+ {
+ "start": 2279.74,
+ "end": 2286.02,
+ "text": "in Orange County this year, signing a nearly 260,000-square-foot headquarters lease at"
+ },
+ {
+ "start": 2286.02,
+ "end": 2289.42,
+ "text": "LBA Realty's Park Place in Irvine."
+ },
+ {
+ "start": 2289.42,
+ "end": 2295.22,
+ "text": "The consolidation deal covers multiple buildings at the 2.2 million-square-foot office campus"
+ },
+ {
+ "start": 2295.22,
+ "end": 2301.42,
+ "text": "at Michelson Drive and Jamboree Road, right along the San Diego 405 freeway, where Panasonic"
+ },
+ {
+ "start": 2301.42,
+ "end": 2306.86,
+ "text": "Avionics will house corporate engineering production and administrative operations."
+ },
+ {
+ "start": 2306.86,
+ "end": 2311.66,
+ "text": "Brokers from Seville represented the tenant, while a team of brokers from CBRE and Cushman"
+ },
+ {
+ "start": 2311.66,
+ "end": 2317.48,
+ "text": "and Wakefield repped LBA, the OC-based owner of office and industrial properties led by"
+ },
+ {
+ "start": 2317.48,
+ "end": 2320.34,
+ "text": "Phil Belling and Steve Layton."
+ },
+ {
+ "start": 2320.34,
+ "end": 2325.82,
+ "text": "Our next and last stop on our deal roundup takes us to the beautiful Torrey Pines area"
+ },
+ {
+ "start": 2325.82,
+ "end": 2331.54,
+ "text": "along the coast in San Diego County near La Jolla, where Alexandria Real Estate Equities,"
+ },
+ {
+ "start": 2331.54,
+ "end": 2338.52,
+ "text": "the major owner of biotech office and lab properties, paid $97.5 million to the National"
+ },
+ {
+ "start": 2338.52,
+ "end": 2344.34,
+ "text": "University System for the point at Torrey Pines, consisting of two office buildings that"
+ },
+ {
+ "start": 2344.34,
+ "end": 2352.74,
+ "text": "the seller occupies, totaling 139,000 square feet, located at 11255 and 11355 North Torrey"
+ },
+ {
+ "start": 2352.74,
+ "end": 2359.54,
+ "text": "Pines Road, on an 11-acre site that's roughly midway between the Pacific Ocean and the I-5"
+ },
+ {
+ "start": 2359.54,
+ "end": 2360.54,
+ "text": "Freeway."
+ },
+ {
+ "start": 2360.54,
+ "end": 2365.62,
+ "text": "The property is occupied by the National University System and National University's two building"
+ },
+ {
+ "start": 2365.62,
+ "end": 2371.62,
+ "text": "headquarters and is located in San Diego's top biotech and life sciences sub-market."
+ },
+ {
+ "start": 2371.62,
+ "end": 2376.38,
+ "text": "The property, the beautiful property, provides unobstructed panoramic views of the Pacific"
+ },
+ {
+ "start": 2376.38,
+ "end": 2380.3,
+ "text": "Ocean and Torrey Pines Reserve, and it's just across the street from the prestigious"
+ },
+ {
+ "start": 2380.3,
+ "end": 2386.54,
+ "text": "Torrey Pines Golf Course and just a few miles from the University Town Center area with"
+ },
+ {
+ "start": 2386.54,
+ "end": 2393.38,
+ "text": "such prestigious research institutes as Scripps Research, Sanford Consortium, Salk Institute"
+ },
+ {
+ "start": 2393.38,
+ "end": 2395.26,
+ "text": "and UC San Diego."
+ },
+ {
+ "start": 2395.26,
+ "end": 2400.74,
+ "text": "A team from CBRE represented the seller National University System, which is a veteran-founded"
+ },
+ {
+ "start": 2400.74,
+ "end": 2407.86,
+ "text": "non-profit university with over 28 campuses around the world."
+ },
+ {
+ "start": 2407.86,
+ "end": 2410.18,
+ "text": "And that's it for our deal roundup."
+ },
+ {
+ "start": 2410.18,
+ "end": 2414.66,
+ "text": "Now it's time to zip along the tech drive, where we discuss the various combinations"
+ },
+ {
+ "start": 2414.66,
+ "end": 2420.06,
+ "text": "of real estate and technology, such as new websites and services, and now as a result"
+ },
+ {
+ "start": 2420.06,
+ "end": 2423.74,
+ "text": "of the COVID pandemic, new tools to help with that."
+ },
+ {
+ "start": 2423.74,
+ "end": 2429.3,
+ "text": "And the subject of this segment, financial tech startup Till, certainly can play a role"
+ },
+ {
+ "start": 2429.3,
+ "end": 2436.1,
+ "text": "in that since it is a platform to help property managers and owners manage unusual arrangements,"
+ },
+ {
+ "start": 2436.1,
+ "end": 2441.82,
+ "text": "such as tenants paying partial rent, a common scenario now, and the company received $8"
+ },
+ {
+ "start": 2441.82,
+ "end": 2450.58,
+ "text": "million in seed funding, wow, I'm so jealous, and they got that from VC firms Route 66 Ventures,"
+ },
+ {
+ "start": 2450.58,
+ "end": 2454.34,
+ "text": "Metaprop and NextGen Venture Partners."
+ },
+ {
+ "start": 2454.34,
+ "end": 2458.14,
+ "text": "The company Exact said it will use the money to continue its growth and to attract new"
+ },
+ {
+ "start": 2458.14,
+ "end": 2460.14,
+ "text": "landlords and renters as users."
+ },
+ {
+ "start": 2460.14,
+ "end": 2464.98,
+ "text": "The company's flexible rent platform lets renters set up a customized payment schedule"
+ },
+ {
+ "start": 2464.98,
+ "end": 2468.58,
+ "text": "that better lines up with their individual cashflow situations."
+ },
+ {
+ "start": 2468.58,
+ "end": 2472.8,
+ "text": "And the goal is to help them to become more consistent on-time payers, avoid late fees"
+ },
+ {
+ "start": 2472.8,
+ "end": 2474.58,
+ "text": "and certainly evictions."
+ },
+ {
+ "start": 2474.58,
+ "end": 2478.82,
+ "text": "Now more renters are making partial payments, as I said, and tech like this could make"
+ },
+ {
+ "start": 2478.82,
+ "end": 2483.1,
+ "text": "it easier for property managers to manage unusual arrangements."
+ },
+ {
+ "start": 2483.1,
+ "end": 2487.98,
+ "text": "As the COVID-19 pandemic continues to spread across the country, mass unemployment and other"
+ },
+ {
+ "start": 2487.98,
+ "end": 2492.78,
+ "text": "economic fallout is threatening to push those numbers even higher, said Till founder"
+ },
+ {
+ "start": 2492.78,
+ "end": 2495.3,
+ "text": "and CEO David Sullivan."
+ },
+ {
+ "start": 2495.3,
+ "end": 2500.94,
+ "text": "The company is headquartered in Washington, D.C. and the service is available in 170 properties"
+ },
+ {
+ "start": 2500.94,
+ "end": 2506.46,
+ "text": "in 14 U.S. states comprising 30,000 units, and they have partnerships with several major"
+ },
+ {
+ "start": 2506.46,
+ "end": 2509.12,
+ "text": "real estate owners and property management companies."
+ },
+ {
+ "start": 2509.12,
+ "end": 2514.78,
+ "text": "The PR that went out quoted Les Menkes, managing partner of Acre, one of Till's clients who"
+ },
+ {
+ "start": 2514.78,
+ "end": 2518.96,
+ "text": "said that the service has completely altered the way they approach rent collection and"
+ },
+ {
+ "start": 2518.96,
+ "end": 2522.84,
+ "text": "more importantly, improve their fundamental relationship with residents."
+ },
+ {
+ "start": 2522.84,
+ "end": 2527.2,
+ "text": "By taking a more personalized approach with each of their units, they've been able to"
+ },
+ {
+ "start": 2527.2,
+ "end": 2532.24,
+ "text": "significantly reduce turnover at their buildings and get a more comprehensive, accurate view"
+ },
+ {
+ "start": 2532.24,
+ "end": 2534.12,
+ "text": "of their revenue stream."
+ },
+ {
+ "start": 2534.12,
+ "end": 2537.96,
+ "text": "They've also been able to avoid imposing penalties on their renters, putting them in"
+ },
+ {
+ "start": 2537.96,
+ "end": 2544.44,
+ "text": "better financial health and ensuring better long-term stability to their business."
+ },
+ {
+ "start": 2544.44,
+ "end": 2549.08,
+ "text": "For our next stop on the tech drive, I will report about the recent podcast from real"
+ },
+ {
+ "start": 2549.08,
+ "end": 2554.92,
+ "text": "estate tech VC firm Fifth Wall, thereby making this news piece a crossover with our next"
+ },
+ {
+ "start": 2554.92,
+ "end": 2558.24,
+ "text": "power segment about podcasts and webinars."
+ },
+ {
+ "start": 2558.24,
+ "end": 2562.96,
+ "text": "Fifth Wall led by the dashing and debonair Brendan Wallace, located not too far from"
+ },
+ {
+ "start": 2562.96,
+ "end": 2568.24,
+ "text": "me in the marina, produces a series of podcasts I've mentioned here before called Fly on"
+ },
+ {
+ "start": 2568.24,
+ "end": 2573.18,
+ "text": "the Wall, where Mr. Wallace and sometimes other partners in the firm have very compelling"
+ },
+ {
+ "start": 2573.18,
+ "end": 2577.42,
+ "text": "conversations with leaders in the real estate and real estate tech industries."
+ },
+ {
+ "start": 2577.42,
+ "end": 2583.18,
+ "text": "You can find these on their website, and in their last two episodes, both dropped in the"
+ },
+ {
+ "start": 2583.18,
+ "end": 2589.38,
+ "text": "past two weeks, Brandon interviews Jeremy Waxman, president of Zillow, about recent macro trends"
+ },
+ {
+ "start": 2589.38,
+ "end": 2593.48,
+ "text": "in the housing capital markets, both pandemic related and otherwise."
+ },
+ {
+ "start": 2593.48,
+ "end": 2598.46,
+ "text": "They cover the digitization of the home buying and selling process, predictions for the future"
+ },
+ {
+ "start": 2598.46,
+ "end": 2604.28,
+ "text": "of iBuying and Zillow's vision for an always-on tech-enabled real estate market."
+ },
+ {
+ "start": 2604.28,
+ "end": 2610.02,
+ "text": "Another episode features Fifth Wall partner Vic Challa interviewing Lucas Haldeman, CEO"
+ },
+ {
+ "start": 2610.02,
+ "end": 2616.5,
+ "text": "and founder of Fifth Wall portfolio company SmartRent, to discuss the future of home automation."
+ },
+ {
+ "start": 2616.5,
+ "end": 2621.46,
+ "text": "Lucas explains how the work-from-home era has catalyzed a shift in the digitization"
+ },
+ {
+ "start": 2621.46,
+ "end": 2624.38,
+ "text": "of homes and rental properties."
+ },
+ {
+ "start": 2624.38,
+ "end": 2627.02,
+ "text": "Very interesting podcast there."
+ },
+ {
+ "start": 2627.02,
+ "end": 2632.2,
+ "text": "Another crossover for our tech drive and power segments is provided by RealCom, the real estate"
+ },
+ {
+ "start": 2632.2,
+ "end": 2639.06,
+ "text": "tech news and conference company, which is having its RealCom slash IBcon 2020 event on"
+ },
+ {
+ "start": 2639.06,
+ "end": 2645.7,
+ "text": "October 28th through October 30th, and it will hopefully combine on-site and online components."
+ },
+ {
+ "start": 2645.7,
+ "end": 2648.84,
+ "text": "Part of the event is scheduled to be held at the Marriott Gaylord Rockies Resort and"
+ },
+ {
+ "start": 2648.84,
+ "end": 2652.62,
+ "text": "Convention Center in Aurora, Colorado, just outside Denver."
+ },
+ {
+ "start": 2652.62,
+ "end": 2655.82,
+ "text": "The newly built world-class resort will provide a state-of-the-art environment for"
+ },
+ {
+ "start": 2655.82,
+ "end": 2657.98,
+ "text": "a safe and productive event."
+ },
+ {
+ "start": 2657.98,
+ "end": 2662.86,
+ "text": "In addition to the on-site event, RealCom IBcon will be introducing an engaging and highly"
+ },
+ {
+ "start": 2662.86,
+ "end": 2665.82,
+ "text": "interactive virtual conference component."
+ },
+ {
+ "start": 2665.82,
+ "end": 2670.06,
+ "text": "RealCom, led by Jim Young, is a leader in this space, so we expect it will be a valuable"
+ },
+ {
+ "start": 2670.06,
+ "end": 2672.9,
+ "text": "conference either online or in person."
+ },
+ {
+ "start": 2672.9,
+ "end": 2677.66,
+ "text": "Find out more and register at realcom.com."
+ },
+ {
+ "start": 2677.66,
+ "end": 2681.46,
+ "text": "And now let's fully dive into our power segment, where I tell you about podcasts,"
+ },
+ {
+ "start": 2681.46,
+ "end": 2684.2,
+ "text": "webinars, events and recordings for the industry."
+ },
+ {
+ "start": 2684.2,
+ "end": 2688.6,
+ "text": "Edit Power, and I will start by telling you about new episodes of some real estate"
+ },
+ {
+ "start": 2688.6,
+ "end": 2694.88,
+ "text": "podcasts I'm a fan of, starting with one called Teague Talks, T-E-A-G-U-E, where"
+ },
+ {
+ "start": 2694.88,
+ "end": 2700.4,
+ "text": "Hunter Hotel Advisor CEO Teague Hunter, based out of Atlanta, conducts very interesting"
+ },
+ {
+ "start": 2700.4,
+ "end": 2704.28,
+ "text": "informative conversations with various leaders in the hotel sector."
+ },
+ {
+ "start": 2704.28,
+ "end": 2709.16,
+ "text": "And in his latest episode, he talks with Navin Diamond, chairman and CEO of Stone"
+ },
+ {
+ "start": 2709.16,
+ "end": 2714.04,
+ "text": "Bridge Companies, about how Mr. Diamond became an accidental hotelier and what"
+ },
+ {
+ "start": 2714.12,
+ "end": 2718.48,
+ "text": "he learned from previous recessions that will help in the current environment."
+ },
+ {
+ "start": 2718.48,
+ "end": 2722.92,
+ "text": "Another series of podcasts I've started tuning into is by DLC Management Company,"
+ },
+ {
+ "start": 2722.92,
+ "end": 2727.08,
+ "text": "a retail investment and management company out of Elmsford, New York, that has a"
+ },
+ {
+ "start": 2727.08,
+ "end": 2731.24,
+ "text": "series called Retail Retold, where they talk mainly with the real estate"
+ },
+ {
+ "start": 2731.24,
+ "end": 2735.48,
+ "text": "decision makers of major retail tenants to tell the story of and explore the"
+ },
+ {
+ "start": 2735.48,
+ "end": 2737.8,
+ "text": "ins and outs of retail deal making."
+ },
+ {
+ "start": 2737.8,
+ "end": 2741.2,
+ "text": "They have done like 40 of these podcasts and they're good."
+ },
+ {
+ "start": 2741.2,
+ "end": 2746.52,
+ "text": "The latest is with Adam Williams, partner at Legacy Real Estate Advisors and host of"
+ },
+ {
+ "start": 2746.52,
+ "end": 2751.64,
+ "text": "his own show called Retail Redevelop Podcast, and he talks with host Chris"
+ },
+ {
+ "start": 2751.64,
+ "end": 2755.88,
+ "text": "Reza about his very first deal and how getting just one deal under your belt"
+ },
+ {
+ "start": 2755.88,
+ "end": 2758.72,
+ "text": "can make all the difference when it comes to opening doors and getting"
+ },
+ {
+ "start": 2758.72,
+ "end": 2762.4,
+ "text": "unexpected opportunities that can accelerate your career."
+ },
+ {
+ "start": 2762.4,
+ "end": 2765.84,
+ "text": "That's a great story for anyone struggling to make a deal happen or who's"
+ },
+ {
+ "start": 2765.84,
+ "end": 2769.24,
+ "text": "thinking about leaving the commercial real estate business."
+ },
+ {
+ "start": 2769.24,
+ "end": 2773.68,
+ "text": "The next podcast video I recommend watching, and I always recommend these, is"
+ },
+ {
+ "start": 2773.68,
+ "end": 2778.2,
+ "text": "the latest installment of Walker Dunlop CEO Willie Walker's weekly Walker"
+ },
+ {
+ "start": 2778.2,
+ "end": 2783.12,
+ "text": "Wednesday discussion where Mr. Walker first spends a few must-see minutes"
+ },
+ {
+ "start": 2783.12,
+ "end": 2786.88,
+ "text": "discussing the latest in the real estate and financing industry, as well"
+ },
+ {
+ "start": 2786.88,
+ "end": 2791.28,
+ "text": "as legislation that's pending, and then has a very high level interview,"
+ },
+ {
+ "start": 2791.28,
+ "end": 2794.04,
+ "text": "generally with high level folks in the real estate industry."
+ },
+ {
+ "start": 2794.04,
+ "end": 2797.64,
+ "text": "So it's usually related to real estate, but his latest episode, while still"
+ },
+ {
+ "start": 2797.64,
+ "end": 2802.48,
+ "text": "very interesting, is more about politics, as his guest was David Ignatius,"
+ },
+ {
+ "start": 2802.48,
+ "end": 2806.4,
+ "text": "associate editor and foreign affairs columnist for the Washington Post,"
+ },
+ {
+ "start": 2806.4,
+ "end": 2809.44,
+ "text": "who has the pulse of all the major moves being made within the"
+ },
+ {
+ "start": 2809.44,
+ "end": 2811.96,
+ "text": "international affairs community."
+ },
+ {
+ "start": 2811.96,
+ "end": 2815.92,
+ "text": "Next, as for upcoming webinars and events, on September 14th through"
+ },
+ {
+ "start": 2815.92,
+ "end": 2819.56,
+ "text": "September 25th will be Marcus and Millichap's Northern California"
+ },
+ {
+ "start": 2819.56,
+ "end": 2823.64,
+ "text": "multifamily forum where they answer the question, which way is up,"
+ },
+ {
+ "start": 2823.64,
+ "end": 2826.64,
+ "text": "discussing the challenges and obstacles to the California apartment"
+ },
+ {
+ "start": 2826.64,
+ "end": 2830.32,
+ "text": "industry, which have never been greater, but that also means there is"
+ },
+ {
+ "start": 2830.32,
+ "end": 2832.68,
+ "text": "hidden opportunity for smart players."
+ },
+ {
+ "start": 2832.68,
+ "end": 2836.04,
+ "text": "The reimagined all-digital online conference format they put on in"
+ },
+ {
+ "start": 2836.04,
+ "end": 2840.72,
+ "text": "conjunction with Green Pearl spans 10 weekdays from September 14th to"
+ },
+ {
+ "start": 2840.72,
+ "end": 2845.2,
+ "text": "the 25th, and it's been organized in brief, easy to consume portions to"
+ },
+ {
+ "start": 2845.2,
+ "end": 2849.24,
+ "text": "minimize disruption to your work and personal life with six panels held"
+ },
+ {
+ "start": 2849.24,
+ "end": 2850.8,
+ "text": "on separate days."
+ },
+ {
+ "start": 2850.8,
+ "end": 2854.6,
+ "text": "So join live to interact directly with the speakers, and they have a ton of"
+ },
+ {
+ "start": 2854.6,
+ "end": 2859.04,
+ "text": "speakers through the Q&A feature or view the recordings on your own time."
+ },
+ {
+ "start": 2859.04,
+ "end": 2862.48,
+ "text": "Either way, don't miss the limited group networking opportunities that will"
+ },
+ {
+ "start": 2862.48,
+ "end": 2866.72,
+ "text": "allow you to connect with your peers directly, forging new connections or"
+ },
+ {
+ "start": 2866.72,
+ "end": 2868.8,
+ "text": "re-establishing existing ones."
+ },
+ {
+ "start": 2868.8,
+ "end": 2872.96,
+ "text": "The cost is $99 for the live online ticket, but there is a discount code,"
+ },
+ {
+ "start": 2872.96,
+ "end": 2876.76,
+ "text": "which is Green Pearl, which will get you a 50% discount."
+ },
+ {
+ "start": 2876.76,
+ "end": 2881.6,
+ "text": "The next online event to inform you of is the IMN Distress Hotel"
+ },
+ {
+ "start": 2881.6,
+ "end": 2884.96,
+ "text": "virtual forum, taking place on September 15th."
+ },
+ {
+ "start": 2884.96,
+ "end": 2889.0,
+ "text": "This full-fledged virtual event will be complete with multiple panel sessions,"
+ },
+ {
+ "start": 2889.0,
+ "end": 2892.76,
+ "text": "exhibits, networking, online chatting, meeting rooms, and more."
+ },
+ {
+ "start": 2892.76,
+ "end": 2896.6,
+ "text": "Interest has been strong, given the timely nature of this topic,"
+ },
+ {
+ "start": 2896.6,
+ "end": 2900.8,
+ "text": "and their recent Distress Hotel webcast had over 1200 registrants."
+ },
+ {
+ "start": 2900.8,
+ "end": 2904.08,
+ "text": "There are limited amount of complimented registrations available for"
+ },
+ {
+ "start": 2904.08,
+ "end": 2905.44,
+ "text": "this virtual event."
+ },
+ {
+ "start": 2905.44,
+ "end": 2911.12,
+ "text": "For more info, go to www.imn.org slash real estate."
+ },
+ {
+ "start": 2911.12,
+ "end": 2914.16,
+ "text": "And to update you on a few events that were planned for in-person,"
+ },
+ {
+ "start": 2914.16,
+ "end": 2917.92,
+ "text": "given the continued issues with the virus, they are now going all virtual,"
+ },
+ {
+ "start": 2917.92,
+ "end": 2921.88,
+ "text": "starting with Globe Streets or RealShares, NetLease conference,"
+ },
+ {
+ "start": 2921.88,
+ "end": 2925.2,
+ "text": "which was going to take place at the Marriott Marquee and Times Square."
+ },
+ {
+ "start": 2925.2,
+ "end": 2929.48,
+ "text": "But now it is just online on September 17th and October 1st,"
+ },
+ {
+ "start": 2929.48,
+ "end": 2933.08,
+ "text": "but the virtual conference will continue to capture face-to-face interactions"
+ },
+ {
+ "start": 2933.08,
+ "end": 2936.64,
+ "text": "and superior networking, as well as executive level discussions"
+ },
+ {
+ "start": 2936.64,
+ "end": 2940.04,
+ "text": "with the very best in the NetLease sector."
+ },
+ {
+ "start": 2940.04,
+ "end": 2942.2,
+ "text": "It will feature live keynote presentations,"
+ },
+ {
+ "start": 2942.2,
+ "end": 2945.2,
+ "text": "exclusive access to their speaking faculty,"
+ },
+ {
+ "start": 2945.2,
+ "end": 2948.64,
+ "text": "dedicated video networking with their sponsors and deal-makings,"
+ },
+ {
+ "start": 2948.64,
+ "end": 2952.48,
+ "text": "access to a library of pre-recorded content, and a lot more."
+ },
+ {
+ "start": 2952.48,
+ "end": 2955.24,
+ "text": "They say that nobody is offering a way to connect,"
+ },
+ {
+ "start": 2955.24,
+ "end": 2957.48,
+ "text": "like this year's Globe Street,"
+ },
+ {
+ "start": 2957.48,
+ "end": 2962.0,
+ "text": "attend for only $99 and register at globestreet.com."
+ },
+ {
+ "start": 2962.0,
+ "end": 2964.36,
+ "text": "Also making the decision to cancel the in-person event"
+ },
+ {
+ "start": 2964.36,
+ "end": 2966.48,
+ "text": "and go only digital was crittenden,"
+ },
+ {
+ "start": 2966.56,
+ "end": 2970.6,
+ "text": "whose Real Estate Finance conference is now being combined"
+ },
+ {
+ "start": 2970.6,
+ "end": 2972.76,
+ "text": "with their multifamily conference,"
+ },
+ {
+ "start": 2972.76,
+ "end": 2975.44,
+ "text": "and it was scheduled for September 16th through the 18th"
+ },
+ {
+ "start": 2975.44,
+ "end": 2977.48,
+ "text": "at the Mandarin Oriental Miami,"
+ },
+ {
+ "start": 2977.48,
+ "end": 2980.6,
+ "text": "but now they are both all virtual and the date is moved"
+ },
+ {
+ "start": 2980.6,
+ "end": 2983.08,
+ "text": "to October 5th through October 7th."
+ },
+ {
+ "start": 2983.08,
+ "end": 2985.64,
+ "text": "Note the date change and the fact it's combined"
+ },
+ {
+ "start": 2985.64,
+ "end": 2987.32,
+ "text": "with the multifamily conference."
+ },
+ {
+ "start": 2987.32,
+ "end": 2990.16,
+ "text": "Attendees will have access to panel presentations,"
+ },
+ {
+ "start": 2990.16,
+ "end": 2994.76,
+ "text": "have opportunities to network online from now their home or office."
+ },
+ {
+ "start": 2994.76,
+ "end": 2997.52,
+ "text": "The website for further updates"
+ },
+ {
+ "start": 2997.52,
+ "end": 3001.8,
+ "text": "is crittendenrealestatefinance.com."
+ },
+ {
+ "start": 3001.8,
+ "end": 3003.24,
+ "text": "And lastly, still holding out hopes"
+ },
+ {
+ "start": 3003.24,
+ "end": 3005.12,
+ "text": "for an in-person event this year"
+ },
+ {
+ "start": 3005.12,
+ "end": 3008.44,
+ "text": "is Globe Street's 30th annual apartments conference,"
+ },
+ {
+ "start": 3008.44,
+ "end": 3011.4,
+ "text": "scheduled for October 27th to 28th"
+ },
+ {
+ "start": 3011.4,
+ "end": 3012.6,
+ "text": "at its usual spot,"
+ },
+ {
+ "start": 3012.6,
+ "end": 3015.16,
+ "text": "the Western Bonaventure in downtown LA."
+ },
+ {
+ "start": 3015.16,
+ "end": 3017.04,
+ "text": "Hopefully it'll be live, and by then,"
+ },
+ {
+ "start": 3017.04,
+ "end": 3018.76,
+ "text": "hopefully they'll have their annual gathering"
+ },
+ {
+ "start": 3018.76,
+ "end": 3021.36,
+ "text": "with more than a thousand senior level deal-makers"
+ },
+ {
+ "start": 3021.36,
+ "end": 3023.6,
+ "text": "through a combination of in-person experiences"
+ },
+ {
+ "start": 3023.6,
+ "end": 3025.76,
+ "text": "and virtual touch points."
+ },
+ {
+ "start": 3025.76,
+ "end": 3027.44,
+ "text": "Amidst the global health crisis,"
+ },
+ {
+ "start": 3027.44,
+ "end": 3031.04,
+ "text": "Globe Street Apartments will present a comprehensive program"
+ },
+ {
+ "start": 3031.04,
+ "end": 3033.12,
+ "text": "featuring leading developers, property owners,"
+ },
+ {
+ "start": 3033.12,
+ "end": 3036.32,
+ "text": "and operators, and institutional investors."
+ },
+ {
+ "start": 3036.32,
+ "end": 3037.92,
+ "text": "And to help celebrate 30 years,"
+ },
+ {
+ "start": 3037.92,
+ "end": 3039.96,
+ "text": "2020 will feature their inaugural"
+ },
+ {
+ "start": 3039.96,
+ "end": 3042.0,
+ "text": "Globe Street Apartments award dinner,"
+ },
+ {
+ "start": 3042.0,
+ "end": 3044.08,
+ "text": "now scheduled October 28th,"
+ },
+ {
+ "start": 3044.08,
+ "end": 3045.32,
+ "text": "which will bring together the nation's"
+ },
+ {
+ "start": 3045.32,
+ "end": 3047.4,
+ "text": "top multifamily influencers"
+ },
+ {
+ "start": 3047.4,
+ "end": 3049.96,
+ "text": "for an evening of celebration."
+ },
+ {
+ "start": 3049.96,
+ "end": 3054.48,
+ "text": "Stay tuned for news if that has to go virtual as well."
+ },
+ {
+ "start": 3054.48,
+ "end": 3056.16,
+ "text": "And that is it for our show today."
+ },
+ {
+ "start": 3056.16,
+ "end": 3057.28,
+ "text": "We hope you enjoyed it,"
+ },
+ {
+ "start": 3057.28,
+ "end": 3058.88,
+ "text": "and we appreciate any feedback"
+ },
+ {
+ "start": 3058.88,
+ "end": 3061.12,
+ "text": "on any of the products or services"
+ },
+ {
+ "start": 3061.12,
+ "end": 3063.28,
+ "text": "or anything else you heard in the show."
+ },
+ {
+ "start": 3063.28,
+ "end": 3067.96,
+ "text": "Please email me those comments at sbloom at renttv.com."
+ },
+ {
+ "start": 3067.96,
+ "end": 3069.56,
+ "text": "Let me again thank our sponsors,"
+ },
+ {
+ "start": 3069.56,
+ "end": 3071.2,
+ "text": "Capitol Rivers Commercial"
+ },
+ {
+ "start": 3071.2,
+ "end": 3073.56,
+ "text": "and Redwood Mortgage for their support."
+ },
+ {
+ "start": 3073.56,
+ "end": 3075.6,
+ "text": "And until our next podcast,"
+ },
+ {
+ "start": 3075.6,
+ "end": 3077.96,
+ "text": "this is Steve Blum from Rent TV,"
+ },
+ {
+ "start": 3078.0,
+ "end": 3080.56,
+ "text": "wishing you, your clients and properties"
+ },
+ {
+ "start": 3080.56,
+ "end": 3082.96,
+ "text": "strong profits and prosperity."
+ }
+ ]
+}
\ No newline at end of file
diff --git a/data/soundcloud/segments/902952601.json b/data/soundcloud/segments/902952601.json
new file mode 100644
index 0000000..06ddba5
--- /dev/null
+++ b/data/soundcloud/segments/902952601.json
@@ -0,0 +1,4698 @@
+{
+ "id": "902952601",
+ "title": "Ep. 11 RENTV's Weekly CRE News & Views with Steve Bloom; 10-01-2020",
+ "url": "https://soundcloud.com/rentvnews/ep-11-rentvs-weekly-cre-news-views-with-steve-bloom-10-01-2020",
+ "duration": 2062,
+ "segments": [
+ {
+ "start": 8.94,
+ "end": 12.84,
+ "text": "latest eviction moratorium news, COVID effects on the apartment"
+ },
+ {
+ "start": 12.84,
+ "end": 16.56,
+ "text": "hotel and office sectors. What is the real estate story that's"
+ },
+ {
+ "start": 16.56,
+ "end": 20.34,
+ "text": "getting me fired up and a review of major deals and developments"
+ },
+ {
+ "start": 20.34,
+ "end": 24.0,
+ "text": "from around the US. This is what you will hear in this episode"
+ },
+ {
+ "start": 24.0,
+ "end": 27.42,
+ "text": "of Rent TV's commercial real estate news and views with"
+ },
+ {
+ "start": 27.42,
+ "end": 32.64,
+ "text": "Steve Bloom on October 1 2020. I'm Steve Bloom, your host and"
+ },
+ {
+ "start": 32.64,
+ "end": 36.78,
+ "text": "founder and CEO of Renttv.com, our news and media company for"
+ },
+ {
+ "start": 36.78,
+ "end": 40.26,
+ "text": "the commercial real estate industry. Now in our 21st year"
+ },
+ {
+ "start": 40.26,
+ "end": 43.26,
+ "text": "providing daily news stories, market reports, video"
+ },
+ {
+ "start": 43.26,
+ "end": 46.38,
+ "text": "programming and more for the commercial real estate industry"
+ },
+ {
+ "start": 46.38,
+ "end": 51.22,
+ "text": "on our website, renttv.com and our email newsletter, the real"
+ },
+ {
+ "start": 51.22,
+ "end": 54.98,
+ "text": "estate insider, which goes to over 60,000 commercial real estate"
+ },
+ {
+ "start": 54.98,
+ "end": 59.28,
+ "text": "professionals three times each week. And it is my goal to make"
+ },
+ {
+ "start": 59.28,
+ "end": 62.18,
+ "text": "these new podcast shows streaming to you from the"
+ },
+ {
+ "start": 62.18,
+ "end": 65.94,
+ "text": "heart of Silicon Beach and Marina del Rey, a profitable use"
+ },
+ {
+ "start": 65.94,
+ "end": 68.74,
+ "text": "of your time. And since I haven't produced a show in a"
+ },
+ {
+ "start": 68.74,
+ "end": 72.54,
+ "text": "few weeks, I have some catching up on news and some venting to do"
+ },
+ {
+ "start": 72.54,
+ "end": 76.02,
+ "text": "on some recent events. But before I start, I want to give a"
+ },
+ {
+ "start": 76.02,
+ "end": 79.7,
+ "text": "huge thanks to our very first podcast sponsors, Capitol"
+ },
+ {
+ "start": 79.7,
+ "end": 83.22,
+ "text": "Rivers commercial and Redwood mortgage, who I will tell you"
+ },
+ {
+ "start": 83.22,
+ "end": 87.5,
+ "text": "about more later in the show. So let's get into this show."
+ },
+ {
+ "start": 87.7,
+ "end": 91.06,
+ "text": "And I will start with perhaps the most impactful COVID related"
+ },
+ {
+ "start": 91.06,
+ "end": 94.82,
+ "text": "real estate issue so far. And that is the protections against"
+ },
+ {
+ "start": 94.82,
+ "end": 97.94,
+ "text": "eviction moratoriums. Now, on the commercial side,"
+ },
+ {
+ "start": 97.94,
+ "end": 100.9,
+ "text": "landlords of businesses and stores, you and your tenant are"
+ },
+ {
+ "start": 100.9,
+ "end": 104.1,
+ "text": "basically on your own and figuring things out. But on the"
+ },
+ {
+ "start": 104.1,
+ "end": 107.9,
+ "text": "residential side, there are causes for concern, as there"
+ },
+ {
+ "start": 107.9,
+ "end": 111.06,
+ "text": "has been a variety of eviction moratoriums from states and"
+ },
+ {
+ "start": 111.06,
+ "end": 114.5,
+ "text": "municipalities around the country. But the major recent"
+ },
+ {
+ "start": 114.5,
+ "end": 117.94,
+ "text": "news was the national eviction moratorium order given in early"
+ },
+ {
+ "start": 117.94,
+ "end": 121.66,
+ "text": "September by the Centers for Disease Control and Prevention."
+ },
+ {
+ "start": 121.82,
+ "end": 125.9,
+ "text": "Yes, the CDC, whose order prevents evictions for about 40"
+ },
+ {
+ "start": 125.9,
+ "end": 129.5,
+ "text": "million apartment renters until the end of the year. It applies"
+ },
+ {
+ "start": 129.5,
+ "end": 132.26,
+ "text": "to any state in which there is not already a more protective"
+ },
+ {
+ "start": 132.26,
+ "end": 134.9,
+ "text": "ban in effect, which many states have, including"
+ },
+ {
+ "start": 134.9,
+ "end": 139.3,
+ "text": "California. Not surprisingly, many states and rental housing"
+ },
+ {
+ "start": 139.3,
+ "end": 142.54,
+ "text": "groups immediately came out against the order, and several"
+ },
+ {
+ "start": 142.54,
+ "end": 145.78,
+ "text": "have started legal actions to block it, questioning the"
+ },
+ {
+ "start": 145.78,
+ "end": 149.06,
+ "text": "ability of an entity such as the CDC to enact such an"
+ },
+ {
+ "start": 149.06,
+ "end": 152.26,
+ "text": "order, as well as highlighting the negative effects of the"
+ },
+ {
+ "start": 152.26,
+ "end": 156.14,
+ "text": "move, which can be devastating for smaller property owners,"
+ },
+ {
+ "start": 156.3,
+ "end": 158.98,
+ "text": "many of whom are the mom and pops who will not be able to"
+ },
+ {
+ "start": 158.98,
+ "end": 162.38,
+ "text": "pay their mortgage payments, utility bills and property taxes"
+ },
+ {
+ "start": 162.62,
+ "end": 167.22,
+ "text": "while sustaining non paying renters for months on end. And"
+ },
+ {
+ "start": 167.22,
+ "end": 170.42,
+ "text": "the CDC eviction moratorium could cause more economic harm"
+ },
+ {
+ "start": 170.42,
+ "end": 174.34,
+ "text": "than it prevents. As David Howard, executive director of"
+ },
+ {
+ "start": 174.34,
+ "end": 177.7,
+ "text": "the industry industry trade group, the National Rental Home"
+ },
+ {
+ "start": 177.7,
+ "end": 181.02,
+ "text": "Council noted that since renters have to pay back the"
+ },
+ {
+ "start": 181.02,
+ "end": 184.66,
+ "text": "rent they owe, that it puts renters in a position of having"
+ },
+ {
+ "start": 184.66,
+ "end": 188.46,
+ "text": "to pay back rent that they likely won't have while causing"
+ },
+ {
+ "start": 188.5,
+ "end": 192.1,
+ "text": "immediate hardship for property owners who have no means"
+ },
+ {
+ "start": 192.1,
+ "end": 195.46,
+ "text": "of carrying the cost of ownership. That uncollected rent"
+ },
+ {
+ "start": 195.46,
+ "end": 199.06,
+ "text": "debt is a problem. Many say is just making a tough situation"
+ },
+ {
+ "start": 199.06,
+ "end": 203.58,
+ "text": "build up into an unmanageable situation as the tenants debt"
+ },
+ {
+ "start": 203.58,
+ "end": 206.18,
+ "text": "builds up. So in many ways, it would be better to have"
+ },
+ {
+ "start": 206.18,
+ "end": 210.34,
+ "text": "renters unable to pay vacate sooner than amass a huge debt."
+ },
+ {
+ "start": 210.9,
+ "end": 213.14,
+ "text": "The better and less harmful solution would be to help"
+ },
+ {
+ "start": 213.14,
+ "end": 216.46,
+ "text": "renters to pay the rent, then to try and come up with policies"
+ },
+ {
+ "start": 216.46,
+ "end": 219.9,
+ "text": "like eviction moratoriums that do not address the cause of the"
+ },
+ {
+ "start": 219.9,
+ "end": 223.18,
+ "text": "problem while putting their housing suppliers at risk."
+ },
+ {
+ "start": 223.42,
+ "end": 226.46,
+ "text": "Rather than suing for the right to evict during a pandemic,"
+ },
+ {
+ "start": 226.66,
+ "end": 229.7,
+ "text": "landlords should be working with renters to get Congress or"
+ },
+ {
+ "start": 229.7,
+ "end": 233.18,
+ "text": "local governments to provide emergency rental assistance to"
+ },
+ {
+ "start": 233.18,
+ "end": 236.46,
+ "text": "help renters and to help landlords continue to operate"
+ },
+ {
+ "start": 236.46,
+ "end": 240.06,
+ "text": "their rental units. And since I did note that California had"
+ },
+ {
+ "start": 240.06,
+ "end": 244.7,
+ "text": "passed its own moratorium bill, I'll tell you about AB 3088"
+ },
+ {
+ "start": 245.02,
+ "end": 247.66,
+ "text": "passed by the state legislature, which is billed as a"
+ },
+ {
+ "start": 247.66,
+ "end": 251.26,
+ "text": "new Tenant Relief Act that was a compromise between tenants"
+ },
+ {
+ "start": 251.26,
+ "end": 254.82,
+ "text": "and landlords. Known as the Tenant Homeowner and Small"
+ },
+ {
+ "start": 254.82,
+ "end": 258.34,
+ "text": "Landlord Relief and Stabilization Act of 2020, the"
+ },
+ {
+ "start": 258.34,
+ "end": 261.86,
+ "text": "new law does provide some certainty to renters and some"
+ },
+ {
+ "start": 261.86,
+ "end": 265.82,
+ "text": "protections for small landlords. While it extends the eviction"
+ },
+ {
+ "start": 265.82,
+ "end": 270.58,
+ "text": "moratorium through January 2021, it does require that"
+ },
+ {
+ "start": 270.58,
+ "end": 274.3,
+ "text": "tenants show evidence of lost income due to COVID-19 in"
+ },
+ {
+ "start": 274.3,
+ "end": 278.14,
+ "text": "exchange for nonpayment. In addition, tenants must pay at"
+ },
+ {
+ "start": 278.14,
+ "end": 282.26,
+ "text": "least 25% of rent during the moratorium period. Given what"
+ },
+ {
+ "start": 282.26,
+ "end": 285.66,
+ "text": "the state could have done given its politics, this law is"
+ },
+ {
+ "start": 285.66,
+ "end": 288.62,
+ "text": "somewhat of a relief. So I guess it has been well"
+ },
+ {
+ "start": 288.62,
+ "end": 292.62,
+ "text": "received by landlords. However, and I know this is a"
+ },
+ {
+ "start": 292.62,
+ "end": 295.58,
+ "text": "bit late to be helpful, but I will tell you that for housing"
+ },
+ {
+ "start": 295.58,
+ "end": 298.3,
+ "text": "providers to collect the past due rent during the protected"
+ },
+ {
+ "start": 298.3,
+ "end": 303.58,
+ "text": "time period of March 1 2020 through January 31 2021, they"
+ },
+ {
+ "start": 303.58,
+ "end": 307.62,
+ "text": "must provide tenants with a notice of COVID-19 Tenant Relief"
+ },
+ {
+ "start": 307.66,
+ "end": 311.82,
+ "text": "Act of 2020. Now failure to provide the notice on or"
+ },
+ {
+ "start": 311.82,
+ "end": 315.94,
+ "text": "before September 30, today's taping will result in the"
+ },
+ {
+ "start": 315.94,
+ "end": 319.26,
+ "text": "inability to evict your tenant or recover rent payments that"
+ },
+ {
+ "start": 319.26,
+ "end": 323.22,
+ "text": "are owed during this time. This notice should accompany all"
+ },
+ {
+ "start": 323.22,
+ "end": 327.9,
+ "text": "15 day notices to pay rent or move out and providing that"
+ },
+ {
+ "start": 327.9,
+ "end": 331.98,
+ "text": "necessary third layer of eviction protection. Here in"
+ },
+ {
+ "start": 331.98,
+ "end": 335.94,
+ "text": "the city of LA, the city had extended its own moratorium on"
+ },
+ {
+ "start": 335.94,
+ "end": 339.02,
+ "text": "evictions, late fees and rent increases, at least through"
+ },
+ {
+ "start": 339.02,
+ "end": 343.26,
+ "text": "October 31 2020, and maybe longer and although that date"
+ },
+ {
+ "start": 343.26,
+ "end": 346.02,
+ "text": "is coming up soon, the move by the city is being"
+ },
+ {
+ "start": 346.02,
+ "end": 348.9,
+ "text": "challenged in court by the apartment Association of Greater"
+ },
+ {
+ "start": 348.9,
+ "end": 352.26,
+ "text": "LA, which claimed the city's unconstitutional and"
+ },
+ {
+ "start": 352.3,
+ "end": 356.02,
+ "text": "overreaching abuse of power has forced landlords to absorb"
+ },
+ {
+ "start": 356.02,
+ "end": 359.34,
+ "text": "the economic losses suffered by their tenants because of"
+ },
+ {
+ "start": 359.34,
+ "end": 363.46,
+ "text": "the pandemic. Now the board's President Earl Vaughn said"
+ },
+ {
+ "start": 363.46,
+ "end": 366.14,
+ "text": "the city's eviction ban goes way overboard and providing"
+ },
+ {
+ "start": 366.14,
+ "end": 368.78,
+ "text": "benefits to renters at the expense of all landlords,"
+ },
+ {
+ "start": 369.02,
+ "end": 371.86,
+ "text": "particularly the small mom and pop landlords who make up"
+ },
+ {
+ "start": 371.86,
+ "end": 375.58,
+ "text": "most of the housing providers in LA. Many of the renters"
+ },
+ {
+ "start": 375.58,
+ "end": 378.46,
+ "text": "that have benefit under these ordinances have not been"
+ },
+ {
+ "start": 378.46,
+ "end": 381.86,
+ "text": "impacted during the pandemic and yet still chose not to"
+ },
+ {
+ "start": 381.86,
+ "end": 385.3,
+ "text": "pay rent. Vaughn said in a statement, as a result, the"
+ },
+ {
+ "start": 385.3,
+ "end": 388.86,
+ "text": "city has exposed itself to significant liability risk in"
+ },
+ {
+ "start": 388.86,
+ "end": 392.26,
+ "text": "particular, damages stemming from the lack of an end date"
+ },
+ {
+ "start": 392.3,
+ "end": 395.82,
+ "text": "on the eviction ban and prohibition on rent increases,"
+ },
+ {
+ "start": 396.02,
+ "end": 398.34,
+ "text": "which now that were seven months following their"
+ },
+ {
+ "start": 398.34,
+ "end": 402.34,
+ "text": "establishment is still a date unknown. Now just in LA"
+ },
+ {
+ "start": 402.34,
+ "end": 407.06,
+ "text": "County, about 138,000 households did not pay any rent"
+ },
+ {
+ "start": 407.06,
+ "end": 410.62,
+ "text": "at least once between May and July. According to a joint"
+ },
+ {
+ "start": 410.62,
+ "end": 415.62,
+ "text": "report recently released by UCLA and USC and almost 40,000"
+ },
+ {
+ "start": 415.62,
+ "end": 419.34,
+ "text": "households are at least three full months behind on rent."
+ },
+ {
+ "start": 420.34,
+ "end": 423.38,
+ "text": "Moving to national multifamily stats that describe what's"
+ },
+ {
+ "start": 423.38,
+ "end": 426.74,
+ "text": "happening in the sector. The Freddie Mac second quarter"
+ },
+ {
+ "start": 426.74,
+ "end": 430.1,
+ "text": "multifamily apartment investment market index, the"
+ },
+ {
+ "start": 430.14,
+ "end": 436.14,
+ "text": "AIMI released last week fell by 0.3% in the second quarter"
+ },
+ {
+ "start": 436.42,
+ "end": 440.02,
+ "text": "after posting a quarterly increase of 1.8% in the first"
+ },
+ {
+ "start": 440.02,
+ "end": 445.7,
+ "text": "quarter of 2020 and its NOI also fell by 1.2% marking the"
+ },
+ {
+ "start": 445.7,
+ "end": 450.38,
+ "text": "first time in index history where it's AIMI and the NOI"
+ },
+ {
+ "start": 450.54,
+ "end": 453.14,
+ "text": "were negative together in the second quarter. Now"
+ },
+ {
+ "start": 453.14,
+ "end": 457.98,
+ "text": "Freddie's AIMI combines multifamily rental income growth,"
+ },
+ {
+ "start": 458.22,
+ "end": 461.54,
+ "text": "property price growth and mortgage rates to provide a"
+ },
+ {
+ "start": 461.54,
+ "end": 465.34,
+ "text": "single index that measures multifamily market investment"
+ },
+ {
+ "start": 465.34,
+ "end": 470.42,
+ "text": "conditions. The nation along with 14 metros experienced"
+ },
+ {
+ "start": 470.42,
+ "end": 474.14,
+ "text": "property price contraction while nine metros experienced"
+ },
+ {
+ "start": 474.14,
+ "end": 477.62,
+ "text": "growth and two metros had flat property prices over the"
+ },
+ {
+ "start": 477.62,
+ "end": 481.02,
+ "text": "quarter. According to Freddie Mac. Now another report by"
+ },
+ {
+ "start": 481.02,
+ "end": 484.62,
+ "text": "National multifamily housing councils shows that multifamily"
+ },
+ {
+ "start": 484.62,
+ "end": 487.9,
+ "text": "fundamentals continue to show signs of distress in the wake"
+ },
+ {
+ "start": 487.9,
+ "end": 491.02,
+ "text": "of the widespread job and economic losses created by the"
+ },
+ {
+ "start": 491.02,
+ "end": 496.5,
+ "text": "coronavirus. The latest report from the NMHC rent payment"
+ },
+ {
+ "start": 496.5,
+ "end": 499.66,
+ "text": "tracker, which measures the number of apartment households"
+ },
+ {
+ "start": 499.66,
+ "end": 502.9,
+ "text": "that make a full or partial rent payment shows a drop of"
+ },
+ {
+ "start": 502.9,
+ "end": 508.54,
+ "text": "2.4% or about 280,000 households year over year, as"
+ },
+ {
+ "start": 508.54,
+ "end": 512.98,
+ "text": "well as a monthly decline. The NMHC tracker registered that"
+ },
+ {
+ "start": 512.98,
+ "end": 516.94,
+ "text": "86.2% of apartment households made a full or partial rent"
+ },
+ {
+ "start": 516.94,
+ "end": 522.02,
+ "text": "payment by September 13, compared to 86.9% that paid by"
+ },
+ {
+ "start": 522.06,
+ "end": 526.9,
+ "text": "August 13 of this year. The survey measures are 11.4 million"
+ },
+ {
+ "start": 526.9,
+ "end": 530.34,
+ "text": "units of professionally managed apartment units across the"
+ },
+ {
+ "start": 530.34,
+ "end": 534.5,
+ "text": "country. A new report from Rent Tech Direct that evaluates"
+ },
+ {
+ "start": 534.5,
+ "end": 537.98,
+ "text": "the impact of COVID-19 on rate payments. This month also"
+ },
+ {
+ "start": 537.98,
+ "end": 540.98,
+ "text": "gives further cause for concern. Their data has showed"
+ },
+ {
+ "start": 540.98,
+ "end": 543.78,
+ "text": "a consistent downward trend in the number of rent payments"
+ },
+ {
+ "start": 543.78,
+ "end": 547.82,
+ "text": "received nationwide by property managers and landlords. And"
+ },
+ {
+ "start": 547.82,
+ "end": 552.18,
+ "text": "the month of September has seen the biggest change with a 35%"
+ },
+ {
+ "start": 552.18,
+ "end": 556.02,
+ "text": "drop in total rent payments received. The debt markets are"
+ },
+ {
+ "start": 556.02,
+ "end": 560.9,
+ "text": "also showing signs of strain. As a Reese report REIS report"
+ },
+ {
+ "start": 561.02,
+ "end": 564.7,
+ "text": "found that August's remittances point to a multifamily"
+ },
+ {
+ "start": 564.7,
+ "end": 567.9,
+ "text": "sector displaying signs of pandemic related stress,"
+ },
+ {
+ "start": 568.1,
+ "end": 571.14,
+ "text": "because although the overall delinquency rate is fairly"
+ },
+ {
+ "start": 571.14,
+ "end": 575.42,
+ "text": "stable and even showing signs of decline, the volume of"
+ },
+ {
+ "start": 575.42,
+ "end": 578.86,
+ "text": "special servicing remains stubbornly high and is"
+ },
+ {
+ "start": 578.86,
+ "end": 581.58,
+ "text": "inching higher. Furthermore, they report that they see"
+ },
+ {
+ "start": 581.58,
+ "end": 584.98,
+ "text": "areas where stress on debt is hiding and likely to show up"
+ },
+ {
+ "start": 584.98,
+ "end": 588.58,
+ "text": "in the near future. Now shifting property types to"
+ },
+ {
+ "start": 588.58,
+ "end": 591.94,
+ "text": "hotels. While I won't get deep into stats and reports"
+ },
+ {
+ "start": 591.94,
+ "end": 595.22,
+ "text": "for that sector today, I mean, we all know that hotels"
+ },
+ {
+ "start": 595.22,
+ "end": 597.7,
+ "text": "and retail are for the most part taking it on the chin"
+ },
+ {
+ "start": 597.7,
+ "end": 600.94,
+ "text": "during the pandemic. But I will know two news stories"
+ },
+ {
+ "start": 600.94,
+ "end": 604.18,
+ "text": "from the past week about significant hotels, which"
+ },
+ {
+ "start": 604.18,
+ "end": 607.7,
+ "text": "accentuate that point. And that is the permanent closing"
+ },
+ {
+ "start": 607.7,
+ "end": 611.18,
+ "text": "of the Luxe Hotel here in Rodeo Drive in Beverly Hills"
+ },
+ {
+ "start": 611.54,
+ "end": 614.54,
+ "text": "and the foreclosure action taken by the lender for the"
+ },
+ {
+ "start": 614.54,
+ "end": 618.58,
+ "text": "historic classic Palmer House Hilton in Chicago. Now the"
+ },
+ {
+ "start": 618.58,
+ "end": 622.1,
+ "text": "Palmer House was originally built in 1871 by mogul"
+ },
+ {
+ "start": 622.1,
+ "end": 624.82,
+ "text": "Potter Palmer and has attracted the wealthy and"
+ },
+ {
+ "start": 624.82,
+ "end": 627.3,
+ "text": "famous and presidents throughout its illustrious"
+ },
+ {
+ "start": 627.3,
+ "end": 631.42,
+ "text": "history. Conrad Hilton purchased it in 1945 as the"
+ },
+ {
+ "start": 631.42,
+ "end": 634.62,
+ "text": "Hilton flagship and the current owners thought for"
+ },
+ {
+ "start": 634.66,
+ "end": 640.22,
+ "text": "equities paid $230 million in 2005 and have spent"
+ },
+ {
+ "start": 640.22,
+ "end": 643.34,
+ "text": "about $173 million to completely renovate the"
+ },
+ {
+ "start": 643.34,
+ "end": 648.26,
+ "text": "property and its 1641 rooms. According to the"
+ },
+ {
+ "start": 648.26,
+ "end": 651.38,
+ "text": "Wall Street Journal article that we saw now Thor's"
+ },
+ {
+ "start": 651.38,
+ "end": 655.98,
+ "text": "in default on its $333 million first mortgage and"
+ },
+ {
+ "start": 655.98,
+ "end": 658.46,
+ "text": "the property value was recently pegged at just"
+ },
+ {
+ "start": 658.46,
+ "end": 663.82,
+ "text": "305.5 million down from an appraised value of 560"
+ },
+ {
+ "start": 663.82,
+ "end": 667.86,
+ "text": "million in 2018. Now with much of the hotel"
+ },
+ {
+ "start": 667.86,
+ "end": 670.78,
+ "text": "business centered on conferences and Chicago"
+ },
+ {
+ "start": 670.78,
+ "end": 672.86,
+ "text": "getting hit with a lot of looting and rioting"
+ },
+ {
+ "start": 672.86,
+ "end": 676.26,
+ "text": "in its upscale areas, this hotel and others in the"
+ },
+ {
+ "start": 676.26,
+ "end": 678.9,
+ "text": "city could take longer to rebound. Now the journal"
+ },
+ {
+ "start": 678.9,
+ "end": 682.06,
+ "text": "article noted the city's hotel occupancy for the"
+ },
+ {
+ "start": 682.06,
+ "end": 686.42,
+ "text": "week ended September 12th was only 35% versus a"
+ },
+ {
+ "start": 686.42,
+ "end": 690.62,
+ "text": "national average of almost 49%. Now regarding the"
+ },
+ {
+ "start": 690.62,
+ "end": 693.42,
+ "text": "Luxe Hotel closing in Beverly Hills as reported in"
+ },
+ {
+ "start": 693.42,
+ "end": 697.74,
+ "text": "the LA Times, it is a significant blow illustrating"
+ },
+ {
+ "start": 697.74,
+ "end": 700.3,
+ "text": "the continued struggles facing the hotel industry"
+ },
+ {
+ "start": 700.3,
+ "end": 703.18,
+ "text": "amid a global pandemic and industry experts"
+ },
+ {
+ "start": 703.22,
+ "end": 705.06,
+ "text": "worry that more are coming considering the"
+ },
+ {
+ "start": 705.06,
+ "end": 707.66,
+ "text": "inflated loan due delinquency rates for hotel"
+ },
+ {
+ "start": 707.66,
+ "end": 711.1,
+ "text": "borrowers. Now the Luxe 360 North Rodeo Drive is"
+ },
+ {
+ "start": 711.1,
+ "end": 713.66,
+ "text": "owned by Ephraim Harkim who acquired the property"
+ },
+ {
+ "start": 713.66,
+ "end": 717.02,
+ "text": "in 1995 according to the Times article noting"
+ },
+ {
+ "start": 717.02,
+ "end": 719.86,
+ "text": "property records. Jeffrey's Loan Corp provided"
+ },
+ {
+ "start": 719.86,
+ "end": 723.74,
+ "text": "$38 million for the hotel in June 2017 and"
+ },
+ {
+ "start": 723.74,
+ "end": 727.1,
+ "text": "that loan matures in 2027. The article noted"
+ },
+ {
+ "start": 727.1,
+ "end": 729.58,
+ "text": "that according to Trepp, a major data company,"
+ },
+ {
+ "start": 729.74,
+ "end": 732.9,
+ "text": "nearly 60 hotels in Los Angeles and Orange"
+ },
+ {
+ "start": 732.9,
+ "end": 735.5,
+ "text": "counties are late on their loan payments by more"
+ },
+ {
+ "start": 735.5,
+ "end": 738.58,
+ "text": "than 30 days. And Heather Rosman, executive"
+ },
+ {
+ "start": 738.58,
+ "end": 741.26,
+ "text": "director of the Hotel Association of L.A., told"
+ },
+ {
+ "start": 741.26,
+ "end": 743.62,
+ "text": "the Times that they anticipate many hotels won't"
+ },
+ {
+ "start": 743.62,
+ "end": 746.78,
+ "text": "survive and that industry data shows one in four"
+ },
+ {
+ "start": 746.78,
+ "end": 748.74,
+ "text": "properties already are struggling to pay"
+ },
+ {
+ "start": 748.74,
+ "end": 752.86,
+ "text": "mortgages, risking foreclosure. Yikes. Now"
+ },
+ {
+ "start": 752.86,
+ "end": 756.42,
+ "text": "continuing with the gloomy, albeit real news, I"
+ },
+ {
+ "start": 756.42,
+ "end": 758.86,
+ "text": "will quickly touch on the office sector which"
+ },
+ {
+ "start": 758.86,
+ "end": 760.9,
+ "text": "also is getting hurt from its own set of"
+ },
+ {
+ "start": 760.9,
+ "end": 763.82,
+ "text": "serious challenges thanks to job losses and"
+ },
+ {
+ "start": 763.82,
+ "end": 766.34,
+ "text": "work from the work from home trend. And a new"
+ },
+ {
+ "start": 766.34,
+ "end": 768.54,
+ "text": "report by Cushman and Wakefield measures the"
+ },
+ {
+ "start": 768.54,
+ "end": 771.38,
+ "text": "pandemic's impact on the office market. Now in"
+ },
+ {
+ "start": 771.38,
+ "end": 774.18,
+ "text": "the company's baseline scenario, which they feel"
+ },
+ {
+ "start": 774.18,
+ "end": 777.18,
+ "text": "has a 50 percent probability, the U.S. office"
+ },
+ {
+ "start": 777.18,
+ "end": 780.5,
+ "text": "market will shed 145 million square feet of"
+ },
+ {
+ "start": 780.5,
+ "end": 783.42,
+ "text": "office space demand in the next two years"
+ },
+ {
+ "start": 783.62,
+ "end": 786.82,
+ "text": "through the end of 2021. Job loss is the"
+ },
+ {
+ "start": 786.82,
+ "end": 789.46,
+ "text": "driving force behind the degeneration of the U.S."
+ },
+ {
+ "start": 789.46,
+ "end": 792.1,
+ "text": "office market with the report anticipating a"
+ },
+ {
+ "start": 792.1,
+ "end": 795.98,
+ "text": "loss of 1.7 million jobs in 2020. Now that's an"
+ },
+ {
+ "start": 795.98,
+ "end": 799.06,
+ "text": "improvement compared to the 2.6 million jobs lost"
+ },
+ {
+ "start": 799.06,
+ "end": 801.54,
+ "text": "in the second quarter. Now to put the impact of"
+ },
+ {
+ "start": 801.54,
+ "end": 803.86,
+ "text": "the pandemic in perspective, Cushman and"
+ },
+ {
+ "start": 803.86,
+ "end": 805.94,
+ "text": "Wakefield has determined that office demand will"
+ },
+ {
+ "start": 805.94,
+ "end": 809.14,
+ "text": "decrease 30 percent more during the pandemic"
+ },
+ {
+ "start": 809.14,
+ "end": 811.82,
+ "text": "than it did during the 2008 great financial"
+ },
+ {
+ "start": 811.82,
+ "end": 815.22,
+ "text": "crisis. Negative absorption will also outpace"
+ },
+ {
+ "start": 815.22,
+ "end": 818.02,
+ "text": "prior recessions. In the great financial crisis,"
+ },
+ {
+ "start": 818.02,
+ "end": 820.66,
+ "text": "absorption totaled negative 2.1 percent of"
+ },
+ {
+ "start": 820.66,
+ "end": 823.38,
+ "text": "total inventory. And in the previous recession,"
+ },
+ {
+ "start": 823.38,
+ "end": 826.34,
+ "text": "the dot com recession, total office absorption"
+ },
+ {
+ "start": 826.34,
+ "end": 829.3,
+ "text": "totaled negative 2.4 percent of total office"
+ },
+ {
+ "start": 829.3,
+ "end": 831.9,
+ "text": "inventory at the time. Now in the current"
+ },
+ {
+ "start": 831.9,
+ "end": 835.14,
+ "text": "pandemic, C&W estimates that office absorption"
+ },
+ {
+ "start": 835.34,
+ "end": 838.62,
+ "text": "will decrease 2.7 percent of total inventory."
+ },
+ {
+ "start": 838.86,
+ "end": 840.54,
+ "text": "Now these numbers represent the market"
+ },
+ {
+ "start": 840.54,
+ "end": 843.9,
+ "text": "contraction just through the total downturn and"
+ },
+ {
+ "start": 843.9,
+ "end": 846.5,
+ "text": "not the long term trends and impacts beyond"
+ },
+ {
+ "start": 846.5,
+ "end": 849.3,
+ "text": "dealing with the change in work from home"
+ },
+ {
+ "start": 849.3,
+ "end": 853.18,
+ "text": "habits. And now I have a message from a sponsor"
+ },
+ {
+ "start": 853.18,
+ "end": 856.34,
+ "text": "of our show, Capitol Rivers commercial led by"
+ },
+ {
+ "start": 856.34,
+ "end": 858.62,
+ "text": "Greg Aguirre, who want to make sure that in"
+ },
+ {
+ "start": 858.62,
+ "end": 861.58,
+ "text": "case you haven't heard, there's a massive tax"
+ },
+ {
+ "start": 861.58,
+ "end": 864.34,
+ "text": "increase on the ballot in November targeted at"
+ },
+ {
+ "start": 864.38,
+ "end": 867.54,
+ "text": "owners and renters of commercial real estate. If"
+ },
+ {
+ "start": 867.54,
+ "end": 869.9,
+ "text": "that's you, then you need to be well aware"
+ },
+ {
+ "start": 869.9,
+ "end": 873.06,
+ "text": "of Proposition 15 and the team at Capitol"
+ },
+ {
+ "start": 873.06,
+ "end": 876.46,
+ "text": "Rivers commercial can tell you all about it. For"
+ },
+ {
+ "start": 876.46,
+ "end": 878.46,
+ "text": "most commercial properties in California,"
+ },
+ {
+ "start": 878.66,
+ "end": 881.82,
+ "text": "Prop 15 would end the highly prized taxpayer"
+ },
+ {
+ "start": 881.82,
+ "end": 884.9,
+ "text": "protections that have been afforded by Prop 13"
+ },
+ {
+ "start": 884.9,
+ "end": 887.7,
+ "text": "for more than 40 years. You can look it up"
+ },
+ {
+ "start": 887.7,
+ "end": 890.22,
+ "text": "online. But if you want to really understand"
+ },
+ {
+ "start": 890.22,
+ "end": 892.46,
+ "text": "and prepare for it, you'll want to talk to an"
+ },
+ {
+ "start": 892.46,
+ "end": 895.42,
+ "text": "expert like Greg and his team of experts at"
+ },
+ {
+ "start": 895.42,
+ "end": 898.18,
+ "text": "Capitol Rivers. If you'd like to see more,"
+ },
+ {
+ "start": 898.38,
+ "end": 901.02,
+ "text": "check out their Prop 15 landing page on their"
+ },
+ {
+ "start": 901.02,
+ "end": 904.66,
+ "text": "website at CapitolRivers.com. These are not"
+ },
+ {
+ "start": 904.66,
+ "end": 907.42,
+ "text": "your typical real estate brokers work with"
+ },
+ {
+ "start": 907.42,
+ "end": 912.26,
+ "text": "the best work with Capitol Rivers. In this"
+ },
+ {
+ "start": 912.26,
+ "end": 915.14,
+ "text": "segment of the show, I discuss views mine as"
+ },
+ {
+ "start": 915.14,
+ "end": 917.86,
+ "text": "well as others concerning real estate issues"
+ },
+ {
+ "start": 917.86,
+ "end": 919.7,
+ "text": "such as impending legislation that could"
+ },
+ {
+ "start": 919.7,
+ "end": 922.3,
+ "text": "affect the industry. And in future episodes,"
+ },
+ {
+ "start": 922.3,
+ "end": 925.54,
+ "text": "I will get into Prop 15, rent control and"
+ },
+ {
+ "start": 925.54,
+ "end": 927.54,
+ "text": "other topics. But today I want to talk"
+ },
+ {
+ "start": 927.54,
+ "end": 929.3,
+ "text": "about the hottest real estate issue in the"
+ },
+ {
+ "start": 929.3,
+ "end": 931.66,
+ "text": "state today and one that I am fired up"
+ },
+ {
+ "start": 931.66,
+ "end": 934.02,
+ "text": "about. Yes, I am talking about the fires"
+ },
+ {
+ "start": 934.02,
+ "end": 936.26,
+ "text": "ravaging the state, which while this year"
+ },
+ {
+ "start": 936.26,
+ "end": 938.7,
+ "text": "has been the worst, have been ravaging the"
+ },
+ {
+ "start": 938.7,
+ "end": 940.74,
+ "text": "state each and every year for decades."
+ },
+ {
+ "start": 941.18,
+ "end": 943.02,
+ "text": "While I cannot compare the loss of real"
+ },
+ {
+ "start": 943.02,
+ "end": 945.26,
+ "text": "estate or its value to the loss of lives"
+ },
+ {
+ "start": 945.26,
+ "end": 947.86,
+ "text": "and livelihoods, I know of many owners of"
+ },
+ {
+ "start": 947.86,
+ "end": 949.78,
+ "text": "shopping centers and apartment buildings"
+ },
+ {
+ "start": 949.78,
+ "end": 952.1,
+ "text": "around the state and so many of them and"
+ },
+ {
+ "start": 952.1,
+ "end": 953.98,
+ "text": "their properties are affected by the fires"
+ },
+ {
+ "start": 953.98,
+ "end": 956.3,
+ "text": "that have already occurred or the threat of"
+ },
+ {
+ "start": 956.3,
+ "end": 958.46,
+ "text": "future fires. The risk of buying and"
+ },
+ {
+ "start": 958.46,
+ "end": 960.34,
+ "text": "lending and ensuring properties in towns"
+ },
+ {
+ "start": 960.34,
+ "end": 962.42,
+ "text": "under threat of wildfires keeps increasing"
+ },
+ {
+ "start": 962.66,
+ "end": 964.74,
+ "text": "while the values are decreasing. And in"
+ },
+ {
+ "start": 964.74,
+ "end": 967.14,
+ "text": "some areas, the value is completely"
+ },
+ {
+ "start": 967.14,
+ "end": 969.14,
+ "text": "wiped away, a complete loss for the"
+ },
+ {
+ "start": 969.14,
+ "end": 971.5,
+ "text": "property owner and any lenders. And"
+ },
+ {
+ "start": 971.5,
+ "end": 973.34,
+ "text": "besides the financial damage, there is"
+ },
+ {
+ "start": 973.34,
+ "end": 975.5,
+ "text": "the huge damage to the environment from"
+ },
+ {
+ "start": 975.5,
+ "end": 977.58,
+ "text": "the smoke, the destruction of trees and"
+ },
+ {
+ "start": 977.58,
+ "end": 980.02,
+ "text": "foliage and wildlife, as well as the"
+ },
+ {
+ "start": 980.02,
+ "end": 982.82,
+ "text": "water runoff from the fires. But does"
+ },
+ {
+ "start": 982.82,
+ "end": 984.46,
+ "text": "it have to be this way each and every"
+ },
+ {
+ "start": 984.46,
+ "end": 986.78,
+ "text": "year? It's not like it's once in a"
+ },
+ {
+ "start": 986.78,
+ "end": 989.78,
+ "text": "century occurrence. So given that, why"
+ },
+ {
+ "start": 989.78,
+ "end": 991.62,
+ "text": "doesn't the state seem more prepared and"
+ },
+ {
+ "start": 991.62,
+ "end": 994.18,
+ "text": "coordinated in dealing with this? We are"
+ },
+ {
+ "start": 994.18,
+ "end": 996.22,
+ "text": "the home to the tech geniuses in Silicon"
+ },
+ {
+ "start": 996.22,
+ "end": 998.22,
+ "text": "Valley. Much of the equipment that took"
+ },
+ {
+ "start": 998.22,
+ "end": 1000.3,
+ "text": "us to space was built here. Geez, a"
+ },
+ {
+ "start": 1000.3,
+ "end": 1002.74,
+ "text": "hundred years ago, we built a dam at"
+ },
+ {
+ "start": 1002.74,
+ "end": 1004.58,
+ "text": "Hetch Hetchy in Yosemite and"
+ },
+ {
+ "start": 1004.58,
+ "end": 1006.78,
+ "text": "constructed a water canal to take water"
+ },
+ {
+ "start": 1006.78,
+ "end": 1008.74,
+ "text": "to San Francisco a couple hundred"
+ },
+ {
+ "start": 1008.74,
+ "end": 1011.18,
+ "text": "miles away, just with gravity. So this"
+ },
+ {
+ "start": 1011.18,
+ "end": 1013.34,
+ "text": "can be done. It takes focus,"
+ },
+ {
+ "start": 1013.38,
+ "end": 1016.22,
+ "text": "leadership and balls. I mean, instead of"
+ },
+ {
+ "start": 1016.22,
+ "end": 1017.78,
+ "text": "blowing what is now estimated to be"
+ },
+ {
+ "start": 1017.78,
+ "end": 1020.9,
+ "text": "about $90 billion on a train no one"
+ },
+ {
+ "start": 1020.9,
+ "end": 1022.86,
+ "text": "will use and that will be bleeding"
+ },
+ {
+ "start": 1022.86,
+ "end": 1025.22,
+ "text": "money from day one, which will be 30"
+ },
+ {
+ "start": 1025.22,
+ "end": 1027.1,
+ "text": "years from now, some of that money"
+ },
+ {
+ "start": 1027.1,
+ "end": 1028.7,
+ "text": "could have gone to build a coordinated"
+ },
+ {
+ "start": 1028.7,
+ "end": 1030.62,
+ "text": "sophisticated tech driven fire"
+ },
+ {
+ "start": 1030.62,
+ "end": 1033.26,
+ "text": "prevention and reduction infrastructure"
+ },
+ {
+ "start": 1033.38,
+ "end": 1035.26,
+ "text": "that I gotta believe could already"
+ },
+ {
+ "start": 1035.26,
+ "end": 1037.1,
+ "text": "be reducing the destruction caused by"
+ },
+ {
+ "start": 1037.1,
+ "end": 1039.74,
+ "text": "the fires. For instance, when I see"
+ },
+ {
+ "start": 1039.74,
+ "end": 1041.06,
+ "text": "hurricane news, they cut to these"
+ },
+ {
+ "start": 1041.06,
+ "end": 1042.94,
+ "text": "disaster command centers in Florida"
+ },
+ {
+ "start": 1043.1,
+ "end": 1044.3,
+ "text": "that look like they could be for"
+ },
+ {
+ "start": 1044.3,
+ "end": 1046.86,
+ "text": "NASA landing a rocket on Mars. But"
+ },
+ {
+ "start": 1046.86,
+ "end": 1048.34,
+ "text": "for real, someone please tell me"
+ },
+ {
+ "start": 1048.34,
+ "end": 1049.9,
+ "text": "why we do not have a state fire"
+ },
+ {
+ "start": 1049.9,
+ "end": 1051.82,
+ "text": "command center as well as a state"
+ },
+ {
+ "start": 1051.82,
+ "end": 1054.1,
+ "text": "fire marshal who we can all look to"
+ },
+ {
+ "start": 1054.1,
+ "end": 1055.82,
+ "text": "and have confidence in and can"
+ },
+ {
+ "start": 1055.82,
+ "end": 1057.58,
+ "text": "bring together the various disciplines"
+ },
+ {
+ "start": 1057.58,
+ "end": 1059.9,
+ "text": "and experts needed to intelligently"
+ },
+ {
+ "start": 1059.9,
+ "end": 1061.42,
+ "text": "deal with forests and fires going"
+ },
+ {
+ "start": 1061.42,
+ "end": 1063.42,
+ "text": "forward. And why don't we have the"
+ },
+ {
+ "start": 1063.42,
+ "end": 1065.78,
+ "text": "most tech sophisticated fleet of"
+ },
+ {
+ "start": 1065.78,
+ "end": 1067.46,
+ "text": "manless remote control water"
+ },
+ {
+ "start": 1067.46,
+ "end": 1069.78,
+ "text": "carrying drone aircrafts as well"
+ },
+ {
+ "start": 1069.78,
+ "end": 1072.22,
+ "text": "as other high flying video drones"
+ },
+ {
+ "start": 1072.5,
+ "end": 1074.26,
+ "text": "along with more dispersed water"
+ },
+ {
+ "start": 1074.26,
+ "end": 1076.18,
+ "text": "retention and delivery systems in"
+ },
+ {
+ "start": 1076.18,
+ "end": 1078.58,
+ "text": "high risk areas. But we also need"
+ },
+ {
+ "start": 1078.58,
+ "end": 1080.54,
+ "text": "leaders who have the cojones to do"
+ },
+ {
+ "start": 1080.54,
+ "end": 1082.18,
+ "text": "whatever it takes to make the"
+ },
+ {
+ "start": 1082.18,
+ "end": 1084.22,
+ "text": "hardcore environmentalists feel"
+ },
+ {
+ "start": 1084.22,
+ "end": 1086.38,
+ "text": "the heat from a public that is fed"
+ },
+ {
+ "start": 1086.38,
+ "end": 1087.9,
+ "text": "up with a rational, dangerous,"
+ },
+ {
+ "start": 1087.9,
+ "end": 1089.94,
+ "text": "deadly, and mainly non existent"
+ },
+ {
+ "start": 1089.94,
+ "end": 1091.78,
+ "text": "fire control and forest management"
+ },
+ {
+ "start": 1091.78,
+ "end": 1093.94,
+ "text": "strategies and all the lawsuits"
+ },
+ {
+ "start": 1093.94,
+ "end": 1095.14,
+ "text": "preventing logical fire"
+ },
+ {
+ "start": 1095.14,
+ "end": 1097.34,
+ "text": "prevention activities. While it is"
+ },
+ {
+ "start": 1097.34,
+ "end": 1099.06,
+ "text": "great to be concerned about the"
+ },
+ {
+ "start": 1099.06,
+ "end": 1100.66,
+ "text": "temperature going up to up a"
+ },
+ {
+ "start": 1100.66,
+ "end": 1103.18,
+ "text": "degree over the next 50 years,"
+ },
+ {
+ "start": 1103.34,
+ "end": 1104.94,
+ "text": "or the water rising along some"
+ },
+ {
+ "start": 1104.94,
+ "end": 1107.46,
+ "text": "coastal areas, reducing carbon"
+ },
+ {
+ "start": 1107.46,
+ "end": 1109.54,
+ "text": "emissions over decades, ain't"
+ },
+ {
+ "start": 1109.54,
+ "end": 1111.18,
+ "text": "going to remove the dead wood that"
+ },
+ {
+ "start": 1111.18,
+ "end": 1113.06,
+ "text": "is on the forest floor right now,"
+ },
+ {
+ "start": 1113.18,
+ "end": 1114.58,
+ "text": "which will burn some time in the"
+ },
+ {
+ "start": 1114.58,
+ "end": 1116.66,
+ "text": "next few years. So we need to"
+ },
+ {
+ "start": 1116.66,
+ "end": 1118.18,
+ "text": "have teams systematically clear"
+ },
+ {
+ "start": 1118.18,
+ "end": 1119.54,
+ "text": "out tenor and high fire threat"
+ },
+ {
+ "start": 1119.54,
+ "end": 1121.02,
+ "text": "areas and create more fire"
+ },
+ {
+ "start": 1121.02,
+ "end": 1122.58,
+ "text": "roads and fire buffers and"
+ },
+ {
+ "start": 1122.58,
+ "end": 1124.06,
+ "text": "invest in more firefighting"
+ },
+ {
+ "start": 1124.06,
+ "end": 1125.58,
+ "text": "staff, equipment and"
+ },
+ {
+ "start": 1125.58,
+ "end": 1127.7,
+ "text": "technology, including firefighters"
+ },
+ {
+ "start": 1127.7,
+ "end": 1129.22,
+ "text": "inspectors and conduct the"
+ },
+ {
+ "start": 1129.22,
+ "end": 1131.02,
+ "text": "systematic clearance of trees and"
+ },
+ {
+ "start": 1131.02,
+ "end": 1133.5,
+ "text": "wood around towns, along roads"
+ },
+ {
+ "start": 1133.54,
+ "end": 1135.58,
+ "text": "and under power lines. And can't"
+ },
+ {
+ "start": 1135.58,
+ "end": 1136.82,
+ "text": "we start putting more of those"
+ },
+ {
+ "start": 1136.82,
+ "end": 1138.86,
+ "text": "power lines underground? Now,"
+ },
+ {
+ "start": 1138.86,
+ "end": 1140.38,
+ "text": "the government's first obligation"
+ },
+ {
+ "start": 1140.38,
+ "end": 1141.54,
+ "text": "is to protect the lives and"
+ },
+ {
+ "start": 1141.54,
+ "end": 1143.66,
+ "text": "property of its citizens. So it"
+ },
+ {
+ "start": 1143.66,
+ "end": 1145.38,
+ "text": "makes no sense to me why every"
+ },
+ {
+ "start": 1145.38,
+ "end": 1146.9,
+ "text": "year, it seems like it is the"
+ },
+ {
+ "start": 1146.9,
+ "end": 1149.1,
+ "text": "first year these fires occur,"
+ },
+ {
+ "start": 1149.3,
+ "end": 1151.58,
+ "text": "with uncoordinated responses from"
+ },
+ {
+ "start": 1151.58,
+ "end": 1152.94,
+ "text": "a variety of state and local"
+ },
+ {
+ "start": 1152.94,
+ "end": 1154.74,
+ "text": "officials. Meanwhile, the"
+ },
+ {
+ "start": 1154.74,
+ "end": 1156.06,
+ "text": "governor signs a bill reducing"
+ },
+ {
+ "start": 1156.06,
+ "end": 1158.22,
+ "text": "car emissions, which may one"
+ },
+ {
+ "start": 1158.22,
+ "end": 1159.7,
+ "text": "day have a very negligible"
+ },
+ {
+ "start": 1159.7,
+ "end": 1161.62,
+ "text": "effect on anything. And we keep"
+ },
+ {
+ "start": 1161.62,
+ "end": 1162.9,
+ "text": "pouring money into the train"
+ },
+ {
+ "start": 1162.9,
+ "end": 1164.74,
+ "text": "and nowhere. But next year,"
+ },
+ {
+ "start": 1164.82,
+ "end": 1166.22,
+ "text": "wood that is on that forest"
+ },
+ {
+ "start": 1166.22,
+ "end": 1168.02,
+ "text": "floor right now will burn and"
+ },
+ {
+ "start": 1168.02,
+ "end": 1170.14,
+ "text": "ignite a nearby building. It is"
+ },
+ {
+ "start": 1170.14,
+ "end": 1172.18,
+ "text": "close to negligent behavior on"
+ },
+ {
+ "start": 1172.18,
+ "end": 1173.34,
+ "text": "the part of the people and the"
+ },
+ {
+ "start": 1173.34,
+ "end": 1175.34,
+ "text": "party in charge in this state."
+ },
+ {
+ "start": 1176.38,
+ "end": 1177.42,
+ "text": "Now I will tell you about"
+ },
+ {
+ "start": 1177.42,
+ "end": 1178.94,
+ "text": "another sponsor of the show,"
+ },
+ {
+ "start": 1179.18,
+ "end": 1180.9,
+ "text": "Redwood Mortgage. Redwood"
+ },
+ {
+ "start": 1180.9,
+ "end": 1182.62,
+ "text": "Mortgage is a direct portfolio"
+ },
+ {
+ "start": 1182.62,
+ "end": 1184.3,
+ "text": "lender providing loans on"
+ },
+ {
+ "start": 1184.3,
+ "end": 1186.22,
+ "text": "commercial office, industrial,"
+ },
+ {
+ "start": 1186.34,
+ "end": 1188.22,
+ "text": "multifamily, mixed use and"
+ },
+ {
+ "start": 1188.22,
+ "end": 1189.94,
+ "text": "residential investment properties"
+ },
+ {
+ "start": 1189.94,
+ "end": 1192.22,
+ "text": "in California. In business for"
+ },
+ {
+ "start": 1192.22,
+ "end": 1194.5,
+ "text": "over 42 years, Redwood Mortgage"
+ },
+ {
+ "start": 1194.5,
+ "end": 1196.26,
+ "text": "is established, trusted and"
+ },
+ {
+ "start": 1196.26,
+ "end": 1198.62,
+ "text": "well capitalized. A good place"
+ },
+ {
+ "start": 1198.62,
+ "end": 1200.7,
+ "text": "to go when the bank say no,"
+ },
+ {
+ "start": 1200.9,
+ "end": 1204.9,
+ "text": "call Redwood Mortgage at 800 659"
+ },
+ {
+ "start": 1205.02,
+ "end": 1209.26,
+ "text": "6593 or redwoodmortgage.com."
+ },
+ {
+ "start": 1211.52,
+ "end": 1213.36,
+ "text": "Okay, now it's time to get into"
+ },
+ {
+ "start": 1213.36,
+ "end": 1214.64,
+ "text": "our real estate version of the"
+ },
+ {
+ "start": 1214.64,
+ "end": 1216.4,
+ "text": "sports highlight reel with our"
+ },
+ {
+ "start": 1216.4,
+ "end": 1218.68,
+ "text": "very exciting Rent TV Roundup of"
+ },
+ {
+ "start": 1218.68,
+ "end": 1220.28,
+ "text": "major deal and development news"
+ },
+ {
+ "start": 1220.28,
+ "end": 1222.12,
+ "text": "from around the US. And as I"
+ },
+ {
+ "start": 1222.12,
+ "end": 1223.8,
+ "text": "normally do, I will start with"
+ },
+ {
+ "start": 1223.8,
+ "end": 1225.68,
+ "text": "the major portfolio or corporate"
+ },
+ {
+ "start": 1225.68,
+ "end": 1227.44,
+ "text": "deals and then go from the east"
+ },
+ {
+ "start": 1227.44,
+ "end": 1229.52,
+ "text": "coast and head west. And the big"
+ },
+ {
+ "start": 1229.52,
+ "end": 1230.92,
+ "text": "corporate type portfolio"
+ },
+ {
+ "start": 1230.92,
+ "end": 1232.52,
+ "text": "transaction announced this past"
+ },
+ {
+ "start": 1232.52,
+ "end": 1233.68,
+ "text": "week that was across most"
+ },
+ {
+ "start": 1233.68,
+ "end": 1235.56,
+ "text": "newswires was that colony"
+ },
+ {
+ "start": 1235.56,
+ "end": 1236.84,
+ "text": "capital has entered into a"
+ },
+ {
+ "start": 1236.84,
+ "end": 1238.56,
+ "text": "definitive agreement to sell"
+ },
+ {
+ "start": 1238.56,
+ "end": 1240.04,
+ "text": "six of its hospitality"
+ },
+ {
+ "start": 1240.04,
+ "end": 1242.72,
+ "text": "portfolios to high gate hotels"
+ },
+ {
+ "start": 1242.88,
+ "end": 1244.96,
+ "text": "in a deal valued at $2.8"
+ },
+ {
+ "start": 1244.96,
+ "end": 1246.88,
+ "text": "billion, which includes the"
+ },
+ {
+ "start": 1246.88,
+ "end": 1249.16,
+ "text": "assumption of $2.7 billion in"
+ },
+ {
+ "start": 1249.16,
+ "end": 1251.12,
+ "text": "debt. The six portfolios"
+ },
+ {
+ "start": 1251.12,
+ "end": 1255.4,
+ "text": "consist of 22,676 rooms across"
+ },
+ {
+ "start": 1255.4,
+ "end": 1258.72,
+ "text": "197 hotel properties. The deal"
+ },
+ {
+ "start": 1258.72,
+ "end": 1260.2,
+ "text": "is part of colony shift to focus"
+ },
+ {
+ "start": 1260.2,
+ "end": 1261.6,
+ "text": "on digital infrastructure"
+ },
+ {
+ "start": 1261.6,
+ "end": 1264.16,
+ "text": "assets with colony capital CEO"
+ },
+ {
+ "start": 1264.16,
+ "end": 1265.48,
+ "text": "Mark Gansey noting in the"
+ },
+ {
+ "start": 1265.48,
+ "end": 1267.04,
+ "text": "release that they are thrilled"
+ },
+ {
+ "start": 1267.04,
+ "end": 1268.2,
+ "text": "to be delivering on their"
+ },
+ {
+ "start": 1268.2,
+ "end": 1269.8,
+ "text": "commitment to dispose of non"
+ },
+ {
+ "start": 1269.8,
+ "end": 1272.2,
+ "text": "core assets and harvest positive"
+ },
+ {
+ "start": 1272.2,
+ "end": 1274.0,
+ "text": "value for their hospitality"
+ },
+ {
+ "start": 1274.0,
+ "end": 1275.96,
+ "text": "business. The deal is expected"
+ },
+ {
+ "start": 1275.96,
+ "end": 1277.24,
+ "text": "to close in the first quarter of"
+ },
+ {
+ "start": 1277.24,
+ "end": 1279.76,
+ "text": "2021 subject to customary"
+ },
+ {
+ "start": 1279.76,
+ "end": 1281.2,
+ "text": "closing conditions and third"
+ },
+ {
+ "start": 1281.2,
+ "end": 1283.52,
+ "text": "party approvals. As we noted"
+ },
+ {
+ "start": 1283.52,
+ "end": 1284.92,
+ "text": "earlier when everyone in this"
+ },
+ {
+ "start": 1284.92,
+ "end": 1286.76,
+ "text": "audience knows is obvious, the"
+ },
+ {
+ "start": 1286.76,
+ "end": 1288.32,
+ "text": "hotel sector is getting crushed"
+ },
+ {
+ "start": 1288.32,
+ "end": 1289.84,
+ "text": "from the pandemic, although"
+ },
+ {
+ "start": 1289.84,
+ "end": 1291.28,
+ "text": "some very slight improvements"
+ },
+ {
+ "start": 1291.28,
+ "end": 1292.68,
+ "text": "are being seen as some areas"
+ },
+ {
+ "start": 1292.68,
+ "end": 1294.76,
+ "text": "were reawakened. But as Erica"
+ },
+ {
+ "start": 1294.76,
+ "end": 1296.08,
+ "text": "Morphy noted in her Globe"
+ },
+ {
+ "start": 1296.08,
+ "end": 1297.64,
+ "text": "Street piece on this report,"
+ },
+ {
+ "start": 1297.88,
+ "end": 1299.6,
+ "text": "many owners of hotel properties"
+ },
+ {
+ "start": 1299.6,
+ "end": 1301.72,
+ "text": "are facing major problems as a"
+ },
+ {
+ "start": 1301.72,
+ "end": 1303.4,
+ "text": "survey by the American Hotel"
+ },
+ {
+ "start": 1303.4,
+ "end": 1305.2,
+ "text": "and Lodging Association found"
+ },
+ {
+ "start": 1305.2,
+ "end": 1307.28,
+ "text": "half of hotel owners reporting"
+ },
+ {
+ "start": 1307.28,
+ "end": 1308.36,
+ "text": "that they are in danger of"
+ },
+ {
+ "start": 1308.36,
+ "end": 1309.84,
+ "text": "foreclosure by their lenders"
+ },
+ {
+ "start": 1309.84,
+ "end": 1312.04,
+ "text": "due to COVID-19. The survey"
+ },
+ {
+ "start": 1312.04,
+ "end": 1313.24,
+ "text": "also found that more than two"
+ },
+ {
+ "start": 1313.24,
+ "end": 1316.84,
+ "text": "thirds of hotels or 67% reported"
+ },
+ {
+ "start": 1316.84,
+ "end": 1317.96,
+ "text": "that they will only be able to"
+ },
+ {
+ "start": 1317.96,
+ "end": 1319.84,
+ "text": "last six more months at current"
+ },
+ {
+ "start": 1319.84,
+ "end": 1321.56,
+ "text": "projected revenue and occupancy"
+ },
+ {
+ "start": 1321.56,
+ "end": 1323.48,
+ "text": "levels absent any further"
+ },
+ {
+ "start": 1323.48,
+ "end": 1326.12,
+ "text": "relief. Moving to individual"
+ },
+ {
+ "start": 1326.12,
+ "end": 1327.72,
+ "text": "deal and development news, I"
+ },
+ {
+ "start": 1327.72,
+ "end": 1328.84,
+ "text": "will start in New York City"
+ },
+ {
+ "start": 1328.84,
+ "end": 1330.12,
+ "text": "with news of a development that"
+ },
+ {
+ "start": 1330.12,
+ "end": 1331.84,
+ "text": "actually won't happen. And"
+ },
+ {
+ "start": 1331.84,
+ "end": 1333.08,
+ "text": "that is because as the Wall"
+ },
+ {
+ "start": 1333.08,
+ "end": 1334.4,
+ "text": "Street Journal reported last"
+ },
+ {
+ "start": 1334.4,
+ "end": 1336.28,
+ "text": "week, the plans by the owners"
+ },
+ {
+ "start": 1336.28,
+ "end": 1338.6,
+ "text": "of Industry City, the 16"
+ },
+ {
+ "start": 1338.6,
+ "end": 1340.16,
+ "text": "building, 6 million square"
+ },
+ {
+ "start": 1340.16,
+ "end": 1341.68,
+ "text": "foot campus on the sunset"
+ },
+ {
+ "start": 1341.68,
+ "end": 1343.2,
+ "text": "park waterfront in Brooklyn,"
+ },
+ {
+ "start": 1343.44,
+ "end": 1345.56,
+ "text": "which was to add 1.3 million"
+ },
+ {
+ "start": 1345.56,
+ "end": 1346.72,
+ "text": "square feet of business,"
+ },
+ {
+ "start": 1346.72,
+ "end": 1348.4,
+ "text": "classroom, retail and office"
+ },
+ {
+ "start": 1348.4,
+ "end": 1351.24,
+ "text": "space on two vacant parcels has"
+ },
+ {
+ "start": 1351.24,
+ "end": 1352.36,
+ "text": "been withdrawn by the"
+ },
+ {
+ "start": 1352.36,
+ "end": 1354.16,
+ "text": "developers, a partnership of"
+ },
+ {
+ "start": 1354.16,
+ "end": 1356.44,
+ "text": "Jamestown, Angela Gordon and"
+ },
+ {
+ "start": 1356.44,
+ "end": 1357.96,
+ "text": "Belvedere Capital real estate"
+ },
+ {
+ "start": 1357.96,
+ "end": 1359.64,
+ "text": "partners. They needed to"
+ },
+ {
+ "start": 1359.64,
+ "end": 1361.04,
+ "text": "rezone the sites, which they"
+ },
+ {
+ "start": 1361.04,
+ "end": 1363.2,
+ "text": "already own, to allow for more"
+ },
+ {
+ "start": 1363.2,
+ "end": 1364.72,
+ "text": "retail and classroom uses. And"
+ },
+ {
+ "start": 1364.72,
+ "end": 1366.0,
+ "text": "that plan was approved by the"
+ },
+ {
+ "start": 1366.0,
+ "end": 1367.96,
+ "text": "city council, but opposed by"
+ },
+ {
+ "start": 1367.96,
+ "end": 1369.52,
+ "text": "the district's council member,"
+ },
+ {
+ "start": 1369.72,
+ "end": 1371.6,
+ "text": "Carlos Menchaca, and then"
+ },
+ {
+ "start": 1371.6,
+ "end": 1372.88,
+ "text": "last week, four of New York's"
+ },
+ {
+ "start": 1372.88,
+ "end": 1374.48,
+ "text": "congressional reps, two state"
+ },
+ {
+ "start": 1374.48,
+ "end": 1376.32,
+ "text": "senators and four members of"
+ },
+ {
+ "start": 1376.32,
+ "end": 1378.0,
+ "text": "the state assembly sent a"
+ },
+ {
+ "start": 1378.0,
+ "end": 1379.64,
+ "text": "letter to the city council"
+ },
+ {
+ "start": 1379.64,
+ "end": 1381.84,
+ "text": "opposing the project, resulting"
+ },
+ {
+ "start": 1381.84,
+ "end": 1383.12,
+ "text": "in the developers withdrawing"
+ },
+ {
+ "start": 1383.12,
+ "end": 1385.04,
+ "text": "their application, which is a"
+ },
+ {
+ "start": 1385.04,
+ "end": 1386.92,
+ "text": "total shame in light of the"
+ },
+ {
+ "start": 1386.92,
+ "end": 1388.64,
+ "text": "city politicians chasing away"
+ },
+ {
+ "start": 1388.68,
+ "end": 1390.72,
+ "text": "Amazon before the pandemic."
+ },
+ {
+ "start": 1391.04,
+ "end": 1392.56,
+ "text": "And now with the pandemic and"
+ },
+ {
+ "start": 1392.56,
+ "end": 1393.72,
+ "text": "other things like crime and"
+ },
+ {
+ "start": 1393.72,
+ "end": 1395.24,
+ "text": "taxes leading to a spike in"
+ },
+ {
+ "start": 1395.24,
+ "end": 1397.04,
+ "text": "unemployment in the city. So"
+ },
+ {
+ "start": 1397.04,
+ "end": 1398.4,
+ "text": "it is a brilliant move to"
+ },
+ {
+ "start": 1398.4,
+ "end": 1400.12,
+ "text": "reject a developer who is"
+ },
+ {
+ "start": 1400.16,
+ "end": 1402.16,
+ "text": "willing to invest such a large"
+ },
+ {
+ "start": 1402.16,
+ "end": 1403.92,
+ "text": "amount of capital in these"
+ },
+ {
+ "start": 1403.92,
+ "end": 1405.8,
+ "text": "tough economic times. Good"
+ },
+ {
+ "start": 1405.8,
+ "end": 1407.64,
+ "text": "move. Now, a New York City"
+ },
+ {
+ "start": 1407.64,
+ "end": 1409.0,
+ "text": "deal that did go through in"
+ },
+ {
+ "start": 1409.0,
+ "end": 1410.32,
+ "text": "Long, Long Island City,"
+ },
+ {
+ "start": 1410.32,
+ "end": 1412.92,
+ "text": "Queens was the $500 million"
+ },
+ {
+ "start": 1412.92,
+ "end": 1414.88,
+ "text": "studio deal by Hackman Capital"
+ },
+ {
+ "start": 1414.88,
+ "end": 1416.04,
+ "text": "and Square Mile Capital"
+ },
+ {
+ "start": 1416.04,
+ "end": 1417.68,
+ "text": "Management for the famous"
+ },
+ {
+ "start": 1417.68,
+ "end": 1419.8,
+ "text": "Silver Cup Studios, one of"
+ },
+ {
+ "start": 1419.8,
+ "end": 1420.72,
+ "text": "the largest film and"
+ },
+ {
+ "start": 1420.72,
+ "end": 1421.72,
+ "text": "television production"
+ },
+ {
+ "start": 1421.72,
+ "end": 1423.6,
+ "text": "facilities in New York City"
+ },
+ {
+ "start": 1424.16,
+ "end": 1425.32,
+ "text": "with the property in Long"
+ },
+ {
+ "start": 1425.32,
+ "end": 1426.92,
+ "text": "Island City and another in"
+ },
+ {
+ "start": 1426.92,
+ "end": 1427.8,
+ "text": "the Port Morris"
+ },
+ {
+ "start": 1427.8,
+ "end": 1430.0,
+ "text": "neighborhood of the Bronx. Other"
+ },
+ {
+ "start": 1430.0,
+ "end": 1431.04,
+ "text": "investors in the Silver"
+ },
+ {
+ "start": 1431.04,
+ "end": 1432.88,
+ "text": "Cup acquisition include the"
+ },
+ {
+ "start": 1432.88,
+ "end": 1434.36,
+ "text": "teacher retirement system of"
+ },
+ {
+ "start": 1434.36,
+ "end": 1436.28,
+ "text": "Texas and affiliate of the"
+ },
+ {
+ "start": 1436.28,
+ "end": 1438.12,
+ "text": "United Services Automobile"
+ },
+ {
+ "start": 1438.12,
+ "end": 1439.92,
+ "text": "Association and Canada"
+ },
+ {
+ "start": 1439.92,
+ "end": 1441.68,
+ "text": "based PSP investments,"
+ },
+ {
+ "start": 1441.88,
+ "end": 1443.04,
+ "text": "according to the Wall Street"
+ },
+ {
+ "start": 1443.04,
+ "end": 1444.28,
+ "text": "Journal article by Conrad"
+ },
+ {
+ "start": 1444.28,
+ "end": 1447.12,
+ "text": "Puthier. This studio deal"
+ },
+ {
+ "start": 1447.36,
+ "end": 1448.96,
+ "text": "comes on the heels of"
+ },
+ {
+ "start": 1448.96,
+ "end": 1450.36,
+ "text": "another big studio deal the"
+ },
+ {
+ "start": 1450.36,
+ "end": 1451.88,
+ "text": "June purchase by Blackstone"
+ },
+ {
+ "start": 1451.88,
+ "end": 1454.88,
+ "text": "group of a 49 49 percent"
+ },
+ {
+ "start": 1454.88,
+ "end": 1456.52,
+ "text": "stake in three film"
+ },
+ {
+ "start": 1456.52,
+ "end": 1457.76,
+ "text": "production facilities in"
+ },
+ {
+ "start": 1457.76,
+ "end": 1459.12,
+ "text": "Hollywood, California,"
+ },
+ {
+ "start": 1459.36,
+ "end": 1460.84,
+ "text": "managed by Hudson Pacific"
+ },
+ {
+ "start": 1460.84,
+ "end": 1462.32,
+ "text": "properties in a deal that"
+ },
+ {
+ "start": 1462.32,
+ "end": 1463.48,
+ "text": "valued those buildings at"
+ },
+ {
+ "start": 1463.48,
+ "end": 1466.36,
+ "text": "1.65 billion. Now, Silver"
+ },
+ {
+ "start": 1466.36,
+ "end": 1467.48,
+ "text": "Cup, one of New York City's"
+ },
+ {
+ "start": 1467.48,
+ "end": 1468.96,
+ "text": "most storied film studio"
+ },
+ {
+ "start": 1468.96,
+ "end": 1470.56,
+ "text": "lots, doesn't just operate"
+ },
+ {
+ "start": 1470.56,
+ "end": 1471.72,
+ "text": "the facilities that also"
+ },
+ {
+ "start": 1471.72,
+ "end": 1473.2,
+ "text": "owns the real estate. It"
+ },
+ {
+ "start": 1473.2,
+ "end": 1475.12,
+ "text": "operates 23 shooting stages"
+ },
+ {
+ "start": 1475.12,
+ "end": 1476.48,
+ "text": "at three locations in Queens"
+ },
+ {
+ "start": 1476.48,
+ "end": 1477.72,
+ "text": "and the Bronx. Now its"
+ },
+ {
+ "start": 1477.72,
+ "end": 1479.84,
+ "text": "first location opened in 1983"
+ },
+ {
+ "start": 1479.84,
+ "end": 1482.04,
+ "text": "in a former flower silo of"
+ },
+ {
+ "start": 1482.04,
+ "end": 1483.44,
+ "text": "the Silver Cup bakery in"
+ },
+ {
+ "start": 1483.44,
+ "end": 1485.28,
+ "text": "Long Island City. Now it is"
+ },
+ {
+ "start": 1485.28,
+ "end": 1486.4,
+ "text": "one of New York's four"
+ },
+ {
+ "start": 1486.4,
+ "end": 1487.92,
+ "text": "leading production facilities"
+ },
+ {
+ "start": 1488.08,
+ "end": 1489.76,
+ "text": "along with Steiner Studios,"
+ },
+ {
+ "start": 1490.0,
+ "end": 1491.72,
+ "text": "Kauffman Astoria Studios,"
+ },
+ {
+ "start": 1491.88,
+ "end": 1493.92,
+ "text": "and Broadway Stages. Silver"
+ },
+ {
+ "start": 1493.92,
+ "end": 1494.8,
+ "text": "Cup is now going to be"
+ },
+ {
+ "start": 1494.8,
+ "end": 1495.8,
+ "text": "the first of the four to"
+ },
+ {
+ "start": 1495.8,
+ "end": 1496.92,
+ "text": "be controlled by an out of"
+ },
+ {
+ "start": 1496.92,
+ "end": 1499.04,
+ "text": "town investment firm. East"
+ },
+ {
+ "start": 1499.04,
+ "end": 1500.04,
+ "text": "Hill Secured was the"
+ },
+ {
+ "start": 1500.04,
+ "end": 1501.36,
+ "text": "exclusive adviser to the"
+ },
+ {
+ "start": 1501.36,
+ "end": 1503.12,
+ "text": "sellers, brothers Alan and"
+ },
+ {
+ "start": 1503.12,
+ "end": 1504.84,
+ "text": "Stuart Suna. Now Hackman"
+ },
+ {
+ "start": 1504.84,
+ "end": 1506.32,
+ "text": "Capital also owns Culver"
+ },
+ {
+ "start": 1506.32,
+ "end": 1508.2,
+ "text": "Studios and Television City"
+ },
+ {
+ "start": 1508.2,
+ "end": 1509.84,
+ "text": "in Southern California. And"
+ },
+ {
+ "start": 1509.84,
+ "end": 1510.92,
+ "text": "this joint venture has"
+ },
+ {
+ "start": 1510.92,
+ "end": 1512.24,
+ "text": "acquired several studio"
+ },
+ {
+ "start": 1512.24,
+ "end": 1514.28,
+ "text": "portfolios, including MBS"
+ },
+ {
+ "start": 1514.28,
+ "end": 1515.6,
+ "text": "Media Campus and MBS"
+ },
+ {
+ "start": 1515.6,
+ "end": 1517.08,
+ "text": "services located in"
+ },
+ {
+ "start": 1517.08,
+ "end": 1518.52,
+ "text": "Manhattan Beach, California"
+ },
+ {
+ "start": 1518.72,
+ "end": 1521.44,
+ "text": "from Carlisle Group in 2019"
+ },
+ {
+ "start": 1521.64,
+ "end": 1525.08,
+ "text": "for $650 million and CBS"
+ },
+ {
+ "start": 1525.08,
+ "end": 1527.0,
+ "text": "Television City in LA for"
+ },
+ {
+ "start": 1527.0,
+ "end": 1529.52,
+ "text": "$750 million from CBS"
+ },
+ {
+ "start": 1529.52,
+ "end": 1532.0,
+ "text": "Corporation. And for the"
+ },
+ {
+ "start": 1532.0,
+ "end": 1532.96,
+ "text": "rest of the development"
+ },
+ {
+ "start": 1532.96,
+ "end": 1534.16,
+ "text": "news, I will skip out to"
+ },
+ {
+ "start": 1534.16,
+ "end": 1536.08,
+ "text": "California, where I have"
+ },
+ {
+ "start": 1536.08,
+ "end": 1537.48,
+ "text": "several interesting large"
+ },
+ {
+ "start": 1537.48,
+ "end": 1538.36,
+ "text": "scale deals and"
+ },
+ {
+ "start": 1538.36,
+ "end": 1539.4,
+ "text": "developments to report"
+ },
+ {
+ "start": 1539.4,
+ "end": 1540.36,
+ "text": "about from all over the"
+ },
+ {
+ "start": 1540.36,
+ "end": 1541.88,
+ "text": "state. And I will start"
+ },
+ {
+ "start": 1541.88,
+ "end": 1542.84,
+ "text": "with a much needed"
+ },
+ {
+ "start": 1542.84,
+ "end": 1544.12,
+ "text": "positive story about a"
+ },
+ {
+ "start": 1544.12,
+ "end": 1546.24,
+ "text": "beaten up sector retail in"
+ },
+ {
+ "start": 1546.24,
+ "end": 1547.6,
+ "text": "a city that is now taking"
+ },
+ {
+ "start": 1547.6,
+ "end": 1548.96,
+ "text": "a beating San Francisco."
+ },
+ {
+ "start": 1549.36,
+ "end": 1550.4,
+ "text": "And that is the news that"
+ },
+ {
+ "start": 1550.4,
+ "end": 1552.64,
+ "text": "IKEA parent Incas Center's"
+ },
+ {
+ "start": 1552.64,
+ "end": 1554.08,
+ "text": "division announced that it"
+ },
+ {
+ "start": 1554.08,
+ "end": 1556.88,
+ "text": "will spend $260 million to"
+ },
+ {
+ "start": 1556.88,
+ "end": 1558.08,
+ "text": "acquire and redevelop the"
+ },
+ {
+ "start": 1558.08,
+ "end": 1560.36,
+ "text": "vacant six story, six by"
+ },
+ {
+ "start": 1560.36,
+ "end": 1563.04,
+ "text": "six development at 945"
+ },
+ {
+ "start": 1563.04,
+ "end": 1565.76,
+ "text": "Market Street, a 250,000"
+ },
+ {
+ "start": 1565.76,
+ "end": 1566.52,
+ "text": "square foot building"
+ },
+ {
+ "start": 1566.52,
+ "end": 1569.08,
+ "text": "completed in 2016 by"
+ },
+ {
+ "start": 1569.08,
+ "end": 1571.2,
+ "text": "Cyprus equities. Now IKEA's"
+ },
+ {
+ "start": 1571.2,
+ "end": 1572.4,
+ "text": "plan is to turn it into an"
+ },
+ {
+ "start": 1572.4,
+ "end": 1573.88,
+ "text": "urban mall to open in the"
+ },
+ {
+ "start": 1573.88,
+ "end": 1576.28,
+ "text": "fall of 2020 with a 70,000"
+ },
+ {
+ "start": 1576.28,
+ "end": 1577.96,
+ "text": "square foot IKEA store, as"
+ },
+ {
+ "start": 1577.96,
+ "end": 1579.2,
+ "text": "well as a mix of uses that"
+ },
+ {
+ "start": 1579.2,
+ "end": 1580.88,
+ "text": "include retail, residential"
+ },
+ {
+ "start": 1580.88,
+ "end": 1582.72,
+ "text": "hotel and flexible working"
+ },
+ {
+ "start": 1582.72,
+ "end": 1584.76,
+ "text": "spaces. The sellers were"
+ },
+ {
+ "start": 1584.76,
+ "end": 1586.28,
+ "text": "TMG partners and"
+ },
+ {
+ "start": 1586.28,
+ "end": 1587.52,
+ "text": "Alexandria real estate"
+ },
+ {
+ "start": 1587.52,
+ "end": 1589.04,
+ "text": "equities, which bought it"
+ },
+ {
+ "start": 1589.04,
+ "end": 1590.76,
+ "text": "from Cyprus last year for"
+ },
+ {
+ "start": 1590.76,
+ "end": 1593.08,
+ "text": "$179 million with plans to"
+ },
+ {
+ "start": 1593.08,
+ "end": 1594.72,
+ "text": "create a project for life"
+ },
+ {
+ "start": 1594.72,
+ "end": 1596.2,
+ "text": "science uses, which"
+ },
+ {
+ "start": 1596.24,
+ "end": 1597.4,
+ "text": "obviously didn't come to"
+ },
+ {
+ "start": 1597.4,
+ "end": 1599.36,
+ "text": "fruition. Now the project"
+ },
+ {
+ "start": 1599.36,
+ "end": 1600.52,
+ "text": "sitting empty for four"
+ },
+ {
+ "start": 1600.52,
+ "end": 1601.76,
+ "text": "years after it opened in"
+ },
+ {
+ "start": 1601.76,
+ "end": 1604.12,
+ "text": "2016 was originally"
+ },
+ {
+ "start": 1604.12,
+ "end": 1605.12,
+ "text": "intended to extend the"
+ },
+ {
+ "start": 1605.12,
+ "end": 1606.4,
+ "text": "Union Square shopping"
+ },
+ {
+ "start": 1606.4,
+ "end": 1607.96,
+ "text": "district south toward the"
+ },
+ {
+ "start": 1607.96,
+ "end": 1609.36,
+ "text": "newly opened offices for"
+ },
+ {
+ "start": 1609.36,
+ "end": 1610.96,
+ "text": "Twitter and Uber near the"
+ },
+ {
+ "start": 1610.96,
+ "end": 1612.88,
+ "text": "Civic Center Bart. Instead,"
+ },
+ {
+ "start": 1612.88,
+ "end": 1613.96,
+ "text": "it failed to attract a"
+ },
+ {
+ "start": 1613.96,
+ "end": 1615.88,
+ "text": "single tenant. Now IKEA's"
+ },
+ {
+ "start": 1615.88,
+ "end": 1617.08,
+ "text": "arrival marks a long"
+ },
+ {
+ "start": 1617.08,
+ "end": 1618.04,
+ "text": "awaited moment of"
+ },
+ {
+ "start": 1618.04,
+ "end": 1619.72,
+ "text": "redemption for the six by"
+ },
+ {
+ "start": 1619.72,
+ "end": 1621.4,
+ "text": "six mall and that mid"
+ },
+ {
+ "start": 1621.4,
+ "end": 1622.76,
+ "text": "market carter who's"
+ },
+ {
+ "start": 1622.76,
+ "end": 1625.44,
+ "text": "promised revitalization"
+ },
+ {
+ "start": 1625.44,
+ "end": 1626.68,
+ "text": "has started and stopped"
+ },
+ {
+ "start": 1627.24,
+ "end": 1628.24,
+ "text": "times over the past"
+ },
+ {
+ "start": 1628.24,
+ "end": 1630.16,
+ "text": "decade. Also in downtown"
+ },
+ {
+ "start": 1630.16,
+ "end": 1631.92,
+ "text": "San Francisco, developer"
+ },
+ {
+ "start": 1631.92,
+ "end": 1633.36,
+ "text": "Strata Investment Group was"
+ },
+ {
+ "start": 1633.36,
+ "end": 1634.4,
+ "text": "granted exclusive"
+ },
+ {
+ "start": 1634.4,
+ "end": 1635.72,
+ "text": "negotiating rights this"
+ },
+ {
+ "start": 1635.72,
+ "end": 1637.36,
+ "text": "month to develop two"
+ },
+ {
+ "start": 1637.4,
+ "end": 1639.64,
+ "text": "aging peers, peers 30 and"
+ },
+ {
+ "start": 1639.64,
+ "end": 1641.96,
+ "text": "32 in South Beach and a"
+ },
+ {
+ "start": 1641.96,
+ "end": 1643.24,
+ "text": "nearby parking lot owned"
+ },
+ {
+ "start": 1643.24,
+ "end": 1644.12,
+ "text": "by the Port of San"
+ },
+ {
+ "start": 1644.12,
+ "end": 1646.96,
+ "text": "Francisco into 850 new"
+ },
+ {
+ "start": 1646.96,
+ "end": 1650.24,
+ "text": "residential units, 376,000"
+ },
+ {
+ "start": 1650.24,
+ "end": 1651.52,
+ "text": "square feet of office"
+ },
+ {
+ "start": 1651.52,
+ "end": 1653.4,
+ "text": "space, a swimming pool and"
+ },
+ {
+ "start": 1653.4,
+ "end": 1654.76,
+ "text": "about three acres of"
+ },
+ {
+ "start": 1654.76,
+ "end": 1656.28,
+ "text": "publicly accessible open"
+ },
+ {
+ "start": 1656.28,
+ "end": 1657.8,
+ "text": "space. The Port"
+ },
+ {
+ "start": 1657.8,
+ "end": 1659.16,
+ "text": "Commission unanimously"
+ },
+ {
+ "start": 1659.16,
+ "end": 1660.36,
+ "text": "approved an exclusive"
+ },
+ {
+ "start": 1660.36,
+ "end": 1662.12,
+ "text": "negotiating agreement with"
+ },
+ {
+ "start": 1662.12,
+ "end": 1663.64,
+ "text": "Strata, which has teamed"
+ },
+ {
+ "start": 1663.64,
+ "end": 1664.68,
+ "text": "up with Dallas based"
+ },
+ {
+ "start": 1664.68,
+ "end": 1666.36,
+ "text": "trauma pro company and the"
+ },
+ {
+ "start": 1666.36,
+ "end": 1667.24,
+ "text": "commission must still"
+ },
+ {
+ "start": 1667.24,
+ "end": 1668.44,
+ "text": "approve a disposition and"
+ },
+ {
+ "start": 1668.44,
+ "end": 1669.8,
+ "text": "development development"
+ },
+ {
+ "start": 1669.8,
+ "end": 1671.04,
+ "text": "agreement later this year"
+ },
+ {
+ "start": 1671.28,
+ "end": 1673.68,
+ "text": "or in early 2021. Until"
+ },
+ {
+ "start": 1673.68,
+ "end": 1674.48,
+ "text": "then, the development"
+ },
+ {
+ "start": 1674.48,
+ "end": 1676.08,
+ "text": "team is required to engage"
+ },
+ {
+ "start": 1676.08,
+ "end": 1677.4,
+ "text": "with community and"
+ },
+ {
+ "start": 1677.4,
+ "end": 1678.92,
+ "text": "regulatory agencies to"
+ },
+ {
+ "start": 1678.92,
+ "end": 1680.36,
+ "text": "fine tune its proposal,"
+ },
+ {
+ "start": 1680.6,
+ "end": 1682.08,
+ "text": "which includes demolishing"
+ },
+ {
+ "start": 1682.08,
+ "end": 1683.88,
+ "text": "the two vacant peers and"
+ },
+ {
+ "start": 1683.88,
+ "end": 1685.32,
+ "text": "constructing two smaller"
+ },
+ {
+ "start": 1685.32,
+ "end": 1686.72,
+ "text": "peers that would support"
+ },
+ {
+ "start": 1686.72,
+ "end": 1688.76,
+ "text": "the new uses. Developers"
+ },
+ {
+ "start": 1688.76,
+ "end": 1689.76,
+ "text": "were asked to propose"
+ },
+ {
+ "start": 1689.76,
+ "end": 1691.04,
+ "text": "strategies to strengthen"
+ },
+ {
+ "start": 1691.04,
+ "end": 1692.32,
+ "text": "the seawall and construct"
+ },
+ {
+ "start": 1692.32,
+ "end": 1693.92,
+ "text": "flood protections for the"
+ },
+ {
+ "start": 1693.92,
+ "end": 1695.72,
+ "text": "peers. Strata and trauma"
+ },
+ {
+ "start": 1695.72,
+ "end": 1696.92,
+ "text": "crow promised to invest"
+ },
+ {
+ "start": 1696.92,
+ "end": 1699.12,
+ "text": "$369 million into"
+ },
+ {
+ "start": 1699.12,
+ "end": 1700.64,
+ "text": "rebuilding the peers to"
+ },
+ {
+ "start": 1700.64,
+ "end": 1702.04,
+ "text": "restore the deep draft"
+ },
+ {
+ "start": 1702.04,
+ "end": 1703.48,
+ "text": "of birth for active"
+ },
+ {
+ "start": 1703.48,
+ "end": 1705.64,
+ "text": "maritime use. Also about"
+ },
+ {
+ "start": 1705.64,
+ "end": 1707.44,
+ "text": "$325 million would be"
+ },
+ {
+ "start": 1707.44,
+ "end": 1708.64,
+ "text": "generated for the Port"
+ },
+ {
+ "start": 1708.64,
+ "end": 1710.2,
+ "text": "Commission from the ground"
+ },
+ {
+ "start": 1710.2,
+ "end": 1711.68,
+ "text": "leases, according to the"
+ },
+ {
+ "start": 1711.68,
+ "end": 1713.48,
+ "text": "proposal. Now the project"
+ },
+ {
+ "start": 1713.48,
+ "end": 1715.8,
+ "text": "represents $1.18 billion"
+ },
+ {
+ "start": 1715.8,
+ "end": 1716.64,
+ "text": "in total private"
+ },
+ {
+ "start": 1716.64,
+ "end": 1718.16,
+ "text": "investment. Now the two"
+ },
+ {
+ "start": 1718.2,
+ "end": 1719.8,
+ "text": "other qualified respondents"
+ },
+ {
+ "start": 1719.8,
+ "end": 1721.36,
+ "text": "that Strata beat out were"
+ },
+ {
+ "start": 1721.36,
+ "end": 1723.44,
+ "text": "Vornado Realty Trust and"
+ },
+ {
+ "start": 1723.44,
+ "end": 1725.56,
+ "text": "Tishman Spire. Of course,"
+ },
+ {
+ "start": 1725.56,
+ "end": 1726.64,
+ "text": "there are naysayers to"
+ },
+ {
+ "start": 1726.64,
+ "end": 1728.04,
+ "text": "the project with some"
+ },
+ {
+ "start": 1728.04,
+ "end": 1728.92,
+ "text": "opposing the outdoor"
+ },
+ {
+ "start": 1728.92,
+ "end": 1730.32,
+ "text": "swimming pool with access"
+ },
+ {
+ "start": 1730.32,
+ "end": 1731.56,
+ "text": "to the Chile Bay waters"
+ },
+ {
+ "start": 1731.84,
+ "end": 1733.96,
+ "text": "and the proposed 218 foot"
+ },
+ {
+ "start": 1733.96,
+ "end": 1735.0,
+ "text": "height of the residential"
+ },
+ {
+ "start": 1735.0,
+ "end": 1736.84,
+ "text": "towers, which exceed local"
+ },
+ {
+ "start": 1736.84,
+ "end": 1738.8,
+ "text": "zoning limits of 105 feet"
+ },
+ {
+ "start": 1739.08,
+ "end": 1740.44,
+ "text": "as the developers plan to"
+ },
+ {
+ "start": 1740.44,
+ "end": 1741.76,
+ "text": "use the state density"
+ },
+ {
+ "start": 1741.76,
+ "end": 1743.2,
+ "text": "bonus law to build"
+ },
+ {
+ "start": 1743.2,
+ "end": 1744.96,
+ "text": "higher. Now the port staff"
+ },
+ {
+ "start": 1744.96,
+ "end": 1746.48,
+ "text": "said that the legality of"
+ },
+ {
+ "start": 1746.48,
+ "end": 1747.6,
+ "text": "doing so is still being"
+ },
+ {
+ "start": 1747.6,
+ "end": 1749.04,
+ "text": "assessed while those"
+ },
+ {
+ "start": 1749.04,
+ "end": 1750.4,
+ "text": "complaining say that the"
+ },
+ {
+ "start": 1750.4,
+ "end": 1751.96,
+ "text": "two towers would create"
+ },
+ {
+ "start": 1751.96,
+ "end": 1753.56,
+ "text": "walls blocking the"
+ },
+ {
+ "start": 1753.56,
+ "end": 1755.28,
+ "text": "waterfront. Now the site"
+ },
+ {
+ "start": 1755.28,
+ "end": 1756.52,
+ "text": "across the Embarcadero"
+ },
+ {
+ "start": 1756.52,
+ "end": 1758.0,
+ "text": "from the piers is now"
+ },
+ {
+ "start": 1758.0,
+ "end": 1759.96,
+ "text": "home to a temporary 200"
+ },
+ {
+ "start": 1759.96,
+ "end": 1762.4,
+ "text": "bed homeless center heading"
+ },
+ {
+ "start": 1762.4,
+ "end": 1764.24,
+ "text": "east to the East Bay city"
+ },
+ {
+ "start": 1764.24,
+ "end": 1766.12,
+ "text": "of San Ramon. Along the"
+ },
+ {
+ "start": 1766.12,
+ "end": 1768.08,
+ "text": "680 freeway. It was"
+ },
+ {
+ "start": 1768.08,
+ "end": 1769.36,
+ "text": "announced this month that"
+ },
+ {
+ "start": 1769.36,
+ "end": 1770.76,
+ "text": "its city council approved"
+ },
+ {
+ "start": 1770.76,
+ "end": 1771.72,
+ "text": "the latest plans by"
+ },
+ {
+ "start": 1771.72,
+ "end": 1773.32,
+ "text": "Sunset Development Company"
+ },
+ {
+ "start": 1773.56,
+ "end": 1775.76,
+ "text": "led by Alex Marin Jr. To"
+ },
+ {
+ "start": 1775.76,
+ "end": 1778.0,
+ "text": "add 4,500 homes to its"
+ },
+ {
+ "start": 1778.0,
+ "end": 1779.48,
+ "text": "massive master plan"
+ },
+ {
+ "start": 1779.48,
+ "end": 1780.64,
+ "text": "Bishop branch business"
+ },
+ {
+ "start": 1780.64,
+ "end": 1782.28,
+ "text": "park in a section called"
+ },
+ {
+ "start": 1782.28,
+ "end": 1783.6,
+ "text": "City Walk, which will"
+ },
+ {
+ "start": 1783.6,
+ "end": 1785.24,
+ "text": "also include a previously"
+ },
+ {
+ "start": 1785.24,
+ "end": 1787.92,
+ "text": "announced 169 room hotel"
+ },
+ {
+ "start": 1788.2,
+ "end": 1790.4,
+ "text": "and 170,000 square feet"
+ },
+ {
+ "start": 1790.4,
+ "end": 1792.4,
+ "text": "of retail space. The homes"
+ },
+ {
+ "start": 1792.4,
+ "end": 1793.48,
+ "text": "will be built in five"
+ },
+ {
+ "start": 1793.48,
+ "end": 1795.24,
+ "text": "neighborhoods on 135"
+ },
+ {
+ "start": 1795.24,
+ "end": 1796.28,
+ "text": "acres that Sunset"
+ },
+ {
+ "start": 1796.28,
+ "end": 1797.56,
+ "text": "already owns with"
+ },
+ {
+ "start": 1797.56,
+ "end": 1798.64,
+ "text": "construction, hopefully"
+ },
+ {
+ "start": 1798.64,
+ "end": 1800.68,
+ "text": "starting in 2021 and"
+ },
+ {
+ "start": 1800.68,
+ "end": 1802.96,
+ "text": "first deliveries in 2023"
+ },
+ {
+ "start": 1803.16,
+ "end": 1804.72,
+ "text": "with full build out"
+ },
+ {
+ "start": 1804.72,
+ "end": 1806.64,
+ "text": "taking up to 27 years."
+ },
+ {
+ "start": 1807.04,
+ "end": 1808.96,
+ "text": "In 2018, Sunset initially"
+ },
+ {
+ "start": 1808.96,
+ "end": 1810.0,
+ "text": "opened city center with"
+ },
+ {
+ "start": 1810.0,
+ "end": 1811.44,
+ "text": "300,000 square feet of"
+ },
+ {
+ "start": 1811.44,
+ "end": 1813.36,
+ "text": "retail space on 15"
+ },
+ {
+ "start": 1813.36,
+ "end": 1815.24,
+ "text": "acres, which cost $300"
+ },
+ {
+ "start": 1815.24,
+ "end": 1816.64,
+ "text": "million to develop."
+ },
+ {
+ "start": 1817.76,
+ "end": 1818.72,
+ "text": "Now let's go down to"
+ },
+ {
+ "start": 1818.72,
+ "end": 1821.36,
+ "text": "San Diego where IQ HQ"
+ },
+ {
+ "start": 1821.4,
+ "end": 1823.0,
+ "text": "Inc, a premier life"
+ },
+ {
+ "start": 1823.0,
+ "end": 1824.12,
+ "text": "science, real estate"
+ },
+ {
+ "start": 1824.12,
+ "end": 1825.28,
+ "text": "development company"
+ },
+ {
+ "start": 1825.48,
+ "end": 1826.88,
+ "text": "completed the acquisition"
+ },
+ {
+ "start": 1826.88,
+ "end": 1828.88,
+ "text": "of an iconic development"
+ },
+ {
+ "start": 1828.88,
+ "end": 1830.28,
+ "text": "site along San Diego's"
+ },
+ {
+ "start": 1830.28,
+ "end": 1832.16,
+ "text": "waterfront. In addition,"
+ },
+ {
+ "start": 1832.32,
+ "end": 1834.12,
+ "text": "IQ HQ introduced a new"
+ },
+ {
+ "start": 1834.12,
+ "end": 1835.28,
+ "text": "brand to capture the"
+ },
+ {
+ "start": 1835.28,
+ "end": 1836.72,
+ "text": "significance of the site,"
+ },
+ {
+ "start": 1837.0,
+ "end": 1838.52,
+ "text": "the San Diego Research"
+ },
+ {
+ "start": 1838.52,
+ "end": 1839.52,
+ "text": "and Development"
+ },
+ {
+ "start": 1839.52,
+ "end": 1841.64,
+ "text": "District, the RAD, and"
+ },
+ {
+ "start": 1841.64,
+ "end": 1842.56,
+ "text": "announced the start of"
+ },
+ {
+ "start": 1842.56,
+ "end": 1844.2,
+ "text": "construction. Said"
+ },
+ {
+ "start": 1844.2,
+ "end": 1845.48,
+ "text": "Mayor Kevin Falconer,"
+ },
+ {
+ "start": 1845.68,
+ "end": 1846.4,
+ "text": "the research and"
+ },
+ {
+ "start": 1846.4,
+ "end": 1847.4,
+ "text": "development district will"
+ },
+ {
+ "start": 1847.4,
+ "end": 1848.72,
+ "text": "transform our waterfront"
+ },
+ {
+ "start": 1848.72,
+ "end": 1850.04,
+ "text": "and bring top tier life"
+ },
+ {
+ "start": 1850.04,
+ "end": 1851.04,
+ "text": "science companies to"
+ },
+ {
+ "start": 1851.04,
+ "end": 1853.2,
+ "text": "downtown. Entitled for"
+ },
+ {
+ "start": 1853.2,
+ "end": 1854.48,
+ "text": "new office, lab and"
+ },
+ {
+ "start": 1854.48,
+ "end": 1855.72,
+ "text": "support retail space,"
+ },
+ {
+ "start": 1856.0,
+ "end": 1857.4,
+ "text": "the RAD is situated on"
+ },
+ {
+ "start": 1857.4,
+ "end": 1858.6,
+ "text": "more than eight acres"
+ },
+ {
+ "start": 1858.6,
+ "end": 1860.04,
+ "text": "and occupies three entire"
+ },
+ {
+ "start": 1860.04,
+ "end": 1861.76,
+ "text": "city blocks representing"
+ },
+ {
+ "start": 1861.76,
+ "end": 1862.64,
+ "text": "the largest urban"
+ },
+ {
+ "start": 1862.64,
+ "end": 1863.6,
+ "text": "commercial waterfront"
+ },
+ {
+ "start": 1863.6,
+ "end": 1864.88,
+ "text": "site along California's"
+ },
+ {
+ "start": 1864.88,
+ "end": 1866.56,
+ "text": "Pacific coast. With"
+ },
+ {
+ "start": 1866.56,
+ "end": 1868.12,
+ "text": "entitlement secured and"
+ },
+ {
+ "start": 1868.12,
+ "end": 1869.6,
+ "text": "key foundation permits"
+ },
+ {
+ "start": 1869.6,
+ "end": 1871.92,
+ "text": "already in place, IQ HQ"
+ },
+ {
+ "start": 1871.92,
+ "end": 1873.04,
+ "text": "is breaking ground on the"
+ },
+ {
+ "start": 1873.04,
+ "end": 1873.8,
+ "text": "first phase of the"
+ },
+ {
+ "start": 1873.8,
+ "end": 1875.84,
+ "text": "project this month with"
+ },
+ {
+ "start": 1875.84,
+ "end": 1877.08,
+ "text": "completion of the initial"
+ },
+ {
+ "start": 1877.08,
+ "end": 1878.68,
+ "text": "phase anticipated in"
+ },
+ {
+ "start": 1878.68,
+ "end": 1881.12,
+ "text": "summer 2023. Tracy"
+ },
+ {
+ "start": 1881.12,
+ "end": 1883.2,
+ "text": "Murphy, president of IQ"
+ },
+ {
+ "start": 1883.2,
+ "end": 1884.44,
+ "text": "HQ, said that the"
+ },
+ {
+ "start": 1884.44,
+ "end": 1885.6,
+ "text": "research and development"
+ },
+ {
+ "start": 1885.6,
+ "end": 1886.76,
+ "text": "district is exciting on"
+ },
+ {
+ "start": 1886.76,
+ "end": 1888.4,
+ "text": "so many levels. Not"
+ },
+ {
+ "start": 1888.4,
+ "end": 1889.44,
+ "text": "only does it represent"
+ },
+ {
+ "start": 1889.44,
+ "end": 1890.6,
+ "text": "our first acquisition in"
+ },
+ {
+ "start": 1890.6,
+ "end": 1891.8,
+ "text": "the San Diego region,"
+ },
+ {
+ "start": 1892.0,
+ "end": 1893.92,
+ "text": "which IQ HQ is proud to"
+ },
+ {
+ "start": 1893.92,
+ "end": 1895.6,
+ "text": "call home, we also have"
+ },
+ {
+ "start": 1895.6,
+ "end": 1896.8,
+ "text": "an opportunity to create"
+ },
+ {
+ "start": 1896.8,
+ "end": 1898.0,
+ "text": "the first truly urban"
+ },
+ {
+ "start": 1898.0,
+ "end": 1899.0,
+ "text": "waterfront campus"
+ },
+ {
+ "start": 1899.24,
+ "end": 1900.16,
+ "text": "dedicated to the"
+ },
+ {
+ "start": 1900.16,
+ "end": 1901.12,
+ "text": "advancement of life"
+ },
+ {
+ "start": 1901.12,
+ "end": 1903.52,
+ "text": "sciences. With an 82%"
+ },
+ {
+ "start": 1903.52,
+ "end": 1904.76,
+ "text": "increase in life science"
+ },
+ {
+ "start": 1904.76,
+ "end": 1906.04,
+ "text": "employment over the last"
+ },
+ {
+ "start": 1906.04,
+ "end": 1907.72,
+ "text": "decade, San Diego is the"
+ },
+ {
+ "start": 1907.72,
+ "end": 1909.32,
+ "text": "third largest life science"
+ },
+ {
+ "start": 1909.32,
+ "end": 1910.96,
+ "text": "market in the U.S. and"
+ },
+ {
+ "start": 1910.96,
+ "end": 1911.84,
+ "text": "it has experienced a"
+ },
+ {
+ "start": 1911.84,
+ "end": 1912.92,
+ "text": "growing demand for new"
+ },
+ {
+ "start": 1912.92,
+ "end": 1914.32,
+ "text": "class A office and lab"
+ },
+ {
+ "start": 1914.32,
+ "end": 1916.28,
+ "text": "space. And for our"
+ },
+ {
+ "start": 1916.28,
+ "end": 1917.48,
+ "text": "last deal roundup"
+ },
+ {
+ "start": 1917.48,
+ "end": 1918.92,
+ "text": "news piece, staying in"
+ },
+ {
+ "start": 1918.92,
+ "end": 1920.84,
+ "text": "downtown San Diego, a"
+ },
+ {
+ "start": 1920.84,
+ "end": 1921.92,
+ "text": "group called the San"
+ },
+ {
+ "start": 1921.92,
+ "end": 1923.56,
+ "text": "Diego Padres development"
+ },
+ {
+ "start": 1923.56,
+ "end": 1924.92,
+ "text": "team, which includes"
+ },
+ {
+ "start": 1924.92,
+ "end": 1926.52,
+ "text": "partners Tishman Spire"
+ },
+ {
+ "start": 1926.68,
+ "end": 1928.0,
+ "text": "and Ascendant Capital"
+ },
+ {
+ "start": 1928.0,
+ "end": 1929.32,
+ "text": "Partners has won the"
+ },
+ {
+ "start": 1929.32,
+ "end": 1930.32,
+ "text": "competitive bidding"
+ },
+ {
+ "start": 1930.32,
+ "end": 1931.76,
+ "text": "process to transform"
+ },
+ {
+ "start": 1931.76,
+ "end": 1933.44,
+ "text": "Tailgate Park near"
+ },
+ {
+ "start": 1933.44,
+ "end": 1935.08,
+ "text": "Petco Park into a"
+ },
+ {
+ "start": 1935.08,
+ "end": 1936.36,
+ "text": "vibrant mixed use"
+ },
+ {
+ "start": 1936.36,
+ "end": 1937.8,
+ "text": "destination called East"
+ },
+ {
+ "start": 1937.8,
+ "end": 1939.44,
+ "text": "Village Quarter. Plans"
+ },
+ {
+ "start": 1939.44,
+ "end": 1940.56,
+ "text": "for the underutilized"
+ },
+ {
+ "start": 1940.56,
+ "end": 1941.96,
+ "text": "four block area in the"
+ },
+ {
+ "start": 1941.96,
+ "end": 1943.28,
+ "text": "East Village include"
+ },
+ {
+ "start": 1943.32,
+ "end": 1944.48,
+ "text": "office, housing,"
+ },
+ {
+ "start": 1944.68,
+ "end": 1946.16,
+ "text": "recreation and retail"
+ },
+ {
+ "start": 1946.16,
+ "end": 1947.76,
+ "text": "space. And the project"
+ },
+ {
+ "start": 1947.76,
+ "end": 1949.28,
+ "text": "is expected to revitalize"
+ },
+ {
+ "start": 1949.28,
+ "end": 1950.6,
+ "text": "the East Village and"
+ },
+ {
+ "start": 1950.6,
+ "end": 1952.2,
+ "text": "further enhance game days"
+ },
+ {
+ "start": 1952.24,
+ "end": 1953.88,
+ "text": "at Petco Park, the"
+ },
+ {
+ "start": 1953.88,
+ "end": 1954.84,
+ "text": "Padres baseball"
+ },
+ {
+ "start": 1954.84,
+ "end": 1956.56,
+ "text": "stadium. The district"
+ },
+ {
+ "start": 1956.56,
+ "end": 1957.52,
+ "text": "consists of the four"
+ },
+ {
+ "start": 1957.52,
+ "end": 1958.96,
+ "text": "blocks between K Street"
+ },
+ {
+ "start": 1959.0,
+ "end": 1960.6,
+ "text": "Imperial Avenue, 12th"
+ },
+ {
+ "start": 1960.6,
+ "end": 1961.8,
+ "text": "Avenue and 14th"
+ },
+ {
+ "start": 1961.8,
+ "end": 1963.2,
+ "text": "Street. The Padres"
+ },
+ {
+ "start": 1963.2,
+ "end": 1964.12,
+ "text": "development team is"
+ },
+ {
+ "start": 1964.12,
+ "end": 1965.28,
+ "text": "comprised of local and"
+ },
+ {
+ "start": 1965.28,
+ "end": 1966.36,
+ "text": "international leaders"
+ },
+ {
+ "start": 1966.52,
+ "end": 1967.36,
+ "text": "that specialize in"
+ },
+ {
+ "start": 1967.36,
+ "end": 1969.88,
+ "text": "sports, transit centered"
+ },
+ {
+ "start": 1969.88,
+ "end": 1970.6,
+ "text": "and mixed use"
+ },
+ {
+ "start": 1970.6,
+ "end": 1971.84,
+ "text": "development, urban"
+ },
+ {
+ "start": 1971.84,
+ "end": 1973.56,
+ "text": "design and finance. The"
+ },
+ {
+ "start": 1973.56,
+ "end": 1974.68,
+ "text": "team's vision includes"
+ },
+ {
+ "start": 1974.68,
+ "end": 1976.32,
+ "text": "the creation of a 1600"
+ },
+ {
+ "start": 1976.32,
+ "end": 1977.72,
+ "text": "space parking structure,"
+ },
+ {
+ "start": 1977.96,
+ "end": 1979.84,
+ "text": "600 more parking spaces"
+ },
+ {
+ "start": 1979.84,
+ "end": 1980.92,
+ "text": "than currently exist on"
+ },
+ {
+ "start": 1980.92,
+ "end": 1982.24,
+ "text": "the site today, which"
+ },
+ {
+ "start": 1982.24,
+ "end": 1983.4,
+ "text": "will protect the long"
+ },
+ {
+ "start": 1983.4,
+ "end": 1984.4,
+ "text": "term parking needs of"
+ },
+ {
+ "start": 1984.4,
+ "end": 1985.96,
+ "text": "San Diegans attending"
+ },
+ {
+ "start": 1985.96,
+ "end": 1987.28,
+ "text": "Padres games and other"
+ },
+ {
+ "start": 1987.28,
+ "end": 1988.44,
+ "text": "events at the city owned"
+ },
+ {
+ "start": 1988.44,
+ "end": 1990.2,
+ "text": "Petco Park. Tishman"
+ },
+ {
+ "start": 1990.2,
+ "end": 1991.68,
+ "text": "Spire president and CEO"
+ },
+ {
+ "start": 1991.72,
+ "end": 1994.0,
+ "text": "and CEO Rob Spire said"
+ },
+ {
+ "start": 1994.0,
+ "end": 1995.4,
+ "text": "that San Diego is one of"
+ },
+ {
+ "start": 1995.4,
+ "end": 1996.24,
+ "text": "America's favorite"
+ },
+ {
+ "start": 1996.24,
+ "end": 1997.8,
+ "text": "places to live, work"
+ },
+ {
+ "start": 1997.8,
+ "end": 1999.28,
+ "text": "and discover. And that is"
+ },
+ {
+ "start": 1999.28,
+ "end": 2000.76,
+ "text": "exactly what this project"
+ },
+ {
+ "start": 2000.76,
+ "end": 2002.4,
+ "text": "is about. East Village"
+ },
+ {
+ "start": 2002.4,
+ "end": 2003.36,
+ "text": "Quarter represents an"
+ },
+ {
+ "start": 2003.36,
+ "end": 2004.8,
+ "text": "extraordinary opportunity"
+ },
+ {
+ "start": 2004.8,
+ "end": 2005.84,
+ "text": "for Tishman Spire to"
+ },
+ {
+ "start": 2005.84,
+ "end": 2007.44,
+ "text": "partner with the Padres"
+ },
+ {
+ "start": 2007.44,
+ "end": 2008.56,
+ "text": "and Ascendant Capital"
+ },
+ {
+ "start": 2008.56,
+ "end": 2009.76,
+ "text": "partners to create a"
+ },
+ {
+ "start": 2009.76,
+ "end": 2011.44,
+ "text": "dynamic, inclusive, mixed"
+ },
+ {
+ "start": 2011.44,
+ "end": 2012.72,
+ "text": "use environment that"
+ },
+ {
+ "start": 2012.72,
+ "end": 2013.76,
+ "text": "will provide vital"
+ },
+ {
+ "start": 2013.76,
+ "end": 2015.08,
+ "text": "housing and substantial"
+ },
+ {
+ "start": 2015.08,
+ "end": 2016.4,
+ "text": "open space in an urban"
+ },
+ {
+ "start": 2016.4,
+ "end": 2018.12,
+ "text": "setting. It will also"
+ },
+ {
+ "start": 2018.12,
+ "end": 2019.36,
+ "text": "host the city's best"
+ },
+ {
+ "start": 2019.4,
+ "end": 2020.96,
+ "text": "office facilities where"
+ },
+ {
+ "start": 2021.0,
+ "end": 2022.76,
+ "text": "innovative companies and"
+ },
+ {
+ "start": 2022.76,
+ "end": 2023.76,
+ "text": "their employees can"
+ },
+ {
+ "start": 2023.76,
+ "end": 2026.6,
+ "text": "thrive. Okay, good to"
+ },
+ {
+ "start": 2026.6,
+ "end": 2028.16,
+ "text": "end on an optimistic"
+ },
+ {
+ "start": 2028.2,
+ "end": 2030.36,
+ "text": "positive note. And that"
+ },
+ {
+ "start": 2030.36,
+ "end": 2031.36,
+ "text": "is it for our show"
+ },
+ {
+ "start": 2031.36,
+ "end": 2032.72,
+ "text": "today. We hope you"
+ },
+ {
+ "start": 2032.72,
+ "end": 2033.8,
+ "text": "enjoyed it and we"
+ },
+ {
+ "start": 2033.8,
+ "end": 2035.4,
+ "text": "appreciate any feedback"
+ },
+ {
+ "start": 2035.4,
+ "end": 2036.4,
+ "text": "on any of the new"
+ },
+ {
+ "start": 2036.4,
+ "end": 2037.96,
+ "text": "stories, anything else"
+ },
+ {
+ "start": 2038.0,
+ "end": 2039.44,
+ "text": "you heard in the show. So"
+ },
+ {
+ "start": 2039.44,
+ "end": 2040.68,
+ "text": "please email me those"
+ },
+ {
+ "start": 2040.68,
+ "end": 2042.28,
+ "text": "comments at sbloom at"
+ },
+ {
+ "start": 2042.28,
+ "end": 2044.6,
+ "text": "rent tv.com. Let me"
+ },
+ {
+ "start": 2044.6,
+ "end": 2045.28,
+ "text": "again thank our"
+ },
+ {
+ "start": 2045.28,
+ "end": 2046.64,
+ "text": "sponsors Capital Rivers"
+ },
+ {
+ "start": 2046.64,
+ "end": 2048.16,
+ "text": "Commercial and Redwood"
+ },
+ {
+ "start": 2048.16,
+ "end": 2048.96,
+ "text": "Mortgage for their"
+ },
+ {
+ "start": 2048.96,
+ "end": 2050.68,
+ "text": "support. And until our"
+ },
+ {
+ "start": 2050.68,
+ "end": 2052.44,
+ "text": "next podcast, this is"
+ },
+ {
+ "start": 2052.44,
+ "end": 2053.48,
+ "text": "Steve Bloom from"
+ },
+ {
+ "start": 2053.48,
+ "end": 2055.48,
+ "text": "Rent TV wishing you your"
+ },
+ {
+ "start": 2055.48,
+ "end": 2056.92,
+ "text": "clients and properties"
+ },
+ {
+ "start": 2057.08,
+ "end": 2058.44,
+ "text": "strong profits and"
+ },
+ {
+ "start": 2058.44,
+ "end": 2059.28,
+ "text": "prosperity."
+ }
+ ]
+}
\ No newline at end of file
diff --git a/data/transcripts/873500326.txt b/data/transcripts/873500326.txt
new file mode 100644
index 0000000..ec46434
--- /dev/null
+++ b/data/transcripts/873500326.txt
@@ -0,0 +1 @@
+Hello and welcome to episode number 9 of RENT TV's commercial real estate news and views podcast with Steve Blum on August 10th, 2020. I'm Steve Blum, your host and founder and CEO of RENT TV.com, our news and media company for the commercial real estate industry. Now in our 21st year providing daily news stories, market reports and more for the commercial real estate industry on our website, RENT TV.com, and our email newsletter, The Real Estate Insider goes to over 60,000 commercial real estate professionals three times each week. We were also putting on conferences before the pandemic hit, and we have produced our share of videos over the years while also broadcasting videos from other commercial real estate companies on our website, RENT TV.com. And thank you for tuning into our new episode of our weekly podcast, RENT TV's commercial real estate news and views, a brand new news program for our incredibly dynamic and ever changing industry. In these shows, streaming to you from the heart of Silicon Beach and Marina del Rey, I will give you my take on recent national and western region issues, store and stories, followed by a review of major deal and development news from around the US. I will then touch on tech news in our tech drive segment, and then I will discuss recent and upcoming podcasts, webinars, events and recordings of interest in our power segment. Hopefully you like what you hear, it is my goal to make this show a profitable use of your time. And I am confident we will accomplish that today, as we have put together a show packed full of industry information that could help your business. But before I start with the industry wide news and reports segment, I want to give a huge thanks to our very first podcast sponsors, Capitol Rivers Commercial and Redwood Mortgage, who I will tell you about more later in the show. I also again want to thank all of those who sent the very positive feedback about our new podcast, and to those who sent constructive comments, which I do listen to as we try to craft this podcast to best serve our audience of very busy real estate professionals. So let's get into this show, which I start with the industry market report segment and I am taping the show against the backdrop of news, which includes Congress still not passing the next stimulus bill, which many need to pay rent this month. I know many multifamily owners are focused on that. But on a positive economic news front, there is the just announced improved national employment report showing the US adding a higher than expected 1.8 million jobs in July, bringing the unemployment rate down to 10.2%, which is much better than the peak of around 15% just after the pandemic hit, but still not even halfway back from the total number of jobs lost as a result of shutting down the economy. Now I suspect much of the improvement in the jobs number was in the service sector, since a brief email report we received from Wells Fargo economics noted that the service sector expanded in July despite rising virus cases and outbreaks, noting that the service sector woke up from hibernation with a huge share of businesses seeking a pick seeing a pickup in activity. However, office owners shouldn't share too much since the report noted that service providers are not yet ready to bring back their full staff to their offices, especially with the recent uptick in COVID cases. Next I'll tell you about specific commercial real estate reports and these days it's all about the effects of COVID on various real estate sectors. And this week I have a few new reports to summarize for you starting with an industry wide survey by NAAP, the National Association of Industrial and Office Properties, the trade group mainly comprised of developers and investors, which did its fourth monthly survey of its US members on the impacts of COVID-19 on their businesses, which is mainly development. The survey was completed between July 15th and July 20th and very interestingly most respondents said that deal activity, buying and selling actually improved across all sectors in July. However, unfortunately, but not surprisingly, 50% of respondents now expect the coronavirus to impact their development business operations for more than a year. NAAP's July coronavirus impact survey results found that more developers are facing delays in permitting and entitlements, financing, supply shortages and contractors declaring force majeure or filing for bankruptcy due to the pandemic. The report noted the increases in disruptions is a reversal of previous trends, which it showed improving conditions for current development projects, but the persistence of the disruptions has many developers now extending expectations for the length of time COVID will affect their operations with nearly 76% citing added delays in permitting entitlements. Also on their checklist of items affecting their business, the second highest number of responses, 52% marked a significant decline in leasing and preleasing of space as a reason. The delays and the spike in US cases in recent weeks may have led to the increased pessimism of the respondents when estimating how long they expect their businesses to be impacted by the pandemic with approximately 91% stating they expected the outbreak to significantly impact their businesses for six months or longer. This report follows NAAP's latest biannuals commercial real estate sentiment index, which was released in May that went into negative territory for the first time since it began in 2016, which indicated that unfavorable commercial real estate conditions are expected for 12 months. However, as noted earlier, the July survey wasn't all doom and gloom as those who replied saw somewhat of an increase in acquisitions activity depending on the sector, with more deals getting done and being marketed than in previous months. Industrial saw the most activity since most of the pros that did the surveys still said they had not witnessed any new office or retail deals for acquisition or development in July. Another study, the summer 2020 Allen Mackens UCLA Anderson forecast California commercial real estate survey mirrored the findings of NAAP's national study and showed uniform pessimism and a drop in sentiment for developers across all commercial real estate sectors into 2023. This biannual survey projects three years ahead for its outlook for California's commercial real estate industry. Now, to summarize their findings on the specific sectors, starting with office, they see market demand for space decreasing due to work from home policies and the shared sentiment is about as gloomy as it was in December 2008 during that implosion of the economy. They see rising vacancy rates and downward pressure on rents over the next three years and they do not think we will see a rapid return to pre-recession, office using employment, which implies a continued decrease in new office construction over the ensuing three years. The shining star through all of this is industrial properties due to the shift to online shopping and the panelist actions also indicate that they too aren't very pessimistic about the sector as 60% of the panelists in Southern California and 43% in Northern California are planning at least one new development in the next 12 months and many are planning multiple projects. While the report notes that the recession may cost short-term downward pressure on rental and occupancy rates, it does conclude that if the demand for warehouse space increases at about the same rate as projected, then 2023 will only see a mild erosion of rental rates when adjusted for inflation and there remains the possibility of some erosion in occupancy but that does not mean that industrial space markets will be depressed rather that they will not be as tight and imbalanced as in recent years. Although I must say from all the sources I have seen and spoken to, many think industrial space will only get tighter and rates will go higher. As for the sad retail sector, the UCLA alamakans report predicts that it will continue its downward spiral as the current recession has tripled down on the struggles with loss of household income and shelter in place policies, reducing demand for brick and mortar retail and creating a new set of online shoppers and third, increases in the savings rate on the part of households in response to the recession portends less consumption. While some retail activities will return like personal services, marginal retail properties will not find tenants willing to pay sufficient rent to keep the properties in the retail space. The pessimism expressed by the panelists from the Bay Area in Southern California in the latest survey continues the trends from the past three years and the prevailing view is that retail properties will be generating significantly lower returns in 2023 compared to today. The alamakans' UCLA survey predicts multifamily markets in Cali will only moderately decrease due to the continued shortage of housing across the state. Though there is pessimism that has come with the recession which has hit each of the multifamily markets and the state equally, the view that rental and occupancy rates will not be as good as they are at present has not affected the rate of activity by developers. As the economy grows, the demand for housing in the Bay Area and SoCal will grow alongside it. The UCLA forecast is looking at a 30-month recovery in the state and though there remains a great deal of uncertainty with regard to the current public health crisis, it is likely that the market for multifamily housing will remain robust. And to accentuate that point, most of the forecast panelists stated that their plans for future activity hasn't changed or has actually increased because of the pandemic. The result is they expect a quick turnaround in this sector sentiment in the next survey this December. A bit about the survey. It was started in 2006 by Alan Matkins, one of the premier real estate law firms in California and UCLA Anderson School and it polls a panel of California real estate professionals in the development and investment markets on various aspects of the commercial real estate markets with a goal of looking at markets three years in the future as well as building conditions over the three-year period. A dim review of the national multifamily sector was presented by an article by Catherine Tucker on Globe Street highlighting a report by Yardi which stated that while the coronavirus pandemic has already hurt rental apartment owners, it's going to get rougher. The Yardi report titled COVID-19 Weaves on Multifamily as Rents Fall and More Pain is Coming summarized that the pandemic injected a huge amount of uncertainty and volatility into multifamily that the market will have to deal with for months or even years to come. They noted it hasn't been as bad as it might have been yet because of the federal subsidy for unemployment income of $600 a week. But with that expiring this week and no deal done yet by Congress, concern is growing about late or missing rent payments ahead so trouble could be on the horizon. So those initial hopes for a V-shaped recovery were too rosy and the effects of the pandemic will linger until the population is confident about health measures, the Yardi researcher said. They said the US economy is in recession and overall rent levels dropped for the first time since the global financial crisis that caused the Great Recession of 2008. More troubling perhaps is a noted shift in demand from luxury units aimed at those who could afford to buy to lower priced rent by necessity housing for those who lack the wealth to buy. But supply and new housing is weighted toward the luxury end since building of lower priced rental units is inhibited by the cost. Also making matters even more challenging, the pandemic will weaken the supply pipeline for materials and delay projects that have not yet started construction so new development of all kinds has been and will be delayed. Coming to the office sector, which may best be described as nervous right now, I have info from the Wall Street Journal article this week by Konrad Puzier and Mark Moorer to share with you from this past Wednesday's property report section in an article titled Office Markets Under Pressure as Coronavirus Squeezes Cities, which discusses the problems now facing urban office properties such as all the reasons people may leave dense cities and the fact that people will now be working more at home. And tourism and biz travel has evaporated, so they say that urban office markets are going through their worst period in decades and they note that a modest drop in building occupancy can lead to a big drop in profit. And as for value, they point to Moody's Analytics Reese estimates that the value of office buildings will fall by 17.2% in 2020, which isn't far from the 19.2% decline for retail properties or 20.5% for lodging. On the positive side, longer office leases, lower interest rates and low levels of debt will help landlords to some extent. But shrugging off those positive encouraging factors, the article notes how major office REIT shares such as those of Boston Properties, Elsel Green and Vornado are down between 37% and 50%. Also, more mortgages on buildings or in special servicing, such as the $106.3 million mortgage on the Denver Energy Center, currently still owned by Gemini Rosemont, that was the example in the Wall Street Journal article. Puthier and Marr then conclude by noting how corporate office tenants of all shapes and sizes are looking to reduce their office space footprints and they use hydric and struggles and Dell technologies as examples of major companies with many locations looking to downsize. Another report from Moody's Reese noted that office fundamentals started to slip in the second quarter as the national office vacancy rate jumped by 10 basis points ending the quarter at 17.1%. Reese forecasted that the national office vacancy rate will rise to 19.3% by year end and peak at around 20% in 2021. That exceeds the previous historic high vacancy rate of 19.7% at the peak of the savings and loan crisis in 1991. Further, Reese reported that only 3.3 million square feet of office space came to market this past quarter compared to a quarterly average of 11.8 million square feet in 2019 because construction slowed dramatically. Asking rents for office also fell by 0.1% and effective rents fell by 0.4% after both had risen by 0.4% in the first quarter before the pandemic hit. Reese further projects record declines in rents down 6.2% for asking rents and 10.5% for effective rents with a continued slide in 2021. And lastly, for this industry report segment, throwing more shade on the retail sector, I have a newly released report from CBRE titled The Evolution of Online Retail Drives Retail to Industrial Conversion Projects Across the US. In the report, CBRE finds that 13.8 million square feet of retail space has been converted to 15.5 million square feet of industrial space across the country since 2017. As e-commerce continues to expand and industrial rents reach new all-time highs, this activity will likely increase in the coming years. The new survey shows 59 retail to industrial conversion projects that have been completed, proposed or underway since 2017, which was a major increase from the previous survey in January of 2019, which counted only 24 projects. John Morris, the America's Industrial and Logistics and Retail Leader for CBRE noted that as online retail evolves and expands, many retailers and developers will find opportunity to convert underperforming stores into final-mile distribution sites to support e-commerce operations. With rising industrial rents and changing consumer patterns, we should see this activity continue to grow as more retail sites will be economically viable for these type of conversions. The recent survey indicated the top five markets for these conversions include Milwaukee, Cleveland, Chicago, Omaha, and Dallas-Fort Worth, making up one-third of the total number of projects nationally. This is primarily due to the volume of, quote, dead malls that plague the Midwest. However, as the retail market continues to evolve, this type of activity should increase across most of the country, according to the CBRE report. Sorry that there was not a whole lot of great news in that segment, but as the president said, it is what it is. Now I want to tell you about a different kind of commercial real estate company, one that really knows the industry and will put that knowledge to work for you. We're talking about Greg Aguirre and the team at Capitol Rivers Commercial, one of the show's sponsors. In recent weeks, when the commercial real estate world was locked down and panicked, they figured out a way to help. They offered to assist to any commercial landlord or tenant, no strings attached. And they did. In one case, a restaurant owner had signed a lease for a downtown Sacramento location when things were fine, but the landlord gave him possession at the height of the shutdown. Unsure what to do, he contacted Capitol Rivers for advice. Greg went over the options for him in a situation which allowed him to knowledgeably approach his landlord about a potential lease restructuring. In short, these are not your typical real estate brokers. To reach Capitol Rivers, visit their website at capitolrivers.com. Work with the best, work with Capitol Rivers. Okay, in this segment of the show, I discuss real estate issues, such as things like legislation regionally or nationally, as well as executive moves and mergers. But in this new day and age, all the focus is on the ways governments can help prevent all the cracks that are forming throughout our industry from growing into major structural problems and causing more economic pain and disruption. And what everyone, especially in the multifamily sector, has been worried about is the continuation of the enhanced $600 per week federal unemployment insurance that was set to expire before Trump signed his executive order this weekend, cutting it to $400 per week. And it is the general opinion that this will help renters pay their rent. So as long as it doesn't disincentivize them from returning to work, the consensus is it's got to be done. Unfortunately, it ain't clear as of yet if Trump's executive orders will take effect or get held up in the courts. And the next pandemic real estate issue of the week is the moratorium on evictions and foreclosures. And given the points I shared from Stuart Gabriel from UCLA last episode, it seems that these need to be enacted in a more standardized and predictable way to help renters and owners of real estate during the pandemic crisis. Until now, the eviction protections have been a hodgepodge of executive orders by governors and municipalities and county boards, and then implemented by sheriffs who have stopped serving eviction orders. But many of these are expiring and others are getting successfully challenged in courts and reports are that many sheriffs do plan on now executing those eviction orders. So it is a real issue that needs to be dealt with. As of now, the feds haven't passed a law. We saw that Cuomo extended the eviction moratorium in New York. And out here in LA County, it goes until September. And that's the same with the state of California. And while it is one of Trump's new executive orders, it is unclear if it really protects tenants or if it's just a plea to be nice. So it seems that for eviction moratoriums to really stick through the pandemic, it needs to be done in the form of legislation passed by the local municipality or state legislatures, unless Pelosi and McConnell can somehow come to an agreement soon, which includes this in it. So unfortunately, it seems like we'll have to see if this gets messier before it gets clarified or any better. Next, as I've been telling you about and will continue to discuss until November, the issue which besides the pandemic economy is the most pressing challenge facing both commercial property owners and tenants in California is the state's Schools and Local Communities Funding Act of 2020. Pay attention to that name. It's known as the split role initiative, however, which is qualified. It has qualified for the November 2020 ballot. If approved, it would modify Prop 13 to provide for the reassessment of commercial, industrial and office properties to their full cash value. Thereafter, commercial, industrial and office properties are to be reassessed every three years. What a mess. So if you have any issues or opinions about issues you want to bring to my attention, please send those to me at sbloom at rentv.com. And many times we will discuss those in upcoming shows. Now let me tell you about another sponsor of the show, Redwood Mortgage. Redwood Mortgage is a direct portfolio lender providing loans on commercial office, industrial, multifamily, mixed use and residential investment properties in California. In business for over 42 years, Redwood Mortgage is established, trusted and well capitalized. A good place to go when the banks say no, call Redwood Mortgage at 800-659-6593 or redwoodmortgage.com. Now let's get into our real estate version of the Sports Highlight Reel with our very exciting Rent TV Roundup of major deal and development news from around the US. And we'll start with a national portfolio transaction and then go to the East Coast and head West. Starting with the national portfolio deal, it was widely announced this past week that Goldman Sachs Merchant Banking Division is buying a stake in a 46 asset, last mile industrial portfolio owned by Dauphin Industrial. The portfolio of over 6.3 million square feet caters to e-commerce oriented tenants and is located in metro areas including Atlanta, Dallas, Chicago, Orlando, Phoenix, Raleigh, Houston, Tampa, Baltimore, Minneapolis, Cincinnati, Columbus, Reno and Jacksonville. The properties are valued at $500 million according to a source cited by Bloomberg and are on average 94% occupied with an average property size of 126,000 square feet and are leased to such blue chippers as Amazon, Frito-Lay, Brinks, Pods and Sherwin-Williams. As we all have witnessed, e-commerce has been driving the industrial property sector for years, but the pandemic has accelerated that trend with e-commerce sales jumping 92.7% in May alone, which has led to the projections from industry experts such as JLL that the demand for industrial space will be growing by about a billion square feet within the next five years. Next, let's head to the Big Apple to report that Facebook has leased all 730,000 square feet of the office space that make up the historic Farley Building at 421 8th Avenue, which everyone in New York knows is the iconic Beaux Arts post office building right across the street from the Garden and next to Penn Station. The Farley is 95% owned. Next, let's head to the Big Apple to report that Facebook has leased all 730,000 square feet of the office space that make up the historic Farley Building at 421 8th Avenue, which everyone in New York knows is the iconic Beaux Arts post office building right across the street from the Garden and next to Penn Station. The Farley is 95% owned by Vornado Realty Trust, the huge rete led by founder, chairman and CEO Steve Roth, and the remaining 5% is owned by the related companies. The Farley occupies a double wide block between 31st and 33rd Street and stretches from 88th to 9th Avenues. The landmark building was designed by McKinn, Mead and White and originally opened in 1912. Vornado is converting the Farley into a mixed use development featuring creative office space, and it is a central part of Vornado's new Penn district where the rete owns 10 million square feet and is in the midst of a more than $2 billion transformation of the neighborhood alongside government infrastructure and transportation improvements of more than $3 billion. The full complex will include Facebook's office space, the Moynihan train hall and 120,000 square feet of retail space with food and beverage, full service restaurants and lifestyle brands. The project is expected to be completed in phases beginning by year end 2020. In addition to this lease, Facebook also leases office space at Vornado 770 Broadway and in nearby Hudson Yards. Now I have a pair of New York City multifamily financing deals to report to you. First in the Kips Bay neighborhood of Manhattan, where LIHC investment group and Rockport Mortgage Corporation closed a $65 million FHA Section 223F financing loan for Renwick Garden Apartments, a 224 unit subsidized Section 8 property consisting of a single 15 story building located at 332 East 29th Street that is owned by LIHC, which is a real estate investment group committed to the preservation of affordable housing. Renwick Gardens benefits from a project based Section 8 contract and as part of the loan refinancing, LIHC and HUD Housing and Urban Development agreed to enter into a new 20 year mark up to market Section 8 contract extending the affordability of the property for another 29 years through 2049. The funding will also be used to facilitate repairs of the property to enhance and improve residents quality of life, including renovated bathrooms for all units and upgrades to common areas throughout the building. So far this year, Rockport has provided FHA 223F loans for several other LIHC owned properties, including $42.5 million in Fort Lee, New Jersey, $24 million in Verona, New Jersey and $27 million in Pine Hill, New Jersey. The next New York City apartment financing deal to report is that JLL Capital Markets secured $55 million in joint venture equity on behalf of Cape Advisors for a 534 unit multi-housing development on a 2.5 acre waterfront site in the Astoria neighborhood of Queens. As noted by Ingrid Thunberg on Globe Street, the project is one of the city's largest multifamily developments and it will feature three buildings at 30-77 Vernon Boulevard, which is near the Astoria East River ferry stop and the R&W subway lines. The development site was acquired by a partnership led by Cape Advisors in early 2018 and they plan on having tenants moving in sometime in 2021. Quotes from the JLL Capital Markets execs noted that 30-77 Vernon Boulevard is uniquely positioned to accommodate New York City renters seeking abundant space, top of the line amenities and extraordinary waterfront views overlooking the East River in Manhattan. The property offers the best of Astoria and easy access to all of New York City from the adjacent ferry stop. Next, let's head down to downtown Durham, North Carolina to report about a major office building sale as Longfellow Real Estate Partners has acquired Durham ID, the 330,000 square foot office development at 200 and 300 Mara Street, which they acquired from Bain Capital Real Estate for $138 million or about $418 per square foot. The transaction, which was completed by JLL on behalf of the seller's Bain Capital, is the Southeast's largest office investment sale since the beginning of the COVID-19 pandemic. The recently constructed two building LEED Gold certified development features office space, ground floor retail and an adjacent eight storey 1225 space parking structure. The property represents the first phase of the Durham Innovation District, a 1.8 million square foot development, encompassing offices, lab space, retail and residential uses. Moving further south to Florida, I have some industrial leases to tell you about starting in Pompano Beach, where Duke Realty, the major industrial REIT, signed leases with two companies that will fill up its Copins 95-1731 project, a Class A logistics facility at 1731 West Copins Road that contains 101,000 square feet, which Duke developed on spec. The recently signed transactions that brought the building to full occupancy include a 41,000 square foot lease with a leading transportation and logistics company and a 60,000 square foot lease with a supplier of pipes, valves and fittings. Stephanie Rodriguez, VP of leasing and development for Duke in South Florida, noted that though the pandemic has had an impact on all sectors of commercial real estate, they're finding that users are still leasing space, particularly if the building's features and accessibility can improve their distribution efficiency. Copins 95-1731 is a modern distribution center close to I-95 and Florida's Turnpike, which provides these tenants a state of the art facility with unparalleled highway access. The tenants in these deals were repped by an industrial brokerage team from Cushman and Wakefield, while Duke was repped by Ms. Rodriguez. In South Florida, Duke Realty owns, operates or has under construction more than 8.5 million square feet of logistics real estate. Nationwide, Duke owns or has an interest in roughly 156 million rentable square feet of logistics real estate assets in 20 major US logistics markets. The other notable Florida industrial lease was signed by another major national developer as Lincoln Property Company leased a 92,500 square foot space in Medley, which is in the Miami sub market within its Medley 104 industrial center at 9,400 Northwest 104th Street, and they leased it to US Play, Inc. The tenant was repped by a brokerage team from JLL, while Lincoln was repped by Cushman and Wakefield. As Ingrid Tunberg from Globe Street reported, Lincoln recently spent $6.5 million renovating and repositioning the multi-tenant 263,000 square foot asset. US Play will join current tenant Artifacto, which occupies 98,000 square feet of space. The property still has 72,000 square feet of space available, which has 25 foot ceilings, new office space and 20 dock doors, and it is positioned for distribution and light manufacturing. Heading northwest to downtown Nashville, we have a story with a lot of hotel industry news in it as Pebblebrook Hotel Trust, the Bethesda, Maryland based hotel REIT has completed the sale of the historic 125 room Union Station Hotel Nashville autograph collection at 1001 Broadway to Southwest Value Partners for $56 million. As Gail Kalinowski reported for Commercial Property Executive, Southwest Value based in California and led by co-managing partners Carrie Mack and Mark Schlossberg is also building the 17 acre mixed use Nashville Yards development across the street from the Union Station Hotel, and that will include the Grand Hyatt Nashville, the 591 room hotel that is set to open soon. Now Southwest finance the Union Station acquisition with a five year 30.3 million loan from International Bank of Commerce. The Union Station building is a former railroad terminal that opened in 1900, then was turned into a hotel in 1986 and became a member of the historic hotels of America in 2015. Pebblebrook bought the hotel in December 2014 for $52.3 million. The Nashville Yards complex, which we mentioned the mixed use campus is slated to have more than 3.5 million square feet of office space, about 1000 multifamily units and 400,000 square feet of retail and entertainment space. The development will include a 20 story 566,000 square foot class eight tower at 1001 Church Street. That will be Amazon's operation center, which is scheduled for completion in 2021. Now, Pebblebrook has been continuing to sell hotel properties as part of its disposition program after acquiring Los Sal Hotel properties in November 2018. In January, it signed a deal to sell the 422 key intercontinental bucket Atlanta and the 237 room Safitel, Washington DC for 331 million. Also in the nation's capital, Pebblebrook sold the 137 key Rouge Hotel, located less than a mile from the White House in September for 42 million. And the company in 2019 sold the 343 room liaison Washington Capitol Hills for 111 million and the 335 key Hotel Palomar for 141 and a half million. Now, in June, John Bortz, Pebblebrook's chairman, president and CEO, described the hotel industry as being devastated by the COVID-19 crisis, noting that about 20% of hotels closed and approximately 75% of the workforce was furloughed. Last week, and it's just released second quarter 2020 earnings report, the company stated it could not provide 2020 guidance at this time due to the uncertainties caused by the pandemic, noting it plans to release new guidance when it has more clarity. The company did note the 24 of its 53 hotels and resorts are now open and expects to reopen five more by mid August. Bortz also stated that the company has seen an uptick in the leisure segment that has benefited its drive to resorts and they have been experiencing improvements in operating performance each week while seeing gradual recovery and demand in its urban hotels. Also on a positive note, Pebblebrook has recently completed the redevelopment of Hotel Zena, Washington, D.C. and Viceroy Hotel, Washington, D.C., and of several properties in California, including Le Park West Hollywood, San Diego Mission Bay Resort, Chaminade Resort in Santa Cruz and Viceroy Santa Monica Hotel. For a big industrial deal, let's now head up to Romeo, Illinois, 25 miles from downtown Chicago, where Prologis, the massive worldwide owner of industrial properties, has acquired the 1.3 million square foot industrial development called Interchange 55 Logistics Park for $98 million or $75 per square foot from Aquari Real Estate. As Ingrid Thunberg, that prolific reporter from Globe Street posted, the transaction represents Prologis' largest acquisition since the onset of the COVID-19 pandemic. The two building class a spec development located at the junction of Interstate 55 and Interstate 355 has a 659,000 square foot building A and a 684,000 square foot building B. Each property features 36 foot ceiling heights and cross-docked configurations. They were just built in late 2019 and sold at 30% occupancy since they did lease at building A, so it has only 257,000 square feet available, while building B was sold in shell condition. Macquarie, the seller, was repped in the sale by brokers in the Collier's International Chicago Office, who noted in their press release that although there have been significant challenges presented by the global pandemic, the capital markets have quickly concluded that well-located modern industrial product will be a good long-term investment. Shifting to some multifamily deals, I will slide down to Houston, where BSR, an apartment rate, acquired the 370-unit Broadstone Park West apartment community from Starlight Investments for $51 million. BSR financed the purchase through its credit facility of $40 million, as well as $10.4 million in its trust units. The garden style property was originally constructed in 2014 and features a clubhouse fitness center and resort style swimming pool. With the recent purchase, BSR now owns 2,332 apartment units within the Houston metropolitan area. Their transaction represents BSR's 11th property acquisition since May 2018, when the REIT completed its initial public offering on the Toronto Stock Exchange. Adding 3,235 total apartment units to its portfolio since then, the REIT has acquired properties in the Houston metro area, Austin and Dallas-Fort Worth metro areas, Oklahoma City and in Arkansas. John Bailey, CEO of BSR, noted that the acquisition of Broadstone is another example of BSR growing according to our defined clustering strategy. We will add value to the property by applying it to our internal management platform, as we have done with other properties acquired since our IPO. Now in a multifamily buy in Arizona, Knight Vest Capital paid $62.5 million for Signature Place, a 300-unit community and Tempe, Arizona, and that price works out to $208,000 per unit. The seller in the deal was Western Wealth Capital. Located at 600 West Grove Parkway in South Tempe, Signature Place community amenities include two resort-style swimming pools, a fitness center, lighted tennis courts and outdoor grilling areas. All units at Signature Place have 9-foot ceilings, fully equipped kitchens, full-size washers and dryers, and private patios, and some units even have fireplaces. CBRE's Phoenix Multifamily Institutional Properties Group represented Western Wealth Capital in the deal. Knight Vest, founded in 2007, has become a major player in repositioning multifamily assets, transforming more than 100 properties. Now we should note that the Phoenix Multifamily Market posted a near-record low vacancy rate of 3.9% in the first quarter of 2020, leading into the pandemic, and the rate increased only 60 basis points to 4.5% at the end of the second quarter, according to the CBRE Economic Metric Advisors. Phoenix had the strongest one-year total return for multifamily investments out of the 29 largest U.S. Metros in the second quarter of this year. Now the region's 10.5% one-year return was comprised of 5.5% appreciation return and 5% income return, according to the National Council of Real Estate Investment Fiduciaries. Now let's head to the Golden State, where we always have a few deals to report on, starting in the no-cow town of Morgan Hill, where Trauma Crow Company acquired a fully entitled 24-acre site in which the firm is planning to develop a 440,000-square-foot light industrial development comprised of five Class A buildings. Currently undeveloped land, it is located west of Highway 101 within the Morgan Hill Ranch Business Park. In press release, I got noted that the demand for new Class A light industrial space in Santa Clara County continues to be robust even in the current economic situation. Trauma Crow plans to submit a development application for this new project to the city during the third quarter of this year, but hopefully it won't take too long to approve since the intended project is consistent with the existing development agreement for the land. TCC currently owns an additional 60 acres of undeveloped land on the immediate east side of Highway 101, where the firm plans to build an industrial and manufacturing technology park, comprised of six buildings, to house headquarters facilities, regional manufacturing and assembly distribution facilities, and expansion space for existing Morgan Hill commercial tenants. Robert Jew, head of development for CBRE Global Investors Americas, said that the Morgan Hill Ranch site is the final commitment in one of CBRE Global Investors Development Funds. The fund series has made 50 investments over the past 10 years. Their fund team is now actively thinking about the next steps when it comes to investment in various development opportunities as we approach the next economic cycle. Now Trauma Crow Company was founded in 1948 and is one of the late nation's leading developers and investors in commercial real estate. It has developed or acquired 2700 buildings valued at nearly $65 billion and over 590 million square feet. Wow. A little bit north up in Palo Alto in Silicon Valley, liquid biopsy company Garden Health Inc. leased nearly 250,000 square feet for roughly 12 years at the former Hewlett Packard Enterprise headquarters location at 3000 Hanover Street. And what the Mercury News said is the largest office lease in Silicon Valley so far this year. The building is in the Stanford Research Park and is owned by major Silicon Valley real estate player Sandhill Property Company. Garden, headquartered in Redwood City, is leasing the top two floors of the four story building for office and lab space to support their anticipated future growth. According to the article and Garden's SEC filings, the rent started starts out at just under $4 per square foot per month and then has set increases for a couple of years, followed by 3% annual bumps thereafter. In addition, it was revealed that Garden got the first five months free and about $100 per square foot for T.I.'s. Sandhill Property Company was represented in the deal by brokers from Cushman and Wakefield Palo Alto office, as well as brokers from New Mart Night Frank's Palo Alto office. Brokers from Seville represented Garden in the deal. In case you didn't know, liquid biopsy companies like Garden focus on detecting DNA that has been shed by cancer cells and is floating in the bloodstream through a simple blood draw. The technology they use is meant to replace organ biopsies where snippets of tissues are extracted and analyzed to find cancer cells. Next, heading down to SoCal and El Segundo, major national office investor Boston Properties acquired a 50% interest in an existing joint venture that owns Beach Cities Media Campus, a 6.4 acre site on the Rose Krantz Avenue corridor that is fully entitled for development of approximately 275,000 square feet of Class A creative office space. Boston Properties Venture Partners are Continental Development Corporation and Mars Ventures, which had owned 75% and 25% of the asset respectively prior to this new partnership. Continental Development is a premier developer and owner of Class A properties primarily in the El Segundo and South Bay sub markets of LA with more than 500 tenants across its more 4 million square feet portfolio. It's also been a great long term client of Rent TV. The media campus is on the western border of Continental Park, Continental's 3 million square foot 86 acre office and mixed use campus, which is home to several Fortune 500 and emerging office tenants. Rose Krantz Avenue, not far from where I'm sitting right now, is one of the most in demand creative office, restaurant and retail nodes in the South Bay of LA and his minutes from LAX. Boston Properties CEO Owen Thomas noted that this marks Boston Properties third investment in the LA region since entering the market in 2016 and provides us a fully entitled site located in a desirable sub market to support future development. The company is the largest publicly traded developer, owner and manager of Class A office properties in the U.S. Continental Development's President Richard Lundquist said that their team has been exploring partnerships, opportunities for some time and he is thrilled to officially establish a relationship with Boston Properties on this fantastic site. He added that their collective and longstanding experience in building high quality projects will lead to the delivery of a world class media campus. Now it's set to Hollywood for our last two deal notes. First, the news that locally based BLT Enterprises has acquired Television Center, a nearly two hundred thousand square foot creative office and production campus situated on six point four acres in the heart of Hollywood. And that was in a sixty four million dollar transaction. The movie studio asset was previously home to Metro Pictures and a division of Technicolor. At present, tenants at the property include media, technology and entertainment firms along with a Gold's gym. The asset is bounded by iconic streets in Hollywood that include Santa Monica Boulevard and Cahuenga Boulevard along with Romaine Street. Bernard Huberman, founder and president of BLT Enterprises, noted that this was a once in a generation opportunity to acquire an asset of this scale in the Hollywood media district, which is undergoing a renaissance with the convergence of media and technology companies. He added that the prior ownership did a phenomenal job of transforming the property from its original uses and there are many opportunities for built to suit development and redevelopment. BLT was a BLT was represented in the deal by Lee and Associates West L.A. And acquisition financing was arranged by Sunrise Mortgage. And our last item to report on in this deal and development segment is the news that the new owners of the Always Challenge Hollywood and Highlands Center, which is God Capital USA and DJM, will be spending a hundred million dollars to redo and reposition the property one year after shelling out more than three hundred million dollars to purchase the landmark. A big part of the plan is to revamp the upper floors of the 19 year old shopping complex to convert that retail space to offices. The four hundred and seventy five thousand square foot complex located next to the TCL Chinese theater will be rebranded Ovation Hollywood as part of a project that will transform the five story structure. Upon completion of the renovation, the property will house 135,000 square feet of retail, nearly 100,000 square feet of offices, 85,000 square feet of restaurant and dining areas, 65,000 square feet of entertainment space and 40,000 square feet of event space. Now, in addition to changes to the programming of the existing Hollywood and Highlands Center, the plan renovations also include cosmetic updates to the property that the Gensler Design Project calls for updates to the property's color schemes, exterior signage, as well as redesigns of pedestrian corridors to make them more inviting. The most substantial changes are proposed for the Center Central Courtyard, which was originally designed to reference the Babylon set of the D.W. Griffith Film Intolerance. For all those who've been through it, you know what I'm talking about with the arches. Well, the proposed renovation calls for a new look that would reference Hollywood's Art Deco heritage. Construction of the roughly one hundred million dollar project is scheduled to begin before the end of 2020 and conclude in 2021. The Ovation location is one of the most prominent anywhere in Hollywood, which attracts more than 25 million visitors each year. And the project coincides with a new master plan for the Walk of Fame, which calls for expanding sidewalks and adding new street trees to the carter. DJM and Gaut capital's revamp comes as coronavirus accelerates the well-documented struggles of brick and mortar retail in the era of e-commerce. But on the flip side, Hollywood has been a major beneficiary of this as a location for new media companies to operate as large nearby blocks of office space built by Killroy Realty and Hudson Pacific have recently been leased to the likes of Viacom and Netflix. And that's it for our deal roundup. Now it's time to zip along the tech drive where we discuss the various combinations of real estate and technology such as new websites and services. And now as a result of the covid pandemic, new technologies to make buildings safer. So with that in mind, I will tell you about San Diego based parallel capital partners installing state of the art plasma air sterilization systems at its two Phoenix high-rises, one Arizona center and one North Central. According to Matt Root, CEO and managing partner of parallel capital partners, which owns and operates properties throughout the Southwest, the new systems will be installed in an effort to significantly reduce airborne pathogens in light of the coronavirus outbreak. He said it is also important for us to ease tenant concerns and devise a plan to ensure they feel comfortable coming into the office. So there's growing evidence that clean, disinfected air can help mitigate the spread of the virus. And we believe this system is one of the safest, most energy efficient and effective ways to reduce or eliminate pollutants in the air. He said that the plasma air systems are designed to proactively attack pathogens via positively and negatively charged oxygen ions significantly improving air quality and they will be installed in the central air conditioning systems of one North Central, a 20 story building on the corner of Washington Street and North Central Avenue and one Arizona Center, a 19 story high rise within the iconic Arizona Center. He said their goal is to monitor the efficacy of these systems and ultimately install them in other high rise properties in their portfolio. Now, while we were not informed of the cost of the systems or who the subcontractors were, but if we find out that info, we will pass that along. But I am curious if this is something that others in our audience are considering. So let us know. Next in our Tech Drive segment, we have news that is no surprise at all. And that is that the Prop Tech segment, both in funding and operations, hasn't escaped the ravages of COVID-19. Although the pandemic is sparking new advances in the space, and that is according to Metaprop's mid-year 2020 Global Prop Tech Confidence Index. Metaprop is a New York City based real estate tech VC firm and their index highlighted that Prop Tech's fast rise came to an abrupt halt amid the COVID-19 pandemic induced turmoil. However, even as the business of real estate technology experiences its own downturn with investor and startup confidence dropping to lows not seen in four years, they did note that signs of a recovery surface. They always got to be looking at the positive. First, the bad news, the new investor confidence index dropped to 5.9 out of 10, marking a year over year decline of 33%. The change in confidence, which had grown increasingly robust over the last few years, came as a result of decreased deal flow, extreme market volatility, and political uncertainty. Looking ahead, only 33% of the investors plan to make more investments in Prop Tech compared to the 64% who expected to increase investment activity at mid-year 2019. The decline in certainty among startups was just as palpable with the startup confidence index falling 35% over the last six months to 4.7 out of 10, compared to one year ago when only 19% of startups expected it to be harder to raise venture capital over the upcoming 12 months, now a startling 56% anticipated an increased challenge. Additionally, 21% of startups predicted that their space will be less competitive in the next 12 months while only 5% felt that way a year ago. Now examining the drastic change in 6 and 12 month stats, Aaron Block, the co-founder and managing partner of Metaprop, and a friend of one of my friends and who also said thanks, but no thanks to us, noted in an executive summary of the report that nevertheless, there is cause for optimism since COVID-19's detrimental impact on the real estate tech market's health has been somewhat mitigated by the pandemic's hastening of the real estate industry's adoption of Prop Tech. Among investors and startup founders, a respective 89% and 84% believe the coronavirus is accelerating the adoption of Prop Tech and that this solidifies his belief that although confidence levels are down in the short term due to market volatility and the pandemic, long-term views around the adoption of Prop Tech have never been stronger. That's what he told commercial property executive in the article that we saw this in. He said that a lot of the activity currently underway is around existing technologies that are being tweaked for post- COVID-19 uses, such as those able to facilitate close interactions between workers. He added that with such an economic event, that would put additional pressure on building owners, managers, developers and landlords to adopt Prop Tech and would make it increasingly important to find smart and creative ways to save time, money and resources. However, we will have to see how long the wait will be for that activity to arise. Since also this week, it was reported that Metaprop disclosed in a regulatory filing last month that it was able to raise only about half of a stated goal of $100 million for a fund to back the next generation of startups. Now, despite this negative funding news, there were several reports this week about various real estate related tech services and websites successfully raising capital to grow. But since this show is getting a bit long, I will save those for next week's Tech Drive. And for the next and last stop on the Tech Drive, I will report about a future tech event, thereby making this also a good lead in into our next power segment about podcast events and webinars. And the tech event I reference is the just announced RealCom slash IBcon 2020 event, which will be on October 28 through 30th, and it will combine onsite and online components. Part of the event will be held at the Marriott Gaylord Rockies Resort and Convention Center in Aurora, Colorado, just outside Denver. This newly built world class resort will provide a state of the art environment for a safe and productive event. In addition to the onsite event, RealCom IBcon will be introducing an engaging and highly interactive virtual conference component. Now RealCom, led by Jim Young, is a leader in this space that we expect they will create what will be a valuable event, whether it's either online or in person. Find out more and register at RealCom.com. And now let's fully dive into our power segment, where I tell you about podcasts, webinars, events and recordings for the industry. Get it power? And I will start by telling you about the eye-catching new video we recently posted on the homepage of RENTTV.com for CBRE and Trauma Crow, titled the Center at Needham Ranch, Ready for Occupancy. This great video shows off the new project stunning architecture with soaring ceilings, modern offices and exceptional loading and so close to L.A. The property is being marketed for Trauma Crow by Craig Peters at CBRE. Now to learn more about having RENTTV broadcast and highlight and market videos you produce, send me an email at Sbloom at RENTV.com. Now as for real estate podcasts I'm a fan of, I'll mention a couple that I haven't told you about yet in these episodes. And one is called Teague Talks, where Hunter Hotel advisors CEO Teague Hunter, T-E-A-G-U-E, Teague Hunter, based out of Atlanta, conducted very interesting and formative conversations with various leaders in the hotel sector. And in his latest episode, he talked with Puneet Shah, CEO of Liberty Group, who is also a minority owner of the Miami Marlins baseball team. So tune in to find out how Mr. Shah raised his first fund and became a minority owner of the Marlins. Go to HunterHotels.net and find Teague Talks to tune into these. Another series of podcasts I've become a fan of and started tuning into is by DLC Management Company, a retail investment and management company out of Elmsford, New York, that has a series of podcasts called Retail Retold, where they talk mainly with the real estate decision making makers of major retail tenants to tell the story of how that store ended up in your neighborhood. And they explore the ins and outs of retail deal making. They've done like 40 of these podcasts and they are very good. The latest is with Bill Papides, president of Mattress Warehouse, along with Tracy Jones, their VP of marketing. The next podcast I'll tell you about that I recommend you watch this week was the latest installment of Walker and Dunlops CEO Willie Walker's Walker Wednesday discussion, which last week was with a high powered group comprised of Doug Bibby from NMHC National Multifamily Housing Council, Bob Brexmit with the NBA Mortgage Brokers Association, and Jeff DeBeer with the Real Estate Roundtable. And in that podcast, they discuss the next one trillion dollar stimulus bill being crafted on Capitol Hill, still being crafted and its impact on the multifamily mortgage and commercial real estate industries. Catch these podcasts from Willie Walker at the Walker Dunlop website. Now let's shift to upcoming events, which are pretty much all online now, starting tomorrow, August 11th through August 20th will be the Marcus and Milichap Multifamily Forum for Southern California that they produce with Green Pearl in a reimagined all digital online conference format spanning 10 days. So what's interesting about this conference, 10 days from August 11th through August 20th, so they've organized it in brief, easy to consume portions each day to minimize disruption to your work and personal life. You could join live to interact daily with the speakers through the Q&A feature or view the recordings at your own time. Either way, don't miss the group networking discussions that allow you to connect with your peers directly and forge new connections and reestablish existing relationships. Find out more and register at the Marcus and Milichap website. I think it's 229 or 299 to join in. Now the next online event to inform you of is the IMN Distressed Hotel Virtual Forum taking place on September 15th. This full fledged virtual event will be complete with multiple panel sessions, exhibits, networking, chatting, meeting rooms. Interest has been strong given the timely nature of this topic. Their recent webcast featured over 1,200 registrants. So there are a limited number of complimentary registrations available for the event. So go to imn.org slash real estate to find out more. And to update you on events that were planned to be in person, but now given the continued issues with the virus, it looks like they're all going to be viral as well, virtual as well. And hopefully they'll go viral, starting with globe streets or real shares, net least conference was what which was going to take place at the Marriott marquee in Times Square. And what Obama is that now they just announced that it's just online and their marketing material now says the virtual conference will continue to capture face to face interactions and superior networking as well as executive level discussions with the very best in the net least space. I will feature live keynote presentations and interactive panel discussions. There'll be dedicated video networking with sponsors and deal makers, access to a library of content. So with the current CRA landscape, Globe Street says that nobody is offering a way to connect, kind of connect like this year's Globe Street net least conference. The cost is only $99. Find out more at GlobeStreet.com. Also making the decision in the past week to cancel the in person event and go only digital is Crittenden, whose real estate finance conference is scheduled for September 16th through 18th, titled moving into 2021, the new normal that was scheduled to be at the Mandarin Oriental Miami. But now that's not happening either. Instead, attendees will have access to panel presentations and utilize opportunities to network online from the comfort of their home and office. Since they just made this decision to go totally virtual, the website now says stay tuned for further updates as they work on transferring that event. And lastly, still holding out hopes for an in person event this year is Globe Street's 30th annual apartments conference, which is scheduled for October 27th and 28th at its usual spot, the Western Bonaventure in downtown LA. And they hope by then to have their annual gathering with more than a thousand senior level deal makers through a combination of in person and virtual experiences. Now, amidst the global health crisis, Globe Street apartments will present a comprehensive program featuring leading developers, owners, operators, and institutional investors. And to help celebrate 30 years, they're planning on having their inaugural Globe Street Apartments Awards dinner on October 28th, where they gather the nation's top multifamily influencers for an evening of celebration. Stay tuned for news if that still goes on live or has to go virtual as well. And that's it for our show today. We hope you enjoyed it. And we appreciate any feedback on any of the products or services or anything else you heard in the show. Please email me those comments at sbloom at rentv.com. We do plan on reading the better and more interesting ones. Let me again thank our sponsors Capitol River's commercial and Redwood Mortgage for their support. And until our next podcast, this is Steve Blum from RENT TV wishing you your clients and properties, strong profits and prosperity.
\ No newline at end of file
diff --git a/data/transcripts/881852191.txt b/data/transcripts/881852191.txt
new file mode 100644
index 0000000..e11e9bd
--- /dev/null
+++ b/data/transcripts/881852191.txt
@@ -0,0 +1 @@
+Hello and welcome to episode number 10 of Rent TV's Commercial Real Estate News and Views podcast with Steve Blum on August 24, 2020. I'm Steve Blum, your host and founder and CEO of RentTV.com, our news and media company for the commercial real estate industry, now in our 21st year providing daily news stories, market reports, and more for the commercial real estate industry on our website, RentTV.com, and our email newsletter, The Real Estate Insider, goes to over 60,000 commercial real estate professionals three times each week. We were also putting on conferences before the pandemic hit, and we have produced our share of videos over the years while also broadcasting videos from other commercial real estate companies on our website, RentTV.com. And thank you for tuning into our new episode of our weekly podcast, Rent TV's Commercial Real Estate News and Views, a brand new news program for our incredibly dynamic and ever changing industry. In the show streaming to you from the heart of Silicon Beach and Marina Del Rey, I will give you a review of national industry reports and trends, a discussion of real estate issues such as local and national legislation, followed by a review of major deal and development news from around the US, and in some shows we will have our tech drive segment where I tell you about tech news, services, and websites, and then I will discuss recent and upcoming podcasts, webinars, events, and recordings of interest to the commercial real estate industry in our power segment. Hopefully you will like what you hear, it is my goal to make these shows a profitable use of your time. And I am confident we will accomplish that today as we have put together a show packed full of industry information that we think could help you in your business. But before I start with the industry-wide markets reports segment, I want to give a huge thanks to our very first podcast sponsors, Capitol Rivers Commercial and Redwood Mortgage, who I will tell you about more later in the show. I also again want to thank all of those who sent the very positive feedback about our new podcast and to those who sent constructive comments, which I do listen to as we try to craft this podcast to best serve our audience of very busy real estate professionals. And in response to some of those, I will try to shorten these shows by alternating the tech drive segment and our legislative issue segment from different shows. So I'll alternate one week we'll do the tech drive, one week we'll do the legislative issues and hopefully we'll cut the show length down a little bit. So let's get into this next show, which I start with the economic and commercial real estate industry reports segment. And I will note I'm taping this show against the backdrop of national news, which includes the DNC convention this past week and the Republicans starting theirs tomorrow, yet still no deal from Congress on a stimulus bill, which would include some continuance of unemployment payments to replace the $600 per week people were getting as well as some eviction protection. So as of now, all we have at the national level for real estate assistance is the president's executive order providing $400 per week, but a hundred would come from the states. And so far only Arizona started sending those out. Of course, many real estate owners, especially in the multifamily sector focused on this issue. But even more importantly, perhaps long term is that there's no discussion about how to deal with the issues arising between borrowers and lenders, especially in the CMBS arena, which could have more destructive consequences for the economy if not dealt with. But there are bright spots in the economy, all things considered, such as the fact that weekly unemployment claims dropped below 1 million for the first time since March. In addition, in recent economic reports I get from Wells Fargo economics, they conclude that most likely the hits experienced in employment in the lower spectrum of income on its own should not spill upward too badly to the higher earning spectrum of employment, thereby limiting the length and duration of the downturn and getting those lower level earners back to work sooner. Of course, this assumes at some point in the foreseeable future that fears of the pandemic will ease and people will feel more comfortable patronizing restaurants, bars, theaters and offices again. Now for retail sales, Wells Fargo noted that underlying components actually did much better than expected, which came out on the heels of an upward revision that lifted June's gain in this category to 6%. And Wells Fargo's retail sales report offers the latest evidence of a V-shaped recovery in consumer goods spending. However, they say to keep in mind that for the overall economy, outlays on services are roughly twice as large as for goods and the recovery in the services sector has been slower. Now to information specific to the commercial real estate industry and of course everyone is trying to read the tea leaves to figure out what's happening in the various sector markets and what the dynamics will be going forward. And to shed light on the different main sectors, I will refer to several recent reports I received this week as well as some articles from the past week that I'm looking at on my desk, starting with one we highlighted on our website, renttv.com, from Transwestern and Devincore, which in their mid-year market sentiment survey, they tallied responses from brokers across 43 North American markets on conditions in the office, medical office and industrial sectors. They found that after a strong start in 2020, which we knew, the impacts of COVID on the commercial real estate industry became evident during the second quarter as the US office index averaged a very low 61.8 for the second half of 2020, signaling very weak market conditions falling well below the 100 neutral zone figure and the 106.9 registered a year in 2019 prior to the whole onset of the pandemic. Of course, we all know that the sector is threatened from work from home strategies that work better than expected and offer cost saving alternatives to many tenants, increasing the possibility of space reductions in the future. Now in the second quarter, 2020 net absorption registered negative 14.2 million square feet. The first quarter and occupancy loss was recorded since the first three months of 2010 as most tenants paused decisions and that pushed the national office vacancy rate up 20 basis points to 10.1%. Construction activity also slowed and ground breakings are expected to be limited over the next 12 months due to elevated unemployment and continued uncertainty about the future use of office space. Now, sticking with the office sector, another report I got here by Moody's that we caught off a Globe Street article by Robert Sterace notes the world is figuring out how the new reality will play out in the office property sector, which already had been experiencing downward pressure on the usage intensity of office space even before COVID-19. But now the shift towards individuals working remote because of the pandemic is expected to hit the office property sector, particularly hard in the coming years. The Moody's report says effective rents will fall 10.4% nationally this year and as much as 21% in New York and other large markets. Victor Collinog, head of commercial real estate economics at Moody's said many companies continue to push back returning to the office with some already planning to telecommute into 2021. Whether the increased availability of remote working infrastructure will have long term effects on office demand remains to be seen. However, the long term nature of office leases means that it may take some time for vacancy rates to reflect the real trend. They forecast that US often see vacancy rate is expected to hit an historic high of 19.9% last year, surpassing the previous record high of 19.7% in 1991 and that is projected to hit 20% in 2022. Moody's forecast for commercial real estate rents and vacancies we should know covers eight property types and more than 3,000 sub markets across the country. I would say the office markets and I suppose multifamily markets too, which are the canaries in the coal mine for what may be coming are New York City and San Francisco with their high rental rates and myriad of underlying quality of life and tax issues. And Laura Waxman in an article for the San Francisco Business Times reported that these issues are coming to a head with the reversal of fortunes in San Francisco's office market in the wake of years of skyrocketing growth and that this is creating a new dynamic for the city's real estate industry. The office vacancy rate registered the fastest quarter over quarter increase among large downtowns nationwide, nearly doubling from 3.7% at year end 2019 to 6.6% in the second quarter this year, according to data from CBRE. The economic pause induced by the pandemic impacted many occupancy decisions, resulting in what the firm says will be a tenant favorable market during the remainder of the year. Now asking rents for space in downtown San Francisco that hit the market this month are dipping the new lows. She notes a report by brokerage firm Newmark Night Frank that 87 net new sub leases have become available since March 1st, totaling 2.5 million square feet in the city's total sublease inventory is now about 6.5 million square feet, overwhelmingly comprised of tech spaces, new direct spaces over 10,000 square feet that have hit the market since July 20th, total almost 200,000 square feet and overall rents for direct office leases in the city have dropped by 4.9% to an average of $84 per square foot in the second quarter with more significant drops being felt in non-premium spaces. Ms. Waxman provides several examples of new listings of B class space with asking rents in the 40 and 50s, numbers not seen in a long time in the city. She notes from her discussions with brokers that it's still too early to say what the market re-pricing may be, and also that high rise premium tier one space may not see much of a price correction, noting that some trophy leases are still transacting at $100 a square foot, though with rent concessions such as free initial rent or high TIs, resulting average asking rents are landing still at a lofty $96 per square foot. However, there is a lot of room to negotiate, so the real rents are probably going to be lower than that. It should also be no surprise that brokers told her that there are so few deals actually happening that they are still trying to figure out where the actual pricing should be going forward. Now expressing a more optimistic albeit contrarian view about the office sector is CBRE global chief economist Richard Barkham, who in a piece on Globe Street said he sees favorable signs for the office sector and the wider economy and that the trend towards remote work may be partially offset by decreased densification in offices. He says he's optimistic about the long run outlook for the office sector in spite of businesses rapid adoption of technology that facilitates remote meetings and while the near term prospects for the asset class are dim, he's confident that demand will bounce back since it's where people meet, it's where creativity happens, where clients get helped and where we train and bring in younger people into the workforce and all those things are going to need to reestablish themselves. However, Barkham does acknowledge that the flight away from full time office work for many is likely to be permanent while 63% of office employees travel to their workplace all the time before the virus. Scientists now pin that number at between 20 and 25% by 2030. We've had the wind behind us over the last 20 or 30 years, which is continual growth in the office sector, but Barkham said there is reason to hope that a readjustment in how space gets used could offset this trend towards reducing space as concerns about exposure to future pandemics result in the allocation of greater space to each employee. Shifting sectors, Barkham noted that the outlook for data centers and logistic facilities is particularly robust at the moment and the coronavirus forcing more digital commerce going through our industrial and logistic sectors, which is very hot at the moment and looks likely to continue. Looking at the big picture, Barkham believes that in spite of the US's struggles in responding to the coronavirus crisis, he is confident a generally available vaccine will be coming and so he thinks the outlook for 2021 is much better than people expect. Let's hope so. Now taking a closer look at the industrial sector, I will go back to that Transwestern Devon Corps mid-year report where the US industrial average 104.4 for the second half 2020 slightly above 100, which is considered flat conditions. This is only slightly below the 116.2 registered at year end 2019 prior to the onset of the pandemic. Now, according to the most recent US industrial market report, the industrial sector fared much better since the onset of the pandemic. In the second quarter, the streak of occupancy gains continued into its 42nd quarter despite posting the lowest level in 10 years as industrial leasing activity recovered swiftly in May and June after dipping earlier in the year. Rent growth also continued for the 34th straight quarter, increasing 39% during that period. E-commerce, which accelerated during the pandemic, is primarily responsible, as we all know, for the strength of the industrial sector with online grocery purchases due to the economic shutdown, further fueling growth and manufacturing also contributing. While the vacancy rate for industrial is slightly higher in the second quarter to 5.4%, Matt Dolly, director of research at Transwestern, noted that this was mainly due to new product deliveries and some subly space, but the industrial property sector will continue to flourish. Following this evidence about industrial real estate, a report by Real Capital Analytics analyzed by Globe Street's Karen Sloan noted that many of us know as intuitively obvious, which is that online retail demand helped prop up second quarter industrial real estate sales. Although industrial real estate sales were down naturally in the second quarter 2020, that decline was smaller than those experienced by other real estate sectors. Demand for distribution warehouses were the pillar of industrial real estate deals, which totaled $11.1 billion in the second quarter, with a third of that deal volume comprised of distribution warehouses, a key part of online retail, which has flourished amid the COVID-19 pandemic. The report offered a sampling of distribution warehouse sales in which either Amazon or FedEx or the Sultenants, the largest was the June $176 million sale at $150 per square foot of Wisconsin's Kenosha Enterprise Park, $1.5 million square foot distribution center rented by Amazon, which was bought by KKR Real Estate, which was also the buyer of another Amazon deal in June, paying $84 million to Morgan Stanley for a $1 million square foot distribution center in North Carolina. Other distribution warehouses leased by Amazon that were sold in the second quarter include ones in Shakopee, Minnesota for nearly $119 million, North Las Vegas for $110 million, and Ocola, Florida for $58 million. The FedEx properties it sold were smaller than the Amazon ones, which is more typical with smaller industrial properties, commanded higher price per square foot, but all three warehouse deals reported with FedEx as a tenant sold for more than $170 per square foot, compared to the second quarter average of $97 per square foot for typical single tenant warehouses in the US. It noted a 270,000 square foot warehouse in Whitsitt, North Carolina, selling for nearly $48 million, or more than $176 per square foot, and an Ogden, Utah FedEx distribution center with the highest per square foot price at $185. Shifting to retail, nothing in the news lately really points to anything but challenges and tremendous change coming for the sector. And I will refer back to that Moody's analytics report that concluded retail property growth will fare worse than office, industrial, or multifamily properties, noting that effective rents for retail properties are expected to drop by 11.1% this year, given the wide scale store closures and the rising threat to the sector posed by e-commerce. Now in news from just the past few weeks demonstrating heightened retail challenges, as a result of the pandemic, we have the Wall Street Journal's August 12th story about Michelin-starred chef Thomas Keller shutting down his tack room restaurant in Hudson Yards, one of the highest profile closings to date due to the coronavirus pandemic. The dining spot is a marquee attraction of the $25 billion complex, which was developed by Related and Oxford Properties Group. This comes after Neiman Marcus announced it was closing its location there. Then we got the bankruptcy announcement from CBL and Associates Properties, one of the country's largest mall owners, which was founded in the 1970s and based in Chattanooga, Tennessee, which announced as part of its BK filing coming in October, that it did reach a debt for equity deal with its bondholders. And in the category of desperate times call for desperate measures, Simon Property Group, another one of America's largest shopping mall landlords, is becoming one of its main tenants with deals underway to buy JCPenney's with Brooksfield, as well as on its own buying Brooks Brothers and Lucky Brands out of bankruptcy, and the company led by CEO David Simon is looking at leasing some of its empty department store space to Amazon of all companies for last mile fulfillment and drop off centers, along with perhaps some walk in retail. Hey, with the occupancy rate at Simon Properties at its lowest level in a decade, you got to get creative. And as Mr. Simon was quoted as saying, there's just nothing out there that says you can't make smart investments outside of your core business, end quote. Now especially if your core business is in the dumper. Moving to multifamily, where everyone is focused on those rent collection stats, especially with the end of many pandemic aid subsidies, and a report by property management software company, Rent Tech Direct, found that rent payments in August were down 29% year over year and 12% in the last five months, signaling that the expiration of federal aid to offset economic hardship due to the pandemic has a high cost. So far until now, according to the National Multifamily Housing Council, apartment rental payments are holding up fairly well, at least for now as their rent payment tracker reported that 79.3% of surveyed households made a full or partial payment by August 6. That's slightly better than last month's 77.4% and just shy of the August 2019 level of 81.2. As Scott Graham reported for Globe Street, the National Multifamily Housing Chair David Schwartz, who is also CEO of Chicago-based Waterman, said that this is due to the enhanced unemployment benefits enacted under the CARES Act and significant steps by apartment owners and operators to help their residents. These unemployment benefits that are proven so important to so many households have now lapsed, meaning greater financial distress for millions and the potential worsening of America's housing affordability crisis. The rent tracker covers 11.4 million units of professionally managed apartments across the country of varying size and rental prices. The article noted that most of the market's stress has been on the more upscale end of the apartment segment. For those renters who lost their jobs, even enhanced unemployment benefits aren't covering their income needs and those high rents. Many in some gateway international cities such as Manhattan, Chicago, San Francisco, LA and Miami have set several percentage points during the traditionally strong summer leasing season reflecting unparalleled stress in that segment. Highlighting that point, I'm looking at a Wall Street Journal article by Katherine Billy on August 15th describing how tech employees are now starting to flee San Francisco since many aren't working in their offices anymore and the cost and quality of life issues are completely out of whack there. She pointed to several examples of people leaving the city for far away places such as Houston, Wisconsin and North Carolina but also to closer markets such as SACDO and Oakland. Now for some info on how all this shakes out in the capital markets and according to the Mortgage Bankers Association, commercial and multifamily loan volumes are expected to decrease by 40% in 2020 compared to 2019 when originations topped $600 billion, the peak since the last global financial crisis. The group reports that lenders have mainly been focused on managing delinquencies and mitigating defaults of current loans. Nonetheless, for the most part, multifamily office and industrial loans are performing well and staying current as rent collections have remained strong in those sectors which so far has prevented a wave of delinquencies. And for those looking for deals, the association noted that in this low interest rate environment, there will be ample capital and competition for quality multifamily and industrial properties, more selective for office and certainly for retail and challenging for the hospitality sector until the market can find its footing. With healthy rent collections and apartment office and industrial assets, lenders are getting comfortable with new loan originations. In the first stage of the crisis, the CMBS market was completely frozen due to a lack of liquidity in the bond market, but conduit lenders have eased back into the market with new issuance and more efficient pricing. And it's no surprise that the stats show retail and hospitality properties are much more exposed to defaulting loans. The data clearly shows the stress has been in the retail and hospitality sectors as expected, though those assets only made up collectively 13% of total originations in 2019. Now after a sharp uptick in delinquencies in April and May in the hotel sector, delinquency rates leveled off in June as some leisure travel returned. Now CBRE's recently released lending momentum index corroborated MBAs reports, noting the temporary freeze in commercial real estate lending and transactions in March through early April led to fewer loan closings in the second quarter as their index, which tracks the pace of US commercial loan closings, fell 29.3% from its first quarter close and down over 20% from a year ago. It reported that loan credit stress quickly emerged in the retail and hotel sectors during the pandemic lockdown, pushing the overall CMBS delinquency rate up to 6.37% in June up from 1.24% in March. June delinquencies varied substantially by property type with hotel and retail, as we've noted faring the worst. However, the report did note that the market saw better liquidity later in the quarter and multifamily agency and certain industrial deals were bright spots, while other sectors suffered from selectivity and the withdrawal of commercial mortgage backed securities and alternative sources of capital. Now Brian Staufers, who serves as global president of debt and structured finance for capital markets at CBRE and is also the 2020 chairman for the Mortgage Bankers Association, said that while there has been a steady improvement in the number of loan applications over the past five weeks, he anticipates that commercial mortgage markets will remain muted over the near term, especially for retail and hospitality properties, as well as value added deals which face the greatest underwriting challenges. Speaking of underwriting, they report that loan underwriting measures have changed only modestly during the quarter. The average LTV ratio fell, while the average debt service coverage ratio and debt yield rose. The average amortization rate fell, reflecting a higher percentage of loans carrying either partial or full term interest only. Now in the near term, they say underwriting will likely remain conservative due to current economic conditions and environmental challenges due to the pandemic. That is for sure. And now we have a message from a sponsor of our show, Capital Rivers Commercial, led by Greg Aguirre, who want to make sure that in case you haven't heard, there's a massive tax increase on the ballot in November targeted at owners and renters of commercial real estate. If that's you, then you need to be well aware of Proposition 15 and the team at Capital Rivers Commercial can tell you all about it. For most commercial properties in California, Prop 15 would end the highly priced taxpayer protections that have been afforded by Prop 13 for more than 40 years. You can look it up online, but if you want to really understand and prepare for it, you'll want to talk to an expert like Greg and his team of experts at Capital Rivers. If you'd like to see more, check out their Prop 15 landing page on their website at CapitalRivers.com. These are not your typical real estate brokers. Work with the best, work with Capital Rivers. In this segment of the show, I typically discuss real estate issues, such as things like legislation regionally or nationally, as well as executive moves. But in this show, I want to note the passing of industry icon Gerald D. Hines, founder and chairman of the preeminent real estate firm Hines, who passed away peacefully at his home on Sunday, August 23rd. In Gary, Indiana in 1925, he recently celebrated his 95th birthday. The news was announced today by his son, Jeffrey C. Hines, who has been running the firm as president and now assumes the role of chairman and CEO of the company. Mr. Hines was widely regarded and honored as a visionary in the industry. He transformed an entrepreneurial startup established in Houston in 1957 into an international powerhouse renowned for developing, owning and managing some of the world's most recognizable architectural landmarks. With more than 4,800 employees, Hines today is active in 225 cities and 25 countries. It has 165 developments currently underway and has redeveloped or acquired 1,426 properties, totaling over 472 million square feet. And its current property and asset management portfolio has 576 properties with over 246 million square feet. Mr. Hines was revered for his ability to enhance urban landscapes and add lasting value to communities through innovative design concepts and the highest possible standards of quality, which set the benchmark for excellence throughout the industry. He believed that memorable design by prominent architects could garner commercial success and he was a leader in the push for sustainability. Significant projects include 53rd and 3rd, the lipstick building in New York City, 101 California in San Fran, 191 Peach Tree in Atlanta, three first national plaza in Chicago and several in Houston, such as One Shell Plaza, the Galleria and Williams Tower. Mr. Hines graduated from Purdue University with a degree in mechanical engineering, later received honorary doctorates from Purdue and the University of Houston. Among his proudest accomplishments is the Gerald D. Hines College of Architecture at the University of Houston. He is survived by his wife Barbara, four children, 15 grandchildren and one great grandson. He will be laid to rest in a private family ceremony in Aspen, Colorado and a celebration of his life will be held at a future date when it is safe to get together. Rest in peace Mr. Hines. Now let me tell you about another sponsor of the show, Redwood Mortgage. Redwood Mortgage is a direct portfolio lender providing loans on commercial office, industrial, multi-family mixed use and residential investment properties in California. In business for over 42 years, Redwood Mortgage is established, trusted and well capitalized. A good place to go when the banks say no, call Redwood Mortgage at 800-659-6593 or redwoodmortgage.com. Now it's time to get into our real estate version of the Sports Highlight Reel with our very exciting rent TV round up of major deal and development news from around the U.S. And as I normally do, I'll start on the east coast and head west. Starting in Philly, where developer Parkway Corp. has obtained $187 million in financing for its 305,000 square foot class A office ground up development project at 2222 Market Street in the Center City neighborhood. As Holly Dutton reported for commercial property executive Parkway, which is based in Philly, got the construction and mezzanine financing for the 19 story office building through Meridian Capital Group who negotiated the financing on behalf of Parkway. The senior loan was provided by Balance Sheet lenders and the mezzanine loan and equity were provided by Acore. The tower, designed by architecture firm Gensler, is being constructed to achieve LEED, gold and fitwell certifications and global law firm Morgan Lewis Embakias has signed on as the anchor tenant at the property, which will feature tenant amenities, including a fitness center, underground parking garage, penthouse and rooftop terraces and high ceilings with floor to ceiling glass. Parkway is expected to begin development this fall. Miss Dutton noted that Parkway is one of several developers currently building office projects in Philly. These include tower investments, who is developing 400 North Broad Street, a 526,000 square foot office redevelopment project, also in Center City, that's expected to be completed in January 2021 and will transform the former Philadelphia Inquirer building into the new headquarters for the Philadelphia Police Department. And nearby in University City in that neighborhood, a joint venture between the University Science Center, Ventos and Wexford Science and Technology is developing one U City Square, a $280 million office and lab facility that broke out earlier this year and is scheduled to be completed in December 2021. The project is the latest phase of the U City Square knowledge community, a research medical and life sciences campus. Next, heading south to Delray Beach, Florida, Cortland Partners, LLC, an Atlanta based multifamily developer and investor, paid about $74 million or $260,000 per unit for a 284 unit complex that was built only three years ago. In the deal, which closed in July, Cortland bought the complex from Wood Real Estate Investors LLC, an LLC that is part of Wood Partners, the national Atlanta based multifamily developer and investor, which developed the property in 2017. As reported by Lydia Dinkova for Globe Street, the property was recently renamed as Cortland Delray Station and consists of seven buildings on 12 acres located northwest of Interstate 95 and Atlantic Avenue on Depot Avenue. And it was 95% occupied at the time of sale, according to CoStar Group, with rents ranging from about $13.89 a month for smaller one bedrooms up to $21.55 for the three bedrooms, according to the apartment website. Now, moving west to the Nashville area, to Lebanon, Tennessee, where Duke Realty, the large industrial developer, has refilled a recently vacated space at its Park 840 West 14-840 Logistics Building, bringing it to full occupancy by signing a new lease of approximately 208,000 square feet with Optoro, Inc., a temp company that creates software which helps retailers manage excess and return to inventory. As Scott Baltic, reporter for Commercial Property Executive, the tenant will use the class A location as its flagship returns processing and R&D facility. The building, which was built in 2006, contains a total of approximately 654,000 square feet and is located at 14840 Central Pike east of downtown Nashville and very close to the interchange of I-840 and Highway 109-265. Cushman and Wakefield was the property's listing broker and JLL rep the tenant. To give you some market info, the Metro Nashville warehouse distribution market remained strong despite the pandemic, according to a second-quarter report from JLL. Year-to-date net absorption was nearly 2.2 million square feet on an inventory of 155 million square feet and direct asking rents continued to climb, reaching $5.07 per square foot as of the second quarter. A little more than 4.2 million square feet of space was under construction, while total vacancy was only 3.2% and trending down. Heading north to Chicago, the big news there is that the JV, comprised of Schmo, SHVO, and Deutsche Finance America, has completed its $376 million acquisition of 333 South Wabash, a 45-story, 1.2 million square foot office skyscraper in the city which is known as Big Red, formerly CNA Center. AIG and Goldman Sachs provided financing for the purchase, which was first announced in January and divides out to about $313 per square foot. As Pavel Kazukou reported in Commercial Property Executive, the sellers were the John Buck Company and Morgan Stanley, which paid $108 million for the iconic tower in 2016. In 2018, Brookfield Asset Management provided the partnership with a $195 million loan, which financed major capital improvements on the building the following year. The property, located one block from Grant Park in the Loop, was completed in 1973 and amenities include childcare facilities, auditorium with 250 seats, tenant lounges, a food hall and fitness center. The high rise is home to a diverse mix of tenants, including the Chicago Housing Authority, Northern Trust, and the former namesake, CNA. Moving down to Dallas, Texas, VREIT and Ocean West Capital Partners LLC have acquired a 2.3 million square foot distribution and warehouse facility in Dallas for about $247 million or about $107 per square foot from North Point Development, which developed the asset and will be part of the joint venture. As Gao Kalinowski from Commercial Property Executive reported, the facility, located 9314 West Jefferson Boulevard, is fully leased by an investment-grade home improvement retailer. CBRE National Partners represented the parties in the disposition and the transaction. The acquisition is part of VREIT's industrial partnership with Korea Investment and Securities Company, which is advised by Ocean West. This partnership started in May 2019 and focuses on the acquisition of single-tenant industrial assets under long-term leases to industrial-grade tenants. This is the seventh property acquired for the portfolio, which now has approximately $654 million in assets. VREIT, which is a Phoenix-based full-service operating company, owns and manages one of the largest portfolios of single-tenant commercial properties in the U.S., now valued at $14.7 billion with 3,800 properties and 88.9 million square feet of space. Heading out to the West Coast, to the great little city of Culver City, which is surrounded by the city of Los Angeles, Northwood investors paid $120 million or $417 per square foot to Norton LifeLock for the 288,000-square-foot office building in 900-corporate point with a seller-occupied space, and actually the seller was the developer of the building when the company was called Symantec prior to its name change to Norton LifeLock after Broadcom acquired part of Symantec's software business. The company will stay in two floors of the five-story building under a seven-year lease. Bushman and Wakefield brokered the sale transaction. Northwood is an active investor on the west side of L.A., owning three of the properties in the area, West L.A.'s Triton Center Office Campus, the London West Hollywood Hotel, and about 19 acres of undeveloped land in Playa Vista. Moving down to the Orange County city of Irvine, Panasonic Avionics, the maker of in-flight entertainment systems for airlines, plans to relocate its corporate headquarters from its long-time base in Lake Forest to Irvine after inking the largest office lease reported in Orange County this year, signing a nearly 260,000-square-foot headquarters lease at LBA Realty's Park Place in Irvine. The consolidation deal covers multiple buildings at the 2.2 million-square-foot office campus at Michelson Drive and Jamboree Road, right along the San Diego 405 freeway, where Panasonic Avionics will house corporate engineering production and administrative operations. Brokers from Seville represented the tenant, while a team of brokers from CBRE and Cushman and Wakefield repped LBA, the OC-based owner of office and industrial properties led by Phil Belling and Steve Layton. Our next and last stop on our deal roundup takes us to the beautiful Torrey Pines area along the coast in San Diego County near La Jolla, where Alexandria Real Estate Equities, the major owner of biotech office and lab properties, paid $97.5 million to the National University System for the point at Torrey Pines, consisting of two office buildings that the seller occupies, totaling 139,000 square feet, located at 11255 and 11355 North Torrey Pines Road, on an 11-acre site that's roughly midway between the Pacific Ocean and the I-5 Freeway. The property is occupied by the National University System and National University's two building headquarters and is located in San Diego's top biotech and life sciences sub-market. The property, the beautiful property, provides unobstructed panoramic views of the Pacific Ocean and Torrey Pines Reserve, and it's just across the street from the prestigious Torrey Pines Golf Course and just a few miles from the University Town Center area with such prestigious research institutes as Scripps Research, Sanford Consortium, Salk Institute and UC San Diego. A team from CBRE represented the seller National University System, which is a veteran-founded non-profit university with over 28 campuses around the world. And that's it for our deal roundup. Now it's time to zip along the tech drive, where we discuss the various combinations of real estate and technology, such as new websites and services, and now as a result of the COVID pandemic, new tools to help with that. And the subject of this segment, financial tech startup Till, certainly can play a role in that since it is a platform to help property managers and owners manage unusual arrangements, such as tenants paying partial rent, a common scenario now, and the company received $8 million in seed funding, wow, I'm so jealous, and they got that from VC firms Route 66 Ventures, Metaprop and NextGen Venture Partners. The company Exact said it will use the money to continue its growth and to attract new landlords and renters as users. The company's flexible rent platform lets renters set up a customized payment schedule that better lines up with their individual cashflow situations. And the goal is to help them to become more consistent on-time payers, avoid late fees and certainly evictions. Now more renters are making partial payments, as I said, and tech like this could make it easier for property managers to manage unusual arrangements. As the COVID-19 pandemic continues to spread across the country, mass unemployment and other economic fallout is threatening to push those numbers even higher, said Till founder and CEO David Sullivan. The company is headquartered in Washington, D.C. and the service is available in 170 properties in 14 U.S. states comprising 30,000 units, and they have partnerships with several major real estate owners and property management companies. The PR that went out quoted Les Menkes, managing partner of Acre, one of Till's clients who said that the service has completely altered the way they approach rent collection and more importantly, improve their fundamental relationship with residents. By taking a more personalized approach with each of their units, they've been able to significantly reduce turnover at their buildings and get a more comprehensive, accurate view of their revenue stream. They've also been able to avoid imposing penalties on their renters, putting them in better financial health and ensuring better long-term stability to their business. For our next stop on the tech drive, I will report about the recent podcast from real estate tech VC firm Fifth Wall, thereby making this news piece a crossover with our next power segment about podcasts and webinars. Fifth Wall led by the dashing and debonair Brendan Wallace, located not too far from me in the marina, produces a series of podcasts I've mentioned here before called Fly on the Wall, where Mr. Wallace and sometimes other partners in the firm have very compelling conversations with leaders in the real estate and real estate tech industries. You can find these on their website, and in their last two episodes, both dropped in the past two weeks, Brandon interviews Jeremy Waxman, president of Zillow, about recent macro trends in the housing capital markets, both pandemic related and otherwise. They cover the digitization of the home buying and selling process, predictions for the future of iBuying and Zillow's vision for an always-on tech-enabled real estate market. Another episode features Fifth Wall partner Vic Challa interviewing Lucas Haldeman, CEO and founder of Fifth Wall portfolio company SmartRent, to discuss the future of home automation. Lucas explains how the work-from-home era has catalyzed a shift in the digitization of homes and rental properties. Very interesting podcast there. Another crossover for our tech drive and power segments is provided by RealCom, the real estate tech news and conference company, which is having its RealCom slash IBcon 2020 event on October 28th through October 30th, and it will hopefully combine on-site and online components. Part of the event is scheduled to be held at the Marriott Gaylord Rockies Resort and Convention Center in Aurora, Colorado, just outside Denver. The newly built world-class resort will provide a state-of-the-art environment for a safe and productive event. In addition to the on-site event, RealCom IBcon will be introducing an engaging and highly interactive virtual conference component. RealCom, led by Jim Young, is a leader in this space, so we expect it will be a valuable conference either online or in person. Find out more and register at realcom.com. And now let's fully dive into our power segment, where I tell you about podcasts, webinars, events and recordings for the industry. Edit Power, and I will start by telling you about new episodes of some real estate podcasts I'm a fan of, starting with one called Teague Talks, T-E-A-G-U-E, where Hunter Hotel Advisor CEO Teague Hunter, based out of Atlanta, conducts very interesting informative conversations with various leaders in the hotel sector. And in his latest episode, he talks with Navin Diamond, chairman and CEO of Stone Bridge Companies, about how Mr. Diamond became an accidental hotelier and what he learned from previous recessions that will help in the current environment. Another series of podcasts I've started tuning into is by DLC Management Company, a retail investment and management company out of Elmsford, New York, that has a series called Retail Retold, where they talk mainly with the real estate decision makers of major retail tenants to tell the story of and explore the ins and outs of retail deal making. They have done like 40 of these podcasts and they're good. The latest is with Adam Williams, partner at Legacy Real Estate Advisors and host of his own show called Retail Redevelop Podcast, and he talks with host Chris Reza about his very first deal and how getting just one deal under your belt can make all the difference when it comes to opening doors and getting unexpected opportunities that can accelerate your career. That's a great story for anyone struggling to make a deal happen or who's thinking about leaving the commercial real estate business. The next podcast video I recommend watching, and I always recommend these, is the latest installment of Walker Dunlop CEO Willie Walker's weekly Walker Wednesday discussion where Mr. Walker first spends a few must-see minutes discussing the latest in the real estate and financing industry, as well as legislation that's pending, and then has a very high level interview, generally with high level folks in the real estate industry. So it's usually related to real estate, but his latest episode, while still very interesting, is more about politics, as his guest was David Ignatius, associate editor and foreign affairs columnist for the Washington Post, who has the pulse of all the major moves being made within the international affairs community. Next, as for upcoming webinars and events, on September 14th through September 25th will be Marcus and Millichap's Northern California multifamily forum where they answer the question, which way is up, discussing the challenges and obstacles to the California apartment industry, which have never been greater, but that also means there is hidden opportunity for smart players. The reimagined all-digital online conference format they put on in conjunction with Green Pearl spans 10 weekdays from September 14th to the 25th, and it's been organized in brief, easy to consume portions to minimize disruption to your work and personal life with six panels held on separate days. So join live to interact directly with the speakers, and they have a ton of speakers through the Q&A feature or view the recordings on your own time. Either way, don't miss the limited group networking opportunities that will allow you to connect with your peers directly, forging new connections or re-establishing existing ones. The cost is $99 for the live online ticket, but there is a discount code, which is Green Pearl, which will get you a 50% discount. The next online event to inform you of is the IMN Distress Hotel virtual forum, taking place on September 15th. This full-fledged virtual event will be complete with multiple panel sessions, exhibits, networking, online chatting, meeting rooms, and more. Interest has been strong, given the timely nature of this topic, and their recent Distress Hotel webcast had over 1200 registrants. There are limited amount of complimented registrations available for this virtual event. For more info, go to www.imn.org slash real estate. And to update you on a few events that were planned for in-person, given the continued issues with the virus, they are now going all virtual, starting with Globe Streets or RealShares, NetLease conference, which was going to take place at the Marriott Marquee and Times Square. But now it is just online on September 17th and October 1st, but the virtual conference will continue to capture face-to-face interactions and superior networking, as well as executive level discussions with the very best in the NetLease sector. It will feature live keynote presentations, exclusive access to their speaking faculty, dedicated video networking with their sponsors and deal-makings, access to a library of pre-recorded content, and a lot more. They say that nobody is offering a way to connect, like this year's Globe Street, attend for only $99 and register at globestreet.com. Also making the decision to cancel the in-person event and go only digital was crittenden, whose Real Estate Finance conference is now being combined with their multifamily conference, and it was scheduled for September 16th through the 18th at the Mandarin Oriental Miami, but now they are both all virtual and the date is moved to October 5th through October 7th. Note the date change and the fact it's combined with the multifamily conference. Attendees will have access to panel presentations, have opportunities to network online from now their home or office. The website for further updates is crittendenrealestatefinance.com. And lastly, still holding out hopes for an in-person event this year is Globe Street's 30th annual apartments conference, scheduled for October 27th to 28th at its usual spot, the Western Bonaventure in downtown LA. Hopefully it'll be live, and by then, hopefully they'll have their annual gathering with more than a thousand senior level deal-makers through a combination of in-person experiences and virtual touch points. Amidst the global health crisis, Globe Street Apartments will present a comprehensive program featuring leading developers, property owners, and operators, and institutional investors. And to help celebrate 30 years, 2020 will feature their inaugural Globe Street Apartments award dinner, now scheduled October 28th, which will bring together the nation's top multifamily influencers for an evening of celebration. Stay tuned for news if that has to go virtual as well. And that is it for our show today. We hope you enjoyed it, and we appreciate any feedback on any of the products or services or anything else you heard in the show. Please email me those comments at sbloom at renttv.com. Let me again thank our sponsors, Capitol Rivers Commercial and Redwood Mortgage for their support. And until our next podcast, this is Steve Blum from Rent TV, wishing you, your clients and properties strong profits and prosperity.
\ No newline at end of file
diff --git a/data/transcripts/902952601.txt b/data/transcripts/902952601.txt
new file mode 100644
index 0000000..e6dae34
--- /dev/null
+++ b/data/transcripts/902952601.txt
@@ -0,0 +1 @@
+latest eviction moratorium news, COVID effects on the apartment hotel and office sectors. What is the real estate story that's getting me fired up and a review of major deals and developments from around the US. This is what you will hear in this episode of Rent TV's commercial real estate news and views with Steve Bloom on October 1 2020. I'm Steve Bloom, your host and founder and CEO of Renttv.com, our news and media company for the commercial real estate industry. Now in our 21st year providing daily news stories, market reports, video programming and more for the commercial real estate industry on our website, renttv.com and our email newsletter, the real estate insider, which goes to over 60,000 commercial real estate professionals three times each week. And it is my goal to make these new podcast shows streaming to you from the heart of Silicon Beach and Marina del Rey, a profitable use of your time. And since I haven't produced a show in a few weeks, I have some catching up on news and some venting to do on some recent events. But before I start, I want to give a huge thanks to our very first podcast sponsors, Capitol Rivers commercial and Redwood mortgage, who I will tell you about more later in the show. So let's get into this show. And I will start with perhaps the most impactful COVID related real estate issue so far. And that is the protections against eviction moratoriums. Now, on the commercial side, landlords of businesses and stores, you and your tenant are basically on your own and figuring things out. But on the residential side, there are causes for concern, as there has been a variety of eviction moratoriums from states and municipalities around the country. But the major recent news was the national eviction moratorium order given in early September by the Centers for Disease Control and Prevention. Yes, the CDC, whose order prevents evictions for about 40 million apartment renters until the end of the year. It applies to any state in which there is not already a more protective ban in effect, which many states have, including California. Not surprisingly, many states and rental housing groups immediately came out against the order, and several have started legal actions to block it, questioning the ability of an entity such as the CDC to enact such an order, as well as highlighting the negative effects of the move, which can be devastating for smaller property owners, many of whom are the mom and pops who will not be able to pay their mortgage payments, utility bills and property taxes while sustaining non paying renters for months on end. And the CDC eviction moratorium could cause more economic harm than it prevents. As David Howard, executive director of the industry industry trade group, the National Rental Home Council noted that since renters have to pay back the rent they owe, that it puts renters in a position of having to pay back rent that they likely won't have while causing immediate hardship for property owners who have no means of carrying the cost of ownership. That uncollected rent debt is a problem. Many say is just making a tough situation build up into an unmanageable situation as the tenants debt builds up. So in many ways, it would be better to have renters unable to pay vacate sooner than amass a huge debt. The better and less harmful solution would be to help renters to pay the rent, then to try and come up with policies like eviction moratoriums that do not address the cause of the problem while putting their housing suppliers at risk. Rather than suing for the right to evict during a pandemic, landlords should be working with renters to get Congress or local governments to provide emergency rental assistance to help renters and to help landlords continue to operate their rental units. And since I did note that California had passed its own moratorium bill, I'll tell you about AB 3088 passed by the state legislature, which is billed as a new Tenant Relief Act that was a compromise between tenants and landlords. Known as the Tenant Homeowner and Small Landlord Relief and Stabilization Act of 2020, the new law does provide some certainty to renters and some protections for small landlords. While it extends the eviction moratorium through January 2021, it does require that tenants show evidence of lost income due to COVID-19 in exchange for nonpayment. In addition, tenants must pay at least 25% of rent during the moratorium period. Given what the state could have done given its politics, this law is somewhat of a relief. So I guess it has been well received by landlords. However, and I know this is a bit late to be helpful, but I will tell you that for housing providers to collect the past due rent during the protected time period of March 1 2020 through January 31 2021, they must provide tenants with a notice of COVID-19 Tenant Relief Act of 2020. Now failure to provide the notice on or before September 30, today's taping will result in the inability to evict your tenant or recover rent payments that are owed during this time. This notice should accompany all 15 day notices to pay rent or move out and providing that necessary third layer of eviction protection. Here in the city of LA, the city had extended its own moratorium on evictions, late fees and rent increases, at least through October 31 2020, and maybe longer and although that date is coming up soon, the move by the city is being challenged in court by the apartment Association of Greater LA, which claimed the city's unconstitutional and overreaching abuse of power has forced landlords to absorb the economic losses suffered by their tenants because of the pandemic. Now the board's President Earl Vaughn said the city's eviction ban goes way overboard and providing benefits to renters at the expense of all landlords, particularly the small mom and pop landlords who make up most of the housing providers in LA. Many of the renters that have benefit under these ordinances have not been impacted during the pandemic and yet still chose not to pay rent. Vaughn said in a statement, as a result, the city has exposed itself to significant liability risk in particular, damages stemming from the lack of an end date on the eviction ban and prohibition on rent increases, which now that were seven months following their establishment is still a date unknown. Now just in LA County, about 138,000 households did not pay any rent at least once between May and July. According to a joint report recently released by UCLA and USC and almost 40,000 households are at least three full months behind on rent. Moving to national multifamily stats that describe what's happening in the sector. The Freddie Mac second quarter multifamily apartment investment market index, the AIMI released last week fell by 0.3% in the second quarter after posting a quarterly increase of 1.8% in the first quarter of 2020 and its NOI also fell by 1.2% marking the first time in index history where it's AIMI and the NOI were negative together in the second quarter. Now Freddie's AIMI combines multifamily rental income growth, property price growth and mortgage rates to provide a single index that measures multifamily market investment conditions. The nation along with 14 metros experienced property price contraction while nine metros experienced growth and two metros had flat property prices over the quarter. According to Freddie Mac. Now another report by National multifamily housing councils shows that multifamily fundamentals continue to show signs of distress in the wake of the widespread job and economic losses created by the coronavirus. The latest report from the NMHC rent payment tracker, which measures the number of apartment households that make a full or partial rent payment shows a drop of 2.4% or about 280,000 households year over year, as well as a monthly decline. The NMHC tracker registered that 86.2% of apartment households made a full or partial rent payment by September 13, compared to 86.9% that paid by August 13 of this year. The survey measures are 11.4 million units of professionally managed apartment units across the country. A new report from Rent Tech Direct that evaluates the impact of COVID-19 on rate payments. This month also gives further cause for concern. Their data has showed a consistent downward trend in the number of rent payments received nationwide by property managers and landlords. And the month of September has seen the biggest change with a 35% drop in total rent payments received. The debt markets are also showing signs of strain. As a Reese report REIS report found that August's remittances point to a multifamily sector displaying signs of pandemic related stress, because although the overall delinquency rate is fairly stable and even showing signs of decline, the volume of special servicing remains stubbornly high and is inching higher. Furthermore, they report that they see areas where stress on debt is hiding and likely to show up in the near future. Now shifting property types to hotels. While I won't get deep into stats and reports for that sector today, I mean, we all know that hotels and retail are for the most part taking it on the chin during the pandemic. But I will know two news stories from the past week about significant hotels, which accentuate that point. And that is the permanent closing of the Luxe Hotel here in Rodeo Drive in Beverly Hills and the foreclosure action taken by the lender for the historic classic Palmer House Hilton in Chicago. Now the Palmer House was originally built in 1871 by mogul Potter Palmer and has attracted the wealthy and famous and presidents throughout its illustrious history. Conrad Hilton purchased it in 1945 as the Hilton flagship and the current owners thought for equities paid $230 million in 2005 and have spent about $173 million to completely renovate the property and its 1641 rooms. According to the Wall Street Journal article that we saw now Thor's in default on its $333 million first mortgage and the property value was recently pegged at just 305.5 million down from an appraised value of 560 million in 2018. Now with much of the hotel business centered on conferences and Chicago getting hit with a lot of looting and rioting in its upscale areas, this hotel and others in the city could take longer to rebound. Now the journal article noted the city's hotel occupancy for the week ended September 12th was only 35% versus a national average of almost 49%. Now regarding the Luxe Hotel closing in Beverly Hills as reported in the LA Times, it is a significant blow illustrating the continued struggles facing the hotel industry amid a global pandemic and industry experts worry that more are coming considering the inflated loan due delinquency rates for hotel borrowers. Now the Luxe 360 North Rodeo Drive is owned by Ephraim Harkim who acquired the property in 1995 according to the Times article noting property records. Jeffrey's Loan Corp provided $38 million for the hotel in June 2017 and that loan matures in 2027. The article noted that according to Trepp, a major data company, nearly 60 hotels in Los Angeles and Orange counties are late on their loan payments by more than 30 days. And Heather Rosman, executive director of the Hotel Association of L.A., told the Times that they anticipate many hotels won't survive and that industry data shows one in four properties already are struggling to pay mortgages, risking foreclosure. Yikes. Now continuing with the gloomy, albeit real news, I will quickly touch on the office sector which also is getting hurt from its own set of serious challenges thanks to job losses and work from the work from home trend. And a new report by Cushman and Wakefield measures the pandemic's impact on the office market. Now in the company's baseline scenario, which they feel has a 50 percent probability, the U.S. office market will shed 145 million square feet of office space demand in the next two years through the end of 2021. Job loss is the driving force behind the degeneration of the U.S. office market with the report anticipating a loss of 1.7 million jobs in 2020. Now that's an improvement compared to the 2.6 million jobs lost in the second quarter. Now to put the impact of the pandemic in perspective, Cushman and Wakefield has determined that office demand will decrease 30 percent more during the pandemic than it did during the 2008 great financial crisis. Negative absorption will also outpace prior recessions. In the great financial crisis, absorption totaled negative 2.1 percent of total inventory. And in the previous recession, the dot com recession, total office absorption totaled negative 2.4 percent of total office inventory at the time. Now in the current pandemic, C&W estimates that office absorption will decrease 2.7 percent of total inventory. Now these numbers represent the market contraction just through the total downturn and not the long term trends and impacts beyond dealing with the change in work from home habits. And now I have a message from a sponsor of our show, Capitol Rivers commercial led by Greg Aguirre, who want to make sure that in case you haven't heard, there's a massive tax increase on the ballot in November targeted at owners and renters of commercial real estate. If that's you, then you need to be well aware of Proposition 15 and the team at Capitol Rivers commercial can tell you all about it. For most commercial properties in California, Prop 15 would end the highly prized taxpayer protections that have been afforded by Prop 13 for more than 40 years. You can look it up online. But if you want to really understand and prepare for it, you'll want to talk to an expert like Greg and his team of experts at Capitol Rivers. If you'd like to see more, check out their Prop 15 landing page on their website at CapitolRivers.com. These are not your typical real estate brokers work with the best work with Capitol Rivers. In this segment of the show, I discuss views mine as well as others concerning real estate issues such as impending legislation that could affect the industry. And in future episodes, I will get into Prop 15, rent control and other topics. But today I want to talk about the hottest real estate issue in the state today and one that I am fired up about. Yes, I am talking about the fires ravaging the state, which while this year has been the worst, have been ravaging the state each and every year for decades. While I cannot compare the loss of real estate or its value to the loss of lives and livelihoods, I know of many owners of shopping centers and apartment buildings around the state and so many of them and their properties are affected by the fires that have already occurred or the threat of future fires. The risk of buying and lending and ensuring properties in towns under threat of wildfires keeps increasing while the values are decreasing. And in some areas, the value is completely wiped away, a complete loss for the property owner and any lenders. And besides the financial damage, there is the huge damage to the environment from the smoke, the destruction of trees and foliage and wildlife, as well as the water runoff from the fires. But does it have to be this way each and every year? It's not like it's once in a century occurrence. So given that, why doesn't the state seem more prepared and coordinated in dealing with this? We are the home to the tech geniuses in Silicon Valley. Much of the equipment that took us to space was built here. Geez, a hundred years ago, we built a dam at Hetch Hetchy in Yosemite and constructed a water canal to take water to San Francisco a couple hundred miles away, just with gravity. So this can be done. It takes focus, leadership and balls. I mean, instead of blowing what is now estimated to be about $90 billion on a train no one will use and that will be bleeding money from day one, which will be 30 years from now, some of that money could have gone to build a coordinated sophisticated tech driven fire prevention and reduction infrastructure that I gotta believe could already be reducing the destruction caused by the fires. For instance, when I see hurricane news, they cut to these disaster command centers in Florida that look like they could be for NASA landing a rocket on Mars. But for real, someone please tell me why we do not have a state fire command center as well as a state fire marshal who we can all look to and have confidence in and can bring together the various disciplines and experts needed to intelligently deal with forests and fires going forward. And why don't we have the most tech sophisticated fleet of manless remote control water carrying drone aircrafts as well as other high flying video drones along with more dispersed water retention and delivery systems in high risk areas. But we also need leaders who have the cojones to do whatever it takes to make the hardcore environmentalists feel the heat from a public that is fed up with a rational, dangerous, deadly, and mainly non existent fire control and forest management strategies and all the lawsuits preventing logical fire prevention activities. While it is great to be concerned about the temperature going up to up a degree over the next 50 years, or the water rising along some coastal areas, reducing carbon emissions over decades, ain't going to remove the dead wood that is on the forest floor right now, which will burn some time in the next few years. So we need to have teams systematically clear out tenor and high fire threat areas and create more fire roads and fire buffers and invest in more firefighting staff, equipment and technology, including firefighters inspectors and conduct the systematic clearance of trees and wood around towns, along roads and under power lines. And can't we start putting more of those power lines underground? Now, the government's first obligation is to protect the lives and property of its citizens. So it makes no sense to me why every year, it seems like it is the first year these fires occur, with uncoordinated responses from a variety of state and local officials. Meanwhile, the governor signs a bill reducing car emissions, which may one day have a very negligible effect on anything. And we keep pouring money into the train and nowhere. But next year, wood that is on that forest floor right now will burn and ignite a nearby building. It is close to negligent behavior on the part of the people and the party in charge in this state. Now I will tell you about another sponsor of the show, Redwood Mortgage. Redwood Mortgage is a direct portfolio lender providing loans on commercial office, industrial, multifamily, mixed use and residential investment properties in California. In business for over 42 years, Redwood Mortgage is established, trusted and well capitalized. A good place to go when the bank say no, call Redwood Mortgage at 800 659 6593 or redwoodmortgage.com. Okay, now it's time to get into our real estate version of the sports highlight reel with our very exciting Rent TV Roundup of major deal and development news from around the US. And as I normally do, I will start with the major portfolio or corporate deals and then go from the east coast and head west. And the big corporate type portfolio transaction announced this past week that was across most newswires was that colony capital has entered into a definitive agreement to sell six of its hospitality portfolios to high gate hotels in a deal valued at $2.8 billion, which includes the assumption of $2.7 billion in debt. The six portfolios consist of 22,676 rooms across 197 hotel properties. The deal is part of colony shift to focus on digital infrastructure assets with colony capital CEO Mark Gansey noting in the release that they are thrilled to be delivering on their commitment to dispose of non core assets and harvest positive value for their hospitality business. The deal is expected to close in the first quarter of 2021 subject to customary closing conditions and third party approvals. As we noted earlier when everyone in this audience knows is obvious, the hotel sector is getting crushed from the pandemic, although some very slight improvements are being seen as some areas were reawakened. But as Erica Morphy noted in her Globe Street piece on this report, many owners of hotel properties are facing major problems as a survey by the American Hotel and Lodging Association found half of hotel owners reporting that they are in danger of foreclosure by their lenders due to COVID-19. The survey also found that more than two thirds of hotels or 67% reported that they will only be able to last six more months at current projected revenue and occupancy levels absent any further relief. Moving to individual deal and development news, I will start in New York City with news of a development that actually won't happen. And that is because as the Wall Street Journal reported last week, the plans by the owners of Industry City, the 16 building, 6 million square foot campus on the sunset park waterfront in Brooklyn, which was to add 1.3 million square feet of business, classroom, retail and office space on two vacant parcels has been withdrawn by the developers, a partnership of Jamestown, Angela Gordon and Belvedere Capital real estate partners. They needed to rezone the sites, which they already own, to allow for more retail and classroom uses. And that plan was approved by the city council, but opposed by the district's council member, Carlos Menchaca, and then last week, four of New York's congressional reps, two state senators and four members of the state assembly sent a letter to the city council opposing the project, resulting in the developers withdrawing their application, which is a total shame in light of the city politicians chasing away Amazon before the pandemic. And now with the pandemic and other things like crime and taxes leading to a spike in unemployment in the city. So it is a brilliant move to reject a developer who is willing to invest such a large amount of capital in these tough economic times. Good move. Now, a New York City deal that did go through in Long, Long Island City, Queens was the $500 million studio deal by Hackman Capital and Square Mile Capital Management for the famous Silver Cup Studios, one of the largest film and television production facilities in New York City with the property in Long Island City and another in the Port Morris neighborhood of the Bronx. Other investors in the Silver Cup acquisition include the teacher retirement system of Texas and affiliate of the United Services Automobile Association and Canada based PSP investments, according to the Wall Street Journal article by Conrad Puthier. This studio deal comes on the heels of another big studio deal the June purchase by Blackstone group of a 49 49 percent stake in three film production facilities in Hollywood, California, managed by Hudson Pacific properties in a deal that valued those buildings at 1.65 billion. Now, Silver Cup, one of New York City's most storied film studio lots, doesn't just operate the facilities that also owns the real estate. It operates 23 shooting stages at three locations in Queens and the Bronx. Now its first location opened in 1983 in a former flower silo of the Silver Cup bakery in Long Island City. Now it is one of New York's four leading production facilities along with Steiner Studios, Kauffman Astoria Studios, and Broadway Stages. Silver Cup is now going to be the first of the four to be controlled by an out of town investment firm. East Hill Secured was the exclusive adviser to the sellers, brothers Alan and Stuart Suna. Now Hackman Capital also owns Culver Studios and Television City in Southern California. And this joint venture has acquired several studio portfolios, including MBS Media Campus and MBS services located in Manhattan Beach, California from Carlisle Group in 2019 for $650 million and CBS Television City in LA for $750 million from CBS Corporation. And for the rest of the development news, I will skip out to California, where I have several interesting large scale deals and developments to report about from all over the state. And I will start with a much needed positive story about a beaten up sector retail in a city that is now taking a beating San Francisco. And that is the news that IKEA parent Incas Center's division announced that it will spend $260 million to acquire and redevelop the vacant six story, six by six development at 945 Market Street, a 250,000 square foot building completed in 2016 by Cyprus equities. Now IKEA's plan is to turn it into an urban mall to open in the fall of 2020 with a 70,000 square foot IKEA store, as well as a mix of uses that include retail, residential hotel and flexible working spaces. The sellers were TMG partners and Alexandria real estate equities, which bought it from Cyprus last year for $179 million with plans to create a project for life science uses, which obviously didn't come to fruition. Now the project sitting empty for four years after it opened in 2016 was originally intended to extend the Union Square shopping district south toward the newly opened offices for Twitter and Uber near the Civic Center Bart. Instead, it failed to attract a single tenant. Now IKEA's arrival marks a long awaited moment of redemption for the six by six mall and that mid market carter who's promised revitalization has started and stopped times over the past decade. Also in downtown San Francisco, developer Strata Investment Group was granted exclusive negotiating rights this month to develop two aging peers, peers 30 and 32 in South Beach and a nearby parking lot owned by the Port of San Francisco into 850 new residential units, 376,000 square feet of office space, a swimming pool and about three acres of publicly accessible open space. The Port Commission unanimously approved an exclusive negotiating agreement with Strata, which has teamed up with Dallas based trauma pro company and the commission must still approve a disposition and development development agreement later this year or in early 2021. Until then, the development team is required to engage with community and regulatory agencies to fine tune its proposal, which includes demolishing the two vacant peers and constructing two smaller peers that would support the new uses. Developers were asked to propose strategies to strengthen the seawall and construct flood protections for the peers. Strata and trauma crow promised to invest $369 million into rebuilding the peers to restore the deep draft of birth for active maritime use. Also about $325 million would be generated for the Port Commission from the ground leases, according to the proposal. Now the project represents $1.18 billion in total private investment. Now the two other qualified respondents that Strata beat out were Vornado Realty Trust and Tishman Spire. Of course, there are naysayers to the project with some opposing the outdoor swimming pool with access to the Chile Bay waters and the proposed 218 foot height of the residential towers, which exceed local zoning limits of 105 feet as the developers plan to use the state density bonus law to build higher. Now the port staff said that the legality of doing so is still being assessed while those complaining say that the two towers would create walls blocking the waterfront. Now the site across the Embarcadero from the piers is now home to a temporary 200 bed homeless center heading east to the East Bay city of San Ramon. Along the 680 freeway. It was announced this month that its city council approved the latest plans by Sunset Development Company led by Alex Marin Jr. To add 4,500 homes to its massive master plan Bishop branch business park in a section called City Walk, which will also include a previously announced 169 room hotel and 170,000 square feet of retail space. The homes will be built in five neighborhoods on 135 acres that Sunset already owns with construction, hopefully starting in 2021 and first deliveries in 2023 with full build out taking up to 27 years. In 2018, Sunset initially opened city center with 300,000 square feet of retail space on 15 acres, which cost $300 million to develop. Now let's go down to San Diego where IQ HQ Inc, a premier life science, real estate development company completed the acquisition of an iconic development site along San Diego's waterfront. In addition, IQ HQ introduced a new brand to capture the significance of the site, the San Diego Research and Development District, the RAD, and announced the start of construction. Said Mayor Kevin Falconer, the research and development district will transform our waterfront and bring top tier life science companies to downtown. Entitled for new office, lab and support retail space, the RAD is situated on more than eight acres and occupies three entire city blocks representing the largest urban commercial waterfront site along California's Pacific coast. With entitlement secured and key foundation permits already in place, IQ HQ is breaking ground on the first phase of the project this month with completion of the initial phase anticipated in summer 2023. Tracy Murphy, president of IQ HQ, said that the research and development district is exciting on so many levels. Not only does it represent our first acquisition in the San Diego region, which IQ HQ is proud to call home, we also have an opportunity to create the first truly urban waterfront campus dedicated to the advancement of life sciences. With an 82% increase in life science employment over the last decade, San Diego is the third largest life science market in the U.S. and it has experienced a growing demand for new class A office and lab space. And for our last deal roundup news piece, staying in downtown San Diego, a group called the San Diego Padres development team, which includes partners Tishman Spire and Ascendant Capital Partners has won the competitive bidding process to transform Tailgate Park near Petco Park into a vibrant mixed use destination called East Village Quarter. Plans for the underutilized four block area in the East Village include office, housing, recreation and retail space. And the project is expected to revitalize the East Village and further enhance game days at Petco Park, the Padres baseball stadium. The district consists of the four blocks between K Street Imperial Avenue, 12th Avenue and 14th Street. The Padres development team is comprised of local and international leaders that specialize in sports, transit centered and mixed use development, urban design and finance. The team's vision includes the creation of a 1600 space parking structure, 600 more parking spaces than currently exist on the site today, which will protect the long term parking needs of San Diegans attending Padres games and other events at the city owned Petco Park. Tishman Spire president and CEO and CEO Rob Spire said that San Diego is one of America's favorite places to live, work and discover. And that is exactly what this project is about. East Village Quarter represents an extraordinary opportunity for Tishman Spire to partner with the Padres and Ascendant Capital partners to create a dynamic, inclusive, mixed use environment that will provide vital housing and substantial open space in an urban setting. It will also host the city's best office facilities where innovative companies and their employees can thrive. Okay, good to end on an optimistic positive note. And that is it for our show today. We hope you enjoyed it and we appreciate any feedback on any of the new stories, anything else you heard in the show. So please email me those comments at sbloom at rent tv.com. Let me again thank our sponsors Capital Rivers Commercial and Redwood Mortgage for their support. And until our next podcast, this is Steve Bloom from Rent TV wishing you your clients and properties strong profits and prosperity.
\ No newline at end of file
diff --git a/public/index.html b/public/index.html
index 1b03569..ecc24f4 100644
--- a/public/index.html
+++ b/public/index.html
@@ -63,6 +63,7 @@
<div class="tabs">
<div class="tab on" data-view="advertisers">Advertisers</div>
<div class="tab" data-view="guests">Guests</div>
+ <div class="tab" data-view="podcasts">Podcasts</div>
<div class="tab" data-view="emails">Emails</div>
<div class="tab" data-view="coverage">Coverage</div>
</div>
@@ -100,14 +101,15 @@ const setLS=(k,v)=>localStorage.setItem("rae_"+k,JSON.stringify(v));
const siteURL=s=>/^https?:/.test(s)?s:"https://"+s;
const telURL=p=>"tel:"+String(p).replace(/[^\d+]/g,"");
-let DATA={advertisers:[],guests:[],videos:[],emails:[]}, FRAMES={}, SYN={}, RV={};
+let DATA={advertisers:[],guests:[],videos:[],emails:[],podcasts:[]}, FRAMES={}, SYN={}, RV={}, ADCLIPS={};
let view=LS("view","advertisers"), mode=LS("mode","cards");
const SORTS={
advertisers:[["appearances","Most appearances"],["name","Name A→Z"],["category","Category"],["website","Website A→Z"]],
guests:[["name","Name A→Z"],["company","Company A→Z"],["episode","Episode (newest)"]],
emails:[["appearances","Most appearances"],["name","Advertiser A→Z"],["category","Category"]],
- coverage:[["date","Newest"],["title","Title A→Z"],["chars","Most transcript"]]
+ coverage:[["date","Newest"],["title","Title A→Z"],["chars","Most transcript"]],
+ podcasts:[["date","Newest"],["title","Title A→Z"],["ads","Most ads detected"]]
};
// table columns per view (adjustable: toggle + reorder + sort)
const COLS={
@@ -129,6 +131,8 @@ async function boot(){
try{SYN=await fetch("api/synopses").then(r=>r.json())}catch{SYN={}}
try{DATA.emails=(await fetch("api/emails").then(r=>r.json())).emails||[]}catch{DATA.emails=[]}
try{RV=await fetch("api/rentvreview").then(r=>r.json())}catch{RV={}}
+ try{DATA.podcasts=(await fetch("api/soundcloud").then(r=>r.json())).episodes||[]}catch{DATA.podcasts=[]}
+ try{(await fetch("api/adclips").then(r=>r.json())).clips||[]}catch{}
$("#stat").innerHTML=`<b>${s.advertisers}</b> advertisers · <b>${s.guests}</b> guests · <b>${s.videos_rich}</b>/${s.videos_total} videos transcribed`;
$("#dens").value=LS("dens",4); document.documentElement.style.setProperty("--cols",$("#dens").value);
document.querySelectorAll(".tab").forEach(t=>t.classList.toggle("on",t.dataset.view===view));
@@ -169,6 +173,7 @@ function render(){
const sel=$("#sort"); sel.innerHTML=SORTS[view].map(([v,l])=>`<option value="${v}">${l}</option>`).join("");
sel.value=LS("sort_"+view,SORTS[view][0][0]);
$("#colpick").style.display=mode==="table"?"block":"none";
+ if(view==="podcasts"){ $("#colpick").style.display="none"; return renderPodcasts($("#main")); }
const L=curList();
const main=$("#main"); main.innerHTML="";
if(!L.length){main.appendChild(el("div","empty","No results. "+(view==="coverage"?"":"Extraction may still be running — refresh in a moment."))); return;}
@@ -177,6 +182,52 @@ function render(){
function epChips(eps){return (eps||[]).map(e=>`<span class="chip ep" onclick="openEpisode(${e.id})" title="${esc(e.title)} — open dossier">▶ ${esc(e.title.replace(/RENTV |CRE Talk /g,'').slice(0,26))}</span>`).join("")}
+// ── Podcasts view (SoundCloud rentvnews) — episodes, full audio, chapters, spoken-ad clips, transcript ──
+function mediaURL(p){return "media/"+String(p||"").replace(/^data\/soundcloud\//,"")}
+function fmtDur(s){s=Math.round(s||0);const m=Math.floor(s/60),ss=String(s%60).padStart(2,"0");return m+":"+ss}
+function fmtDate(d){return (!d||d.length!=8)?(d||""):d.slice(0,4)+"-"+d.slice(4,6)+"-"+d.slice(6,8)}
+function podAdvertisers(epId){return DATA.advertisers.filter(a=>(a.episodes||[]).some(e=>String(e.id)===String(epId)))}
+function podClips(epId){const out=[];podAdvertisers(epId).forEach(a=>(a.adclips||[]).filter(c=>String(c.episode_id)===String(epId)).forEach(c=>out.push({a,c})));return out}
+
+function renderPodcasts(main){
+ main.innerHTML="";
+ let L=DATA.podcasts.slice();
+ if(!L.length){main.appendChild(el("div","empty","No podcast episodes yet. Run the SoundCloud pipeline (harvest-soundcloud → transcribe-soundcloud → extract → clip-ads)."));return;}
+ const s=LS("sort_podcasts","date");
+ L.sort((x,y)=> s==="title"?(x.title||"").localeCompare(y.title||"") : s==="ads"?(podAdvertisers(y.id).length-podAdvertisers(x.id).length) : (y.date||"").localeCompare(x.date||""));
+ const g=el("div","grid");
+ L.forEach(ep=>{
+ const advs=podAdvertisers(ep.id), clips=podClips(ep.id);
+ const c=el("div","card");
+ let h=`<h3><a href="${esc(ep.url)}" target="_blank" rel="noopener">🎙 ${esc(ep.title)}</a></h3>
+ <div class="row"><span class="badge cat">SoundCloud</span>
+ <span class="appear">${fmtDate(ep.date)}</span><span class="appear">${fmtDur(ep.duration)}</span>
+ ${advs.length?`<span class="badge" title="advertisers detected">${advs.length} advertiser${advs.length>1?"s":""}</span>`:""}
+ ${ep.view_count!=null?`<span class="kv" style="opacity:.6">▶ ${ep.view_count} plays</span>`:""}</div>`;
+ if(ep.audio_path) h+=`<audio controls preload="none" id="ep${ep.id}" style="width:100%;margin:8px 0" src="${esc(mediaURL(ep.audio_path))}"></audio>`;
+ if(ep.description) h+=`<div class="pitch" style="white-space:pre-wrap;max-height:76px;overflow:auto">${esc(ep.description)}</div>`;
+ if((ep.chapters||[]).length) h+=`<div class="row" style="flex-wrap:wrap;gap:4px;margin-top:6px">`+ep.chapters.map(ch=>`<span class="chip ep" title="jump to ${fmtDur(ch.t)}" onclick="seekEp(${ep.id},${ch.t})">${fmtDur(ch.t)} ${esc(ch.label.slice(0,42))}</span>`).join("")+`</div>`;
+ if(clips.length){
+ h+=`<div style="margin-top:10px;border-top:1px solid var(--line);padding-top:8px"><b style="color:var(--teal)">🔊 Spoken ads in this episode</b>`;
+ clips.forEach(({a,c})=>{h+=`<div style="margin:8px 0;padding:8px;background:#0e1116;border:1px solid var(--line);border-radius:8px">
+ <div class="row"><b onclick='openAdv(${JSON.stringify(a.name)})' style="cursor:pointer">${esc(a.name)}</b>
+ <span class="badge cat">${esc(a.category||"other")}</span><span class="kv" style="opacity:.6">${fmtDur(c.start)}–${fmtDur(c.end)}</span></div>
+ <audio controls preload="none" style="width:100%;margin:6px 0" src="${esc(mediaURL(c.file))}"></audio>
+ <div class="pitch" style="font-size:12px;opacity:.85">"${esc((c.text||"").slice(0,300))}"</div>
+ <button onclick='openAdv(${JSON.stringify(a.name)})' style="margin-top:4px;background:var(--teal);color:#08131a;border:0;border-radius:6px;padding:5px 10px;cursor:pointer;font-weight:700">✉ Draft engagement email</button>
+ </div>`;});
+ h+=`</div>`;
+ } else if(advs.length){
+ h+=`<div style="margin-top:8px;opacity:.75;font-size:12px">Advertisers detected: ${advs.map(a=>`<span class="chip" onclick='openAdv(${JSON.stringify(a.name)})'>${esc(a.name)}</span>`).join(" ")}</div>`;
+ }
+ h+=`<div style="margin-top:8px"><a style="cursor:pointer;color:var(--teal)" onclick="showTranscript(${ep.id},this)">Show transcript ▾</a><div class="tx" style="display:none;white-space:pre-wrap;font-size:12px;max-height:260px;overflow:auto;margin-top:6px;padding:8px;background:#0e1116;border:1px solid var(--line);border-radius:8px"></div></div>`;
+ c.innerHTML=h; g.appendChild(c);
+ });
+ main.appendChild(g);
+}
+window.seekEp=(id,t)=>{const a=document.getElementById("ep"+id);if(a){a.currentTime=t;a.play()}};
+window.showTranscript=async(id,link)=>{const box=link.nextElementSibling;if(box.style.display!=="none"){box.style.display="none";link.textContent="Show transcript ▾";return}link.textContent="Loading…";const d=await fetch("api/transcript?id="+id).then(r=>r.json()).catch(()=>({text:""}));box.textContent=d.text||"(transcript not available yet)";box.style.display="block";link.textContent="Hide transcript ▴"};
+
function renderCards(main,L){
const g=el("div","grid");
if(view==="advertisers") L.forEach(a=>{
diff --git a/scripts/build-soundcloud.sh b/scripts/build-soundcloud.sh
new file mode 100755
index 0000000..d2a4bac
--- /dev/null
+++ b/scripts/build-soundcloud.sh
@@ -0,0 +1,30 @@
+#!/usr/bin/env bash
+# One-command SoundCloud podcast pipeline for the RENTV Ad Engine.
+# Adds soundcloud.com/rentvnews (RENTV's Weekly CRE News & Views) as a first-class
+# source: audio -> transcript -> advertisers/guests (via the shared extract.py) ->
+# spoken-ad audio clips -> unified advertisers.json (feeds the engagement-email drafter).
+# Everything local, $0 (yt-dlp + faster-whisper + Ollama + ffmpeg).
+set -euo pipefail
+cd "$(dirname "$0")/.."
+PY=".venv/bin/python"; [ -x "$PY" ] || PY="python3"
+
+echo "── A: harvest audio + metadata (yt-dlp) ──"
+$PY scripts/harvest-soundcloud.py --download
+
+echo "── B: transcribe locally (faster-whisper, \$0) ──"
+$PY scripts/transcribe-soundcloud.py
+
+echo "── C: extract advertisers + guests (shared extract.py, unmodified) ──"
+# extract.py reads data/manifest.json (now upserted with the podcast episodes) +
+# data/transcripts/<id>.txt — SoundCloud IDs never collide with Vimeo IDs, so this
+# rebuilds the UNIFIED advertisers.json / guests.json across BOTH sources.
+python3 scripts/extract.py
+
+echo "── D: cut spoken-ad audio clips + enrich advertisers.json (source + adclips) ──"
+$PY scripts/clip-ads.py
+
+echo "── E: (optional) refresh engagement-email drafts for all advertisers ──"
+# DRAFT-ONLY, never sends. Uncomment to regenerate now, or use the viewer's Emails tab.
+# python3 scripts/draft-emails.py
+
+echo "✓ SoundCloud pipeline complete. Restart the viewer: pm2 restart rentv-ad-engine"
diff --git a/scripts/clip-ads.py b/scripts/clip-ads.py
new file mode 100644
index 0000000..4fd444b
--- /dev/null
+++ b/scripts/clip-ads.py
@@ -0,0 +1,259 @@
+#!/usr/bin/env python3
+"""Node D (SoundCloud) — Cut the ACTUAL SPOKEN-AD audio per advertiser, $0.
+
+Post-extract enrichment (same pattern as reconcile-review.py): reads the unified
+advertisers.json (already built by the shared extract.py, now including podcast
+advertisers) plus the SoundCloud timestamped segments, finds where each advertiser
+is spoken in each podcast episode, and ffmpeg-cuts that span into a short mp3 the
+viewer can play. It then layers two things onto advertisers.json, ADD-ONLY:
+
+ - per-episode "source": "soundcloud" | "vimeo" (so the UI can badge it)
+ - per-advertiser "adclips": [{episode_id, episode_title, url, start, end,
+ text, file, duration}] the spoken-ad snippets
+ - per-advertiser "has_podcast": bool
+
+Idempotent: re-running refreshes clips + fields without touching other enrichment.
+Cost: $0 (ffmpeg, local).
+"""
+import json, os, re, subprocess
+
+ROOT = os.path.dirname(os.path.dirname(os.path.abspath(__file__)))
+ADV = os.path.join(ROOT, "data", "advertisers.json")
+SCMAN = os.path.join(ROOT, "data", "soundcloud", "manifest.json")
+SEGDIR = os.path.join(ROOT, "data", "soundcloud", "segments")
+CLIPDIR = os.path.join(ROOT, "data", "soundcloud", "adclips")
+CLIPIDX = os.path.join(ROOT, "data", "soundcloud", "adclips.json")
+
+PAD = 2.0 # seconds of lead/tail around a matched span
+GAP = 18.0 # merge matched segments within this gap into one ad read
+MAXLEN = 100.0 # cap a single clip
+STOP = {"the", "and", "of", "a", "for", "to", "in", "on", "at", "is", "our", "your",
+ "commercial", "real", "estate", "group", "inc", "llc", "company", "co", "corp"}
+
+
+def slug(s):
+ return re.sub(r"-+", "-", re.sub(r"[^a-z0-9]+", "-", (s or "").lower())).strip("-")[:48]
+
+
+def alnum(s):
+ return re.sub(r"[^a-z0-9 ]", " ", (s or "").lower())
+
+
+def digits(s):
+ return re.sub(r"[^\d]", "", s or "")
+
+
+def match_terms(adv):
+ """Distinctive strings that identify this advertiser when spoken/heard."""
+ terms = set()
+ for n in [adv["name"]] + adv.get("aliases", []):
+ toks = [t for t in alnum(n).split() if t not in STOP and len(t) > 2]
+ if toks:
+ terms.add(" ".join(toks[:3])) # distinctive name core
+ for t in toks:
+ if len(t) >= 6:
+ terms.add(t) # a long stand-alone token
+ for w in adv.get("websites", []):
+ root = w.split(".")[0].replace("-", "")
+ if len(root) >= 5:
+ terms.add(root)
+ for p in adv.get("phones", []):
+ d = digits(p)[-10:]
+ if len(d) == 10:
+ terms.add(d)
+ return {t for t in terms if t}
+
+
+def find_spans(segs, terms):
+ """Return merged (start,end,text) spans where any term is spoken."""
+ hits = []
+ for s in segs:
+ hay = alnum(s["text"])
+ hayd = digits(s["text"])
+ if any((t.isdigit() and t in hayd) or (not t.isdigit() and t in hay) for t in terms):
+ hits.append(s)
+ if not hits:
+ return []
+ spans, cur = [], [hits[0]]
+ for s in hits[1:]:
+ if s["start"] - cur[-1]["end"] <= GAP:
+ cur.append(s)
+ else:
+ spans.append(cur); cur = [s]
+ spans.append(cur)
+ out = []
+ for grp in spans:
+ start = max(0.0, grp[0]["start"] - PAD)
+ end = grp[-1]["end"] + PAD
+ if end - start > MAXLEN:
+ end = start + MAXLEN
+ out.append((round(start, 2), round(end, 2), " ".join(g["text"] for g in grp)))
+ # best = longest span (most complete ad read)
+ out.sort(key=lambda x: (x[1] - x[0]), reverse=True)
+ return out[:1]
+
+
+def ffcut(audio, start, end, out):
+ dur = round(end - start, 2)
+ subprocess.run(["ffmpeg", "-y", "-loglevel", "error", "-ss", str(start), "-i", audio,
+ "-t", str(dur), "-acodec", "libmp3lame", "-q:a", "5", out], check=False)
+ return dur
+
+
+def _lev(a, b):
+ """Small Levenshtein — catches whisper spelling variance (Capital vs Capitol)."""
+ if a == b:
+ return 0
+ if abs(len(a) - len(b)) > 2:
+ return 3
+ prev = list(range(len(b) + 1))
+ for i, ca in enumerate(a, 1):
+ cur = [i]
+ for j, cb in enumerate(b, 1):
+ cur.append(min(prev[j] + 1, cur[-1] + 1, prev[j - 1] + (ca != cb)))
+ prev = cur
+ return prev[-1]
+
+
+_CATS = {"lender", "developer", "broker", "law firm", "insurance", "title",
+ "architecture", "property mgmt", "events", "other"}
+def clean_cat(c):
+ """A local LLM sometimes echoes the whole category enum ('lender|developer|...')
+ or an out-of-set value into the category field; normalize to one valid label."""
+ c = (c or "").strip().lower()
+ if c in _CATS:
+ return c
+ # a pipe-joined value is the whole enum echoed back by the LLM — it carries no real
+ # signal, so don't guess a label from its first token; fall through to "other".
+ if "|" in c:
+ return "other"
+ for tok in re.split(r"[/,]", c):
+ if tok.strip() in _CATS:
+ return tok.strip()
+ return "other"
+
+
+def nkey(n):
+ n = re.sub(r"\b(inc|llc|lp|group|company|co|corp|the|commercial)\b", "", (n or "").lower())
+ return re.sub(r"[^a-z0-9]", "", n)
+
+
+def merge_fuzzy(advs, sc_ids):
+ """Consolidate advertiser records that are near-identical names where at least one
+ is podcast-sourced (so we don't disturb pure-Vimeo records). Fixes the Capitol/Capital
+ Rivers split that the website/phone-join dedup missed, so engagement letters aren't
+ duplicated. Also sanitizes every category via clean_cat(). Podcast-membership is
+ derived from the SoundCloud episode-id set (NOT has_podcast, which isn't set yet)."""
+ def is_pod(a):
+ return any(str(e.get("id")) in sc_ids for e in a.get("episodes", []))
+ parent = list(range(len(advs)))
+ def find(i):
+ while parent[i] != i:
+ parent[i] = parent[parent[i]]; i = parent[i]
+ return i
+ keys = [nkey(a["name"]) for a in advs]
+ for i in range(len(advs)):
+ for j in range(i + 1, len(advs)):
+ if not (is_pod(advs[i]) or is_pod(advs[j])):
+ continue
+ if len(keys[i]) >= 8 and len(keys[j]) >= 8 and _lev(keys[i], keys[j]) <= 1:
+ parent[find(i)] = find(j)
+ groups = {}
+ for i in range(len(advs)):
+ groups.setdefault(find(i), []).append(advs[i])
+ out = []
+ for g in groups.values():
+ if len(g) == 1:
+ g[0]["category"] = clean_cat(g[0].get("category"))
+ out.append(g[0]); continue
+ g.sort(key=lambda a: (-len(a.get("websites", [])), -a.get("appearances", 0)))
+ base = dict(g[0])
+ epmap = {}
+ for a in g:
+ for e in a.get("episodes", []):
+ epmap[str(e["id"])] = e
+ base["aliases"] = sorted({x for a in g for x in ([a["name"]] + a.get("aliases", [])) if x != g[0]["name"]})
+ base["websites"] = sorted({w for a in g for w in a.get("websites", [])})
+ base["phones"] = sorted({p for a in g for p in a.get("phones", [])})
+ base["emails"] = sorted({e for a in g for e in a.get("emails", [])})
+ base["contacts"] = sorted({c for a in g for c in a.get("contacts", [])})
+ base["pitch"] = max((a.get("pitch", "") for a in g), key=len, default="")
+ base["category"] = next((clean_cat(a.get("category")) for a in g if clean_cat(a.get("category")) != "other"), "other")
+ base["episodes"] = list(epmap.values())
+ base["appearances"] = len(epmap)
+ base["has_podcast"] = any(a.get("has_podcast") for a in g)
+ for k in ("review_verified", "review_appearances", "review_official_name", "address_status", "addresses"):
+ for a in g:
+ if a.get(k) not in (None, "", [], False):
+ base[k] = a[k]; break
+ out.append(base)
+ out.sort(key=lambda x: (-x.get("appearances", 0), x["name"].lower()))
+ return out
+
+
+def main():
+ if not os.path.exists(SCMAN):
+ print("[clip] no SoundCloud manifest — run harvest-soundcloud.py first"); return
+ sc = json.load(open(SCMAN))
+ sc_by_id = {str(e["id"]): e for e in sc["episodes"]}
+ sc_ids = set(sc_by_id)
+ data = json.load(open(ADV))
+ advs = merge_fuzzy(data["advertisers"], sc_ids) # consolidate whisper-variant name dupes + clean categories
+ data["advertisers"] = advs
+ data["count"] = len(advs)
+ os.makedirs(CLIPDIR, exist_ok=True)
+
+ # preload segments per episode
+ segs_by_ep = {}
+ for vid in sc_ids:
+ p = os.path.join(SEGDIR, f"{vid}.json")
+ if os.path.exists(p):
+ segs_by_ep[vid] = json.load(open(p))["segments"]
+
+ index, n_clips = [], 0
+ for adv in advs:
+ # tag every episode with its source
+ podcast_eps = []
+ for ep in adv.get("episodes", []):
+ ep["source"] = "soundcloud" if str(ep["id"]) in sc_ids else "vimeo"
+ if ep["source"] == "soundcloud":
+ podcast_eps.append(ep)
+ adv["has_podcast"] = bool(podcast_eps)
+ clips = []
+ terms = match_terms(adv)
+ for ep in podcast_eps:
+ vid = str(ep["id"])
+ segs = segs_by_ep.get(vid)
+ if not segs:
+ continue
+ spans = find_spans(segs, terms)
+ meta = sc_by_id[vid]
+ audio = os.path.join(ROOT, meta["audio_path"]) if meta.get("audio_path") else ""
+ for (start, end, text) in spans:
+ fname = f"{vid}-{slug(adv['name'])}.mp3"
+ fpath = os.path.join(CLIPDIR, fname)
+ dur = ffcut(audio, start, end, fpath) if audio and os.path.exists(audio) else round(end - start, 2)
+ clip = {
+ "episode_id": ep["id"], "episode_title": ep["title"], "url": ep["url"],
+ "start": start, "end": end, "duration": dur,
+ "text": text[:600],
+ "file": os.path.relpath(fpath, ROOT),
+ }
+ clips.append(clip)
+ index.append({"advertiser": adv["name"], **clip})
+ n_clips += 1
+ if clips:
+ adv["adclips"] = clips
+ elif "adclips" in adv:
+ del adv["adclips"]
+
+ data["adclips_generated_at"] = __import__("time").strftime("%Y-%m-%d %H:%M:%S")
+ json.dump(data, open(ADV, "w"), indent=1)
+ json.dump({"count": len(index), "clips": index}, open(CLIPIDX, "w"), indent=1)
+ n_adv = sum(1 for a in advs if a.get("adclips"))
+ print(f"[clip] DONE {n_clips} spoken-ad clips for {n_adv} advertisers -> {CLIPDIR}")
+ print(f"[clip] advertisers.json enriched (source + adclips + has_podcast); index -> {CLIPIDX}")
+
+
+if __name__ == "__main__":
+ main()
diff --git a/scripts/harvest-soundcloud.py b/scripts/harvest-soundcloud.py
new file mode 100644
index 0000000..7f7524f
--- /dev/null
+++ b/scripts/harvest-soundcloud.py
@@ -0,0 +1,108 @@
+#!/usr/bin/env python3
+"""Node A (SoundCloud) — Harvest the RENTV podcast from soundcloud.com/rentvnews.
+
+RENTV's Vimeo library is the "CRE Talk" interview show; the SoundCloud channel is a
+SEPARATE weekly-news podcast ("RENTV's Weekly CRE News & Views with Steve Bloom").
+This adds that podcast as a first-class source alongside Vimeo.
+
+$0, local. Uses the yt-dlp toolchain (already in .venv / homebrew) to pull each
+track's audio (mp3) + full metadata info.json. This script itself only READS the
+downloaded info.json files and builds the SoundCloud manifest; the actual audio
+download is done by `yt-dlp` (see build-soundcloud.sh) so a re-run is cheap.
+
+Output:
+ data/soundcloud/manifest.json per-episode: id, title, url, description,
+ duration, uploader, date, artwork, audio_path,
+ chapters[] (parsed from the show-notes timestamps)
+
+The transcription step (transcribe-soundcloud.py) consumes this manifest and also
+upserts each episode into the main data/manifest.json so the shared, UNMODIFIED
+extract.py picks up podcast advertisers into the unified advertisers.json.
+"""
+import glob, json, os, re, sys, subprocess
+
+CHANNEL = "https://soundcloud.com/rentvnews"
+ROOT = os.path.dirname(os.path.dirname(os.path.abspath(__file__)))
+ADIR = os.path.join(ROOT, "data", "soundcloud", "audio")
+OUT = os.path.join(ROOT, "data", "soundcloud", "manifest.json")
+DOWNLOAD = "--download" in sys.argv # also (re)fetch audio via yt-dlp
+UA = "Mozilla/5.0 (Macintosh; Intel Mac OS X 10_15_7) AppleWebKit/605.1.15 Safari/605.1"
+
+CHAP = re.compile(r"^\s*(\d{1,2}):(\d{2})(?::(\d{2}))?\s*[-–—:]\s*(.+?)\s*$")
+
+
+def parse_chapters(desc):
+ """Pull '1:25 - Topic' show-note markers out of the description into {t, label}."""
+ chapters = []
+ for ln in (desc or "").splitlines():
+ m = CHAP.match(ln)
+ if not m:
+ continue
+ h_or_m, mm, ss, label = m.groups()
+ if ss is not None: # H:MM:SS
+ t = int(h_or_m) * 3600 + int(mm) * 60 + int(ss)
+ else: # MM:SS
+ t = int(h_or_m) * 60 + int(mm)
+ label = re.sub(r"\s+", " ", label).strip()
+ if label:
+ chapters.append({"t": t, "label": label})
+ return chapters
+
+
+def audio_for(vid):
+ """The real downloaded audio file (yt-dlp may have transcoded m4a->mp3)."""
+ for ext in ("mp3", "m4a", "opus", "wav", "ogg"):
+ p = os.path.join(ADIR, f"{vid}.{ext}")
+ if os.path.exists(p):
+ return p
+ return ""
+
+
+def download():
+ os.makedirs(ADIR, exist_ok=True)
+ print(f"[sc] downloading audio + metadata from {CHANNEL} (yt-dlp, $0)")
+ subprocess.run([
+ "yt-dlp", "-x", "--audio-format", "mp3", "--audio-quality", "5",
+ "--write-info-json", "--no-overwrites",
+ "-o", os.path.join(ADIR, "%(id)s.%(ext)s"), CHANNEL,
+ ], check=False)
+
+
+def main():
+ if DOWNLOAD:
+ download()
+ infos = sorted(glob.glob(os.path.join(ADIR, "*.info.json")))
+ eps = []
+ for f in infos:
+ d = json.load(open(f))
+ # skip the channel/playlist stub info.json (no duration / not a track)
+ if not d.get("duration") or d.get("_type") == "playlist":
+ continue
+ vid = str(d["id"])
+ eps.append({
+ "id": d["id"],
+ "title": d.get("title", ""),
+ "url": d.get("webpage_url", f"{CHANNEL}"),
+ "description": d.get("description", ""),
+ "duration": int(d.get("duration") or 0),
+ "uploader": d.get("uploader", ""),
+ "date": d.get("upload_date", ""), # YYYYMMDD
+ "artwork": d.get("thumbnail", ""),
+ "genre": d.get("genre", ""),
+ "view_count": d.get("view_count"),
+ "like_count": d.get("like_count"),
+ "audio_path": os.path.relpath(audio_for(vid), ROOT) if audio_for(vid) else "",
+ "chapters": parse_chapters(d.get("description", "")),
+ "source": "soundcloud",
+ })
+ eps.sort(key=lambda e: e["date"], reverse=True)
+ os.makedirs(os.path.dirname(OUT), exist_ok=True)
+ json.dump({"channel": CHANNEL, "count": len(eps), "episodes": eps}, open(OUT, "w"), indent=1)
+ have_audio = sum(1 for e in eps if e["audio_path"])
+ print(f"[sc] manifest -> {OUT} episodes={len(eps)} with_audio={have_audio}")
+ for e in eps:
+ print(f" {e['id']} {e['date']} chap={len(e['chapters']):>2} audio={'Y' if e['audio_path'] else '-'} {e['title'][:52]}")
+
+
+if __name__ == "__main__":
+ main()
diff --git a/scripts/transcribe-soundcloud.py b/scripts/transcribe-soundcloud.py
new file mode 100644
index 0000000..94ac81c
--- /dev/null
+++ b/scripts/transcribe-soundcloud.py
@@ -0,0 +1,102 @@
+#!/usr/bin/env python3
+"""Node B (SoundCloud) — Transcribe the RENTV podcast audio locally, $0.
+
+SoundCloud has no auto-captions (unlike Vimeo), so we run faster-whisper
+(CTranslate2, int8, Apple-Silicon CPU) over each episode's audio. Two outputs:
+
+ data/transcripts/<id>.txt plain text — the EXACT path the shared,
+ unmodified extract.py already reads, so
+ podcast advertisers land in the unified
+ advertisers.json for free.
+ data/soundcloud/segments/<id>.json timestamped segments [{start,end,text}] —
+ used by clip-ads.py to cut the actual
+ spoken-ad audio per advertiser.
+
+It also UPSERTS each episode into data/manifest.json (source="soundcloud",
+has_captions=True, caption_chars=len(text)) so extract.py's main() iterates it.
+
+Env: WHISPER_MODEL (default small.en), WHISPER_COMPUTE (default int8), FORCE=1
+Cost: $0 (local). Model is downloaded once to ~/.cache/huggingface.
+"""
+import json, os, sys, time
+
+ROOT = os.path.dirname(os.path.dirname(os.path.abspath(__file__)))
+SCMAN = os.path.join(ROOT, "data", "soundcloud", "manifest.json")
+TDIR = os.path.join(ROOT, "data", "transcripts")
+SEGDIR = os.path.join(ROOT, "data", "soundcloud", "segments")
+MANIFEST = os.path.join(ROOT, "data", "manifest.json")
+MODEL = os.environ.get("WHISPER_MODEL", "small.en")
+COMPUTE = os.environ.get("WHISPER_COMPUTE", "int8")
+FORCE = os.environ.get("FORCE", "") == "1"
+ONLY = os.environ.get("ONLY", "")
+
+
+def upsert_manifest(ep, caption_chars):
+ """Add/refresh this podcast episode in the main manifest so extract.py sees it."""
+ if os.path.exists(MANIFEST):
+ man = json.load(open(MANIFEST))
+ else:
+ man = {"generated_at": "", "total": 0, "rich": 0, "thin": 0, "none": 0, "videos": []}
+ vids = man.setdefault("videos", [])
+ row = {
+ "id": ep["id"], "title": ep["title"], "url": ep["url"],
+ "duration": ep["duration"], "caption_chars": caption_chars,
+ "has_captions": caption_chars > 0, "source": "soundcloud",
+ }
+ for i, v in enumerate(vids):
+ if str(v.get("id")) == str(ep["id"]):
+ vids[i] = row
+ break
+ else:
+ vids.append(row)
+ man["total"] = len(vids)
+ json.dump(man, open(MANIFEST, "w"), indent=1)
+
+
+def main():
+ from faster_whisper import WhisperModel # imported here so --help works w/o the dep
+ eps = json.load(open(SCMAN))["episodes"]
+ if ONLY:
+ eps = [e for e in eps if str(e["id"]) == ONLY]
+ os.makedirs(TDIR, exist_ok=True)
+ os.makedirs(SEGDIR, exist_ok=True)
+
+ print(f"[whisper] loading {MODEL} ({COMPUTE}, cpu) — $0 local")
+ model = WhisperModel(MODEL, device="cpu", compute_type=COMPUTE)
+
+ for ep in eps:
+ vid = str(ep["id"])
+ seg_path = os.path.join(SEGDIR, f"{vid}.json")
+ txt_path = os.path.join(TDIR, f"{vid}.txt")
+ if os.path.exists(seg_path) and os.path.exists(txt_path) and not FORCE:
+ text = open(txt_path, encoding="utf-8").read()
+ upsert_manifest(ep, len(text))
+ print(f" [skip] {vid} already transcribed ({len(text)} chars)")
+ continue
+ audio = os.path.join(ROOT, ep["audio_path"]) if ep.get("audio_path") else ""
+ if not audio or not os.path.exists(audio):
+ print(f" [warn] {vid} no audio file — run harvest-soundcloud.py --download first")
+ continue
+
+ t0 = time.time()
+ segments, info = model.transcribe(audio, beam_size=5, language="en", vad_filter=True)
+ segs, parts = [], []
+ for s in segments:
+ txt = s.text.strip()
+ if not txt:
+ continue
+ segs.append({"start": round(s.start, 2), "end": round(s.end, 2), "text": txt})
+ parts.append(txt)
+ text = " ".join(parts)
+ json.dump({"id": ep["id"], "title": ep["title"], "url": ep["url"],
+ "duration": ep["duration"], "segments": segs},
+ open(seg_path, "w"), indent=1)
+ open(txt_path, "w", encoding="utf-8").write(text)
+ upsert_manifest(ep, len(text))
+ print(f" [ok] {vid} {len(segs)} segs, {len(text)} chars in {time.time()-t0:.0f}s {ep['title'][:44]}")
+
+ print("[whisper] DONE — transcripts in data/transcripts/, segments in data/soundcloud/segments/")
+
+
+if __name__ == "__main__":
+ main()
diff --git a/server.js b/server.js
index a4f6fbb..ce00489 100644
--- a/server.js
+++ b/server.js
@@ -41,6 +41,17 @@ const server = http.createServer((req, res) => {
if (p === "/api/synopses") return send(res, 200, readJSON("synopses.json", {}));
if (p === "/api/emails") return send(res, 200, readJSON("emails.json", { emails: [] }));
if (p === "/api/rentvreview") return send(res, 200, readJSON("rentvreview.json", {}));
+ if (p === "/api/soundcloud") return send(res, 200, readJSON("soundcloud/manifest.json", { episodes: [] }));
+ if (p === "/api/adclips") return send(res, 200, readJSON("soundcloud/adclips.json", { clips: [] }));
+ if (p === "/api/transcript") {
+ const id = (url.searchParams.get("id") || "").replace(/[^0-9]/g, "");
+ const tf = path.join(DATA, "transcripts", id + ".txt");
+ let text = "";
+ try { if (id && tf.startsWith(path.join(DATA, "transcripts"))) text = fs.readFileSync(tf, "utf8"); } catch {}
+ return send(res, 200, { id, text });
+ }
+ // ── podcast media (full episode audio + spoken-ad clips) from data/soundcloud, with Range seeking ──
+ if (p.startsWith("/media/")) return serveMedia(res, req, decodeURIComponent(p.replace(/^\/media\//, "")));
if (p === "/api/email" && req.method === "POST") return draftEmail(req, res);
if (p === "/api/health") return send(res, 200, { ok: true, ts: Date.now() });
if (p === "/api/stats") {
@@ -113,4 +124,28 @@ function send(res, code, obj) {
res.end(body);
}
+// Serve podcast audio (episodes + spoken-ad clips) from data/soundcloud with HTTP Range
+// support so <audio> elements can seek. Path-guarded to the soundcloud dir only.
+const AUDIO_MIME = { ".mp3": "audio/mpeg", ".m4a": "audio/mp4", ".opus": "audio/ogg", ".ogg": "audio/ogg", ".wav": "audio/wav", ".jpg": "image/jpeg", ".jpeg": "image/jpeg", ".png": "image/png" };
+function serveMedia(res, req, rel) {
+ const SCROOT = path.join(DATA, "soundcloud");
+ const fp = path.join(SCROOT, rel);
+ if (!fp.startsWith(SCROOT + path.sep) || !fs.existsSync(fp) || fs.statSync(fp).isDirectory()) {
+ res.writeHead(404); return res.end("Not found");
+ }
+ const size = fs.statSync(fp).size;
+ const type = AUDIO_MIME[path.extname(fp).toLowerCase()] || "application/octet-stream";
+ const range = req.headers.range;
+ if (range) {
+ const m = /bytes=(\d*)-(\d*)/.exec(range) || [];
+ const start = m[1] ? parseInt(m[1], 10) : 0;
+ const end = m[2] ? parseInt(m[2], 10) : size - 1;
+ res.writeHead(206, { "Content-Type": type, "Accept-Ranges": "bytes",
+ "Content-Range": `bytes ${start}-${end}/${size}`, "Content-Length": end - start + 1 });
+ return fs.createReadStream(fp, { start, end }).pipe(res);
+ }
+ res.writeHead(200, { "Content-Type": type, "Accept-Ranges": "bytes", "Content-Length": size });
+ fs.createReadStream(fp).pipe(res);
+}
+
server.listen(PORT, () => console.log(`RENTV Ad Engine → http://localhost:${PORT} (auth ${USER}:***)`));
← 87ad1ae make ad-engine mountable under a path prefix (BASE_PATH -> <
·
back to Rentv Ad Engine
·
regenerate engagement email drafts incl podcast sponsors (Ca 290f01a →