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When the pandemic hit last March and online retail purchases began to soar, some experts left brick-and-mortar retail for dead.
Indeed, numerous major national brands including J.C. Penney, Neiman Marcus and the parent companies of Ann Taylor and Men’s Wearhouse filed for bankruptcy and closed a significant number of stores.
Amid that backdrop, U.S. malls have also taken a beating, but Westfarms in West Hartford seems to be an outlier.
In fact, the 1.3 million-square-foot mall’s occupancy rate prior to and throughout the pandemic has remained at 95% and it was even able to add new retailers over the last year, despite being forced to close for two months in the spring of 2020.
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Simon Property Can t Stop Discovery In Tenants Fraud Suit
Law360 (May 24, 2021, 7:53 PM EDT) A Florida federal judge has rejected Simon Property Group s request to pause discovery in a suit accusing it of a scheme to inflate mall tenants electricity charges, and also indicated she sees no reason to step aside so that state regulatory bodies can address the matter.
In a 13-page order issued Friday, U.S. District Judge Aileen M. Cannon denied Simon Property Group Inc. s motion for a stay while she considers its pending motion to either abstain from hearing the proposed class action or to dismiss it. While she ruled only on the stay request and said her order did not address.
Top 10 Real Estate Billionaires in the World
Andrew Carnegie is a US-based industrialist. Sharing his views on property business, he once said, 90 percent of all millionaires made fortune with real estate investment. We agree with this statement because the industry did not cool off even in the pandemic era.
The real estate market makes a major portion of any economy. It is also a critical investment tool for both institutional and individual investors. Owning a property is one-time investment plan. The price of the property and value increases with time. The rented property also offers high profit per year because its price increases each year. This is probably one of the reasons even the laziest realtors can succeed in this career.