News Ticker

COVID-19 News Round-up for October 13th

Credit: Gowling WLG

Budget, Policy & Stimulus News 

Tempe Launches $1.1M Small Business Grant Program 

The City of Tempe has allocated $1.1M to create the Tempe Small Business Grant Program to help businesses impacted by COVID-19. The program will assist small businesses with up to $10K in funding. Awards are based on $1,300/per full-time employee, up to a maximum of $10K. (Source: City of Tempe 

AZ Supreme Court Refuses Eviction Ban Case 

The Arizona Supreme Court won’t overturn the order by Gov. Doug Ducey blocking residential evictions. Justices spurned a request by the Arizona Multihousing Association to review the governor’s actions and determine if he is within his legal rights in saying that landlords could not oust tenants who have not been paying their rent because of COVID-19. (Source: Arizona Capitol Times) 

Economic News 

Single-Tenant Net Lease Stable 

Single-tenant net lease properties are finding stability through the pandemic  making them a standout in the retail market. A new report from Colliers International forecasts that investment-grade triple-net tenants should produce higher leveraged returns for investors over the next several years. These properties will remain particularly popular for 1031 exchange investors as well. (Source: GlobeSt.com) 

Consider ‘Gross-Up’ in Lease Modifications, New Leases 

COVID-19 has had a dramatic impact on commercial leasing for both tenants and landlords. Proactive landlords are having lease modification discussions with their existing tenants and some are offering rental concessions to new tenants. As vacancies begin to rise, consider adding a gross-up provision to any lease modification or new lease. (Source: National Real Estate Investor) 

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