Philly landlords face slim returns from retail tenants…

Jason Friedland, a partner with Iron Stone Real Estate Partners, said most occupants of his group’s 300,000 square feet of retail at various sites in Center City, Germantown, and the Northeast have been left “essentially insolvent” by the pandemic.

Iron Stone has told its retail tenants, which include gyms, hair salons and day-care centers, that it will offer them forbearance if they show that they’re applying for government-led loans and grants that aim to help small businesses through the worst of the health crisis.

But some may not see a future for their businesses, even with a break on rent.

“If people don’t have any money, there’s only so much you can do,” Friedland said. “They’re all small-business owners. It’s not like they have deep pockets to weather a long shutdown.”

The Philadelphia Inquirer – Jacob Adelman – April 20, 2020
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