Excerpted from Tampa Bay Business Journal story
When Brian Bern learned that Publix Super Markets Inc. would be waiving rent for tenants in the shopping centers it owns, he thought it was a smart move — one that not every landlord can pull off.
“That was very smart and endeared not just those tenants to them but even the public who saw the news,” said Bern, senior director at Franklin Street in Tampa. “I think there are a lot of landlords who will do their best to accommodate, but it’s not a level playing field. Publix doesn’t have debt on those properties they own.”
April 1 marks the first time since the coronavirus outbreak took hold that commercial rent payments are due. Retail tenants — traditional retailers but also restaurants, fitness studios, dry cleaners and more — have been among the hardest hit by the pandemic. In Hillsborough and Pinellas counties, many of those tenants are nonessential businesses and no longer allowed to open their brick-and-mortar doors; others, like restaurants, have seen their sales capacity greatly reduced as the state banned all restaurant operation beyond takeout and delivery.For full story, visit: https://www.bizjournals.com/tampabay/news/2020/04/01/as-april-rent-comes-due-some-tampa-bay-retail.html