In the News—Week of January 25 2021

Chain of senior living facilities offers vaccine with a lease

As the COVID-19 pandemic has gone on, the occupancy rates in senior living facilities have fallen to a record low, dropping to 80.7% in the last quarter of 2021. Atria Senior Living, which operates 150 centers, is trying to reduce vacancies and induce seniors to sign leases with months of free rent, lower move-in fees, and by marketing access to vaccine shots. The company’s website lists more than 60 vaccine clinics scheduled at its properties for January and February. Seniors are at high risk, and there is fear that some may not be able to get the shots.

Japanese company uses pools in closed down schools to cool solar panels

Japan is the Land of the Rising Sun and the land of the declining population. Because of its low birth rate, schools across the country have closed. The site of decaying swimming pools at schools is a common one. Now, Japan Times reports, a company is turning those pools into an asset. ELM Inc. is using the pools to cool solar panels. “Pools in abandoned schools have no use, so I want them to play the role of a power plant for the region,” ELM’s CEO Takakazu Miyahara says.

Cadence Bank signs lease at Park Towers for 82,000 square feet

Cadence Bank will lease three-and-a-half floors at the Parkside Towers in Houston, Commercial Property Executive reports. This is the second major tenant the property’s owner, Regent Properties, has landed during the pandemic. Ryan LLC, a tax preparation firm, signed a lease for 66,800 square feet. “The Cadence Bank lease shows that there are still tenants in the market that are confident about their future and recognize the value of offering their employees a newly designed, collaborative space with an abundance of amenities,” Transwestern Real Estate Services’ Kelli Gault says. Transwestern represented Regent Properties in the deal.