Pacific Retail Capital PartnersPacific Retail Capital Partners
Pacific Retail Capital PartnersPacific Retail Capital Partners

EXPERTISE Our COVID-19 response and what we can do. #FLATTENINGTHECURVE

The health and safety of our tenants, employees and communities are our top priority. The COVID-19 (Coronavirus) pandemic, while still unfolding, has significantly impacted each of these stakeholder groups, and we are taking important steps to offer our support. As we all continue to closely monitor the outbreak of the COVID-19, we will take the lead of the CDC and our local officials regarding the direction and best course of action.

Below you will find an outline of what Pacific Retail is doing to help us all through this difficult time, as well as some useful resources. We continue to closely monitor this fast-moving situation and will update this information accordingly.

For the most up-to-date information on COVID-19 (Coronavirus), its spread in the U.S., and recommended practices to protect against the virus, we encourage you to visit the Centers for Disease Control (CDC) and World Health Organization (WHO) websites.
At the onset of the COVID-19 outbreak in the U.S., we immediately increased the frequency and intensity in our cleaning practices at our managed assets to promote a healthy and clean environment of all high traffic common areas in conjunction with the CDC’s recommendations.

OUR PREVENTATIVE MEASURES INCLUDE

  • Increase in frequency of sterilization procedures using CDC-recommended products, with an amplified focus on all high-volume touchpoints such as restrooms, eateries and food courts, the children’s play area, escalators, elevators, entrance doors, handrails, etc.
  • Installation of additional and maintenance of existing alcohol-based hand sanitizer dispensers and disinfectant wipes in highly-trafficked areas and walkways for public use.
  • Working in tandem with state and local health municipalities to monitor the evolving situation and further respond as-needed.

AT THIS TIME

All Pacific Retail centers are currently CLOSED, with some restaurants and essential business remaining open, in accordance with state mandates:
  • Broadway Commons, NY  [HERE]
  • Colonie Center, NY  [HERE]
  • Eastridge Center, CA  [HERE]
  • Galleria White Plains, NY  [HERE]
  • Military Circle Center, VA [HERE]
  • Northpark Center, MS [HERE]
  • Paseo Nuevo, CA  [HERE]
  • Southgate Market, IL  [HERE]
  • South Town Center, UT [HERE]
  • The Shops at Montebello, CA  [HERE]
  • Yorktown Center, IL  [HERE]
Pacific Retail has been in constant contact with our tenants as we begin to navigate through this situation together. We are sympathetic to the challenges our tenants are currently facing, and we remain committed to their long-term success. With that, we have provided a comprehensive list of tenant resources which will be updated as new information becomes available.

SMALL BUSINESS RESOURCES

Federal and state governments and other organizations have acted quickly in creating programs to aid small and mid-sized businesses and minimize the economic impact of the Coronavirus (COVID-19) pandemic. You are encouraged to research these programs to determine which might be of assistance to your business. We have also included resources to help you monitor the situation in your area and formulate your business’s response.

CARES ACT

The new Coronavirus Aid, Relief, and Economic Security (CARES) Act has appropriated $376B in funds for small businesses with forgivable loans for up to 8 weeks of payroll & benefit costs. There are new relief options, which fall under the US Small Business Administration (SBA).

ECONOMIC INJURY DISASTER LOAN EMERGENCY ADVANCE

This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties and a loss of revenue. Funds will be made available following a successful application. This loan advance will not have to be repaid.

PAYCHECK PROTECTION PROGRAM (PPP)

The PPP prioritizes millions of Americans employed by small businesses by authorizing up to $349B toward job retention and certain other expenses. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. The PPP will be available through June 30, 2020.
    • For an overview of the program, application, and list of participating SBA lenders, click HERE
    • For affiliation rules, click HERE
    • For a program overview by the U.S. Chamber of Commerce, click HERE

SBA EXPRESS BRIDGE LOAN

This loan enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. Will be repaid in full or in part by proceeds from the EIDL loan.

SBA DEBT RELIEF

The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic. For current SBA Serviced Disaster (Home and Business) Loans: If your disaster loan was in “regular servicing” status on March 1, 2020, the SBA is providing automatic deferments through December 31, 2020.

U.S. SMALL BUSINESS ADMINISTRATION (SBA) LOAN PAGE

The SBA can provide capital and liquidity to certain businesses that have been affected. The Loans Page provides information for loans guaranteed by the SBA. Use Lender Match to find lenders that may offer loans for your business. The SBA Local Assistance Directory can connect you to several local partners to counsel, mentor and train small businesses. Additionally, the SBA has created a comprehensive Coronavirus page with more resources.

NATIONAL GOVERNORS ASSOCIATION

The National Governors Association website outlines the steps each state is taking to address Coronavirus, including legislative action, along with updates from the Centers for Disease Control.

U.S. CHAMBER OF COMMERCE

The U.S. Chamber is working to inform and equip businesses with the most important and up-to-date information to prevent the spread of the virus and prepare businesses for the near and long-term impact.

ICSC CORONAVIRUS UPDATE

The International Council of Shopping Centers (ICSC) provides updates for the shopping center industry with U.S. state-by-state business closures and mandates, a summary of legislative action to support relief for small business owners, and various additional resources.

BANK PROGRAMS

Some banks are offering relief to customers and businesses (list as of 3/12/2020).

NATIONAL RESTAURANT ASSOCIATION

The National Restaurant Association has launched a nationwide grassroots campaign urging Congress to take immediate action to support the restaurant industry.
GIFT CARD SALES
To promote your restaurant further, register your gift card program at www.rallyforrestaurants.com and promote via social media using #rallyforrestaurants.
NATIONAL BARTENDERS ASSOCIATION
The Bartender Emergency Assistance Program was created based on specific eligibility requirements.

FACEBOOK SMALL BUSINESS GRANTS PROGRAM

Facebook is offering $100M in cash grants and ad credits to help small businesses during this challenging time.

FACEBOOK RESOURCE HUB

From a Resilience toolkit to an Action Guide to information on how to continue to build your brand, Facebook created a resource page for managing through and building resilience during the COVID-19 outbreak.

YELP HELP

Yelp is offering $25M in relief to restaurants and bars affected by Coronavirus.

BUMBLE BIZZ

Until April 9th, small business owners can submit a request to receive up to $5,000 in monetary support from Bumble. To apply, download the Bumble app and match with the Bumble Community Grants profile from any mode.

BUSINESS FOR ALL

Led by Hello Alice, with the support of Verizon, Silicon Valley Bank, Ebay, and small business owners and advocates across America, Business for All provides $10,000 to $50,000 grants, expert mentorship, a strong community, and a comprehensive suite of small business resources.

NEIGHBORHOOD SMALL BUSINESS RELIEF FUND BY AMAZON

The goal with this fund is to help neighborhood small businesses maintain their livelihood, and continue to foster a vibrant community. To be eligible for a grant, recipients must have fewer than 50 employees or less than $7 million in annual revenue.
We are aware of the critical role our shopping centers play in the communities they serve. Our teams are also working quickly to provide additional assistance in the communities where we operate, finding creative ways to use our conveniently located centers during this difficult time.
  • We are closely monitoring recommendations and mandates of local and state officials and health authorities.
  • With some exceptions, our shopping centers remain open to continue to provide access to critical goods and services, and we have taken steps to protect the shoppers and tenants at our sites, following the guidance of the Centers for Disease Control (CDC) and the World Health Organization (WHO).
  • Center mall management teams have taken necessary preventative efforts as instructed by the CDC to maintain a healthy environment for everyone.
  • We will provide access to and fully support essential retail and services such as groceries, drug stores, and doctor’s offices.
  • Centers with restaurant or eatery pick-up and delivery options are provided with access and necessary supportive tools in order to execute effectively and efficiently as permitted by local authority.
The health and safety of our employees and their families is a top priority. We have taken the necessary steps to protect our employees and empower them to work from home and care for their family members and children whose lives have also been impacted.
  • We have been communicating with our employees regularly.
  • All business travel has been stopped until further notice.
  • Wednesday, March 18, Pacific Retail transitioned nearly 80% of its workforce to alternating shifts and work from home, ensuring they are safely situated during this critical social distancing period.
  • Ensure our team is fully equipped with laptops, video conferences, and cellular capability to enable them to work remotely.
  • We ramped up communications at all levels and have initiated company-wide virtual meetings such that executives are accessible, can keep associates informed, and employees’ questions are answered.
We will continue to evaluate situations and needs as they arise and adjust our approach as appropriate, with the goal to enable our employees to be as productive as possible while offering them the flexibility they need to care for themselves and their families.
Our partner investments are a top priority. We have multiple levels of obligation and are finding strategic ways to operate our centers, advise our partners and mitigate impact for all during this difficult time.
  • We are closely monitoring and adhering to recommendations and mandates of local and state officials and health authorities.
  • Communication is a cornerstone core value at Pacific Retail. We have been communicating with our investment partners early and often. We value authentic relationships as they are critical and essential for the growth of our business.
  • We continue to provide transparent and timely updates with partners/investors.
  • In effort to keep investors informed and questions answered by executives, Pacific Retail increased communications at all levels via virtual meetings.
  • Security will continue with 24/7 surveillance to secure the investment.
  • Following the guidance of the Centers for Disease Control (CDC) and the World Health Organization (WHO) and with some exceptions, our shopping centers remain open to continue to provide access to critical goods and services, and we have taken steps to protect the investment.
  • We will provide access to and fully support essential retail and services such as groceries, drug stores, and medical visits.
  • Centers with restaurant or eatery pick-up and delivery options are provided with support and access in order to remain open and operating during this time as permitted by local authority.
  • Ensure our team is fully equipped and remotely operational.

The Shops at
South Town

  • Sandy, Utah

The Shops at Montebello

  • Montebello, California

Northpark

  • Ridgeland, Mississippi

Paseo Nuevo

  • Santa Barbara, California

Galleria at
White Plains

  • White Plains, New York

Eastridge Center

  • San Jose, California

Colonie Center

  • Albany, New York

Broadway Commons

  • Hicksville, New York