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Amazon signs lease in Sunnyvale, Calif.; coworking operator chosen for GGP mall

Commercial real estate

* Amazon.com Inc. has leased 385,000 square feet of office space in two buildings in Jay Paul Co.'s Moffett Towers I development in Sunnyvale, Calif., the Silicon Valley Business Journal reported, citing sources with knowledge of the transaction. The recent leases were at the 1140 and 1160 Enterprise Way buildings, with Amazon to now fully occupy 1160 Enterprise Way.

The report noted that Amazon's latest lease means the e-commerce giant is taking over six full buildings between Moffett Towers I and Moffett Towers II, totaling more than 1.7 million square feet. Facebook Inc. and Amazon have fully leased the Moffett Towers II development, with Facebook taking three towers and Amazon taking the remaining two, the report noted.

* Coworking company Spaces will operate the collaborative office space planned at GGP Inc.'s transformation of vacant retail space at the North Point Mall in Alpharetta, Ga., the Atlanta Business Chronicle reported. The mall owner plans to convert empty retail space to both private offices and coworking space. A total of 25,304 square feet of office space is proposed, according to the report.

* Four development teams, including a partnership between Boston Properties Inc. and McGrath Properties Inc., are among the finalists for the development of a mixed-use high-rise project adjacent to the Lake Merritt BART Station near downtown Oakland, Calif., the San Francisco Business Times reported.

The other three finalist teams are East Bay Asian Local Development Corp. and Strada Investment Group; Hines Interest LP; and Lane Partners, SUDA, JRDV Urban International and Gensler. The teams have until August to submit proposals for the two BART-owned parcels on separate blocks. A winning team is expected to be selected in the fall, according to the report.

* Kimco Realty Corp. said its $108 million Signature Series development on the site of the former Owings Mill Mall in Baltimore County, Md., is now more than 75% preleased. The company has added retailers Lowe's Home Improvement, Marshalls, HomeSense, Burlington and Five Below to the lineup, which already features Costco and AMC Theatre.

Costco is expected to open later in 2018 and the other retailers are slated to open throughout the first half of 2019. The roughly 620,000-square-foot development will have a total of up to 30 retailers and restaurants.

* CLG Hedge Fund LLC, a Beal Bank affiliate, is providing a $105 million construction loan for Sam Moon Group's development of the new 18-story, 303-room Hyatt Regency Stonebriar at Stonebriar Centre mall in Frisco, Texas, The Dallas Morning News reported. Sam Moon is developing the asset in partnership with the city of Frisco, which will provide more than $16 million in incentives. The project is slated for completion in early 2020 and the city plans to acquire the 54,585-square-foot conference center upon completion, the report noted.

* Semiconductor company Micron Technology is leasing more than 600,400 square feet in three class A buildings in north San Jose, Calif., the Silicon Valley Business Journal reported. The company is slated to commence the move to the campus at 110-130 Holger Way in the fall. The property is owned by Lane Partners and PIMCO.

Micron spokesperson David Oro noted that the company plans to sublease one of the buildings, at 120 Holger Way, until it has grown enough to occupy it, according to the report.

* Strategic Properties of North America acquired all the condominiums at the 268-unit Kennelly Square high-rise at 1749 N. Wells St. in Chicago's Lincoln Square for $78 million and is planning a $10 million revamp, Crain's Chicago Business reported. The buyer is planning a rental conversion of the 22-story property in a project that is expected to take three years, the report noted, citing Strategic Properties Principal Yitzy Klor.

After the bell

* Granite REIT appointed Kevan Gorrie as CEO, effective Aug. 1, replacing Michael Forsayeth, who will retire in September. Gorrie was president and CEO of Pure Industrial Real Estate Trust until its recent sale to Blackstone Property Partners and Ivanhoe Cambridge Inc.

Housing

* Developer Kettler is planning a 328-home residential project on a vacant 66-acre parcel near the planned Innovation Center Metro station in Fairfax County, Va., the Washington Business Journal reported. The station, which is expected to open in 2020, has a number of projects planned around it including The Pomeroy Cos.' development plans for two separate mixed-use projects on an 80-acre parcel, with each project delivering more than 1,000 new homes.

The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.

In Asia, Hang Seng gained 0.31% to 31,093.45, while the Nikkei 225 rose 0.28% to 22,539.54.

In Europe, around midday, the FTSE 100 dropped 0.33% to 7,715.60, and the Euronext 100 lifted 0.55% to 1,070.93.

On the macro front

The Redbook, the US Services Purchasing Managers' Index, the Institute For Supply Management non-manufacturing index and the Labor Department's JOLTS report are due out today.

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