Commercial real estate
* Facebook Inc. signed a lease for 750,000 square feet across 14 buildings in Fremont, Calif., and plans to convert the space into a "book-end" campus to complement its headquarters in Menlo Park, Calif., the San Francisco Business Times reported, citing John Tenanes, the social media giant's vice president of global facilities and real estate. The company expects to move employees into the space in six to nine months.
The buildings, which sit across the street from other buildings leased by Facebook in 2017, were leased from real estate company Peery Arrillaga, the publication added.
* The Puget Sound Business Journal reported that Facebook is also seeking an unknown amount of space in Redmond, Wash., where it already has almost 700,000 square feet of office space. The publication recently reported, citing unnamed real estate sources, that the company is looking for space along Redmond's Willows Road. Facebook declined to comment on the report but said it houses the Facebook Reality Lab team in the city.
* New York Life Real Estate Investors paid $100 million to buy the 302,209 square-foot 24th at Camelback class A office tower in Phoenix from a Hines affiliate, the Phoenix Business Journal reported. The eight-story property is 94% leased by tenants that include Greenberg Traurig, AAA, RSM, Cisco Systems, USI and Regus. Hines will remain manager of the property that it developed at 24th Street and Camelback Road.
* Duke Realty Corp. has leased the entire ePort 960 warehouse in Perth Amboy, N.J., to furniture delivery service Metropolitan Warehouse & Delivery. The 220,200 square-foot lease brings the industrial real estate investment trust's New Jersey in-service portfolio to full occupancy.
The REIT is looking for tenants for the 193,805 square-foot 5 Ethel Blvd. building in Carlstadt, N.J., and the 661,741 square-foot 429 Delancy St. in Newark, N.J., it said in a release. Both properties are under construction and scheduled for delivery in 2019.
* Berkeley Partners sold a 52-building industrial portfolio comprising seven properties in the Dallas-Fort Worth metro area and four in the Atlanta metro area, for $99.4 million, the Dallas Business Journal reported. A partnership between Circle Industrial and the FREO Group acquired the 87.3%-leased portfolio, which spans 1.63 million square feet.
* Lenders Gamma Real Estate and Bamcap Partners of Farmers Branch posted the planned $2 billion, 175-acre Wade Park development in Frisco, Texas, for foreclosure in July, The Dallas Morning News reported. The lenders, who are owed over $130 million in debt repayment, declared the property to be in default in February.
The pair has since been issuing foreclosure notices, the publication noted, adding that it is not unusual for lenders to schedule multiple foreclosure dates while in negotiations with the borrowers. The project's owners have said they are working on securing new financing, according to the report.
In 2017, Atlanta-based developer Thomas Land and Development suspended work on the project that was set to offer retail, office, hotel, residential and entertainment space.
* CBSK Ironstate, a partnership between Ironstate Development, CB Developers and SK Development Group, landed over $250 million in debt-and-equity financing for its 12-story, 222-unit condominium project in Manhattan, N.Y.'s Hell's Kitchen neighborhood, The Real Deal reported. Deutsche Bank will provide a $181 million construction loan, while hedge fund Baupost Group will provide $70 million in preferred equity, according to the report.
After the bell
* An affiliate of China's HNA Group Co. Ltd. closed on the sale of its entire stake in Red Lion Hotels Corp. to Coliseum Capital Partners LP and Blackwell Partners LLC – Series A.
The day ahead
Early morning futures indicators pointed to a lower opening for the U.S. market.
In Asia, the Hang Seng was down 0.43% to 30,309.49, while the Nikkei 225 was up 0.50% to 22,851.75.
In Europe, around midday, the FTSE 100 had slipped 0.75% to 7,707.44 and the Euronext 100 had risen 0.15% to 1,076.62.
On the macro front
The Empire State Manufacturing Survey, industrial production report, consumer sentiment report, Baker-Hughes Rig Count and Treasury International Capital report are due out today.
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REIT Replay: REITs close in the black; broader markets flatten out: The broader markets stayed the course Thursday, June 14, as investors appeared to come to terms with continuing interest rate increases.