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Mountain View, Calif., property sells for $170M; Facebook signs major lease

Commercial real estate

* A 7.15-acre site in Mountain View, Calif., that contains an office building leased to Alphabet Inc.'s Google Inc. unit as well as development potential for up to 303 residential units was sold by Calvano Development Co. and the Carlyle Group for roughly $170 million, the Silicon Valley Business Journal reported. The asset was acquired by an affiliate of Stockbridge Capital.

Google occupies the four-story, 111,433-square-foot building at 1001 North Bayshore Blvd. on a 12-year lease with extension options for up to 14 additional years, the report noted, citing Santa Clara County public documents.

* Facebook Inc. has leased the final three buildings slated for development in the 1.8 million-square-foot Moffett Towers II development in Sunnyvale, Calif., the Silicon Valley Business Journal reported, citing sources with knowledge of the transaction. The 47-acre development will have five eight-story tall class A office buildings upon completion.

Facebook's lease would span roughly 1 million square feet and "appears to be Facebook's first foray into Sunnyvale," the report noted. Each of the five office buildings would have 350,663 square feet of space. The report also noted that Inc. leased the first of the five buildings in February 2017.

* Seritage Growth Properties formed a joint venture with Invesco Ltd.'s Invesco Real Estate unit for the redevelopment of the former Sears building in downtown Santa Monica, Calif.

Seritage sold a 50% stake in The Mark 302 project for roughly $50 million in proceeds. The deal values the project at roughly $145 million, including costs remaining to complete the development.

The partnership intends to invest in or pursue construction financing for the mixed-use project that will convert the 96,500-square-foot building into office space with a mix of smaller retail space.

* The 1.3 million-square-foot Chesterfield Mall in Chesterfield, Mo., is up for sale for an undisclosed asking price, the St. Louis Business Journal reported. The mall was previously owned by CBL Properties before being placed in receivership after CBL defaulted on a $140 million loan.

The property, being sold by C-III Asset Management LLC, is 63.8%-occupied. It was appraised at $30.2 million in April 2017 and is now valued at $12.4 million. In 2006, it was valued at $286 million, the report noted, citing Trepp data.

* The Hudson Group is planning a 250-room, 20-story hotel at 150 Kneeland St. near Boston's South Station, the Boston Business Journal reported, citing a letter of intent filed with the Boston Planning and Development Agency. The address houses a long-vacant commercial property that would be demolished to make way for the hotel project.

* Ontario Power Generation Inc. sold the site of its retired Lakeview generating station in Mississauga, Canada, to Lakeview Community Partners Ltd. for about C$275 million. The location of the former coal-fired facility will be converted into a mixed-use community with parkland, according to a company release. Conditions of the transaction include the remediation and transfer of the 67 acres of waterfront land to the city of Mississauga.

After the bell

* U.S. vacation timeshare property provider ILG Inc. is in discussions about a potential merger with Diamond Resorts International Inc. in a deal that could value the latter at more than $3.5 billion, including debt, Reuters reported, citing unnamed sources.

* Spirit Realty Capital Inc. appointed Michael Hughes executive vice president and CFO, succeeding Phil Joseph.


* In DeKalb County, Ga., Hybrass Properties LLC plans to develop 214 single-family lots on a 95.5-acre site and Arrowhead Investors LLC is proposing to develop 102 lots on a 12.8-acre site, the Atlanta Business Chronicle reported, citing plans filed with DeKalb County.

The day ahead

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

In Asia, the Hang Seng fell 1.09% to 31,071.05, and the Nikkei 225 was up 0.99% to 21,591.99.

In Europe, as of midday, the FTSE 100 was down 0.60% to 6,996.71, and the Euronext 100 fell 0.92% to 1,014.11.

On the macro front

The jobless claims report, the FHFA house price index, the PMI Composite Flash report, the leading indicators report, the EIA natural gas report, the Kansas City Fed manufacturing index, the Fed balance sheet and the money supply report are due out today.

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As HNA Group dumps hotels, Hilton so far is an exception: HNA Group's $6.47 billion investment in shares of Hilton Worldwide and two of its spinoffs have paid off handsomely, and investors are watching to see if the Chinese conglomerate sells the 26.1% Hilton stake it still owns.

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