Here are some of the major companies whose stocks moved on the week’s news.

The entirety of the C. David Hughbanks estate, which includes a 1930s-era home, is valued at $5 million.

The SAG-AFTRA union told its members not to dress as characters from major productions and post pictures, which could be seen as promoting the work of companies they are negotiating with.

The 10-year Treasury yield has risen more than a full percentage point since the Federal Reserve last raised rates at the end of July.

Amazon.com has swung back into the Bay Area’s industrial market as a renter in a big way, taking a 1.2-million-square-foot building at a logistics hub in Vacaville.

The e-commerce company will take space at 920 Eubanks Drive in Vacaville, the San Francisco Business Times reported, accounting for about 75 percent of the space at the Midway Commerce Center.

Natalie Banke, a spokesperson for Amazon, confirmed the company’s lease to the publication; she did not offer any other details.

The deal pays off a speculative bet that Atlanta-based developer Ridgeline Property Group made on the Midway Commerce Center. Ridgeline and capital partner USAA Real Estate started the project in February and now have two smaller buildings available for lease.

Amazon’s decision to take the lion’s share of the speculative development marks a resumption of sorts. Amazon was a major player as buyer and renter in the industrial sector in recent years, as the pandemic sparked a boom for shipping facilities to meet demand for deliveries.The trend pushed industrial vacancy rates to record lows in the Bay Area and other markets nationally.

By 2022, demand ebbed and Amazon said it would cut back on its investments in industrial projects, citing excess space. The company has subleased some warehouse space in the Bay Area and elsewhere, but remained opportunistic in fine tuning its portfolio.

The lease in Vacaville gives Amazon a major presence in Solano County, a section of the North Bay where a group of tech billionaires have announced plans to develop a new city from scratch on farm lands near Travis Air Force Base.

– Jerry Sullivan

The post Amazon signs 1.2M sf industrial lease in North Bay appeared first on The Real Deal.

One of the seminal developers behind the rise of Silicon Valley has made a 2-acre chunk of land available to the City of San Jose’s efforts to address homelessness.

The Sobrato Family Foundation — an offshoot of the Sobrato Organization — offered the land for five years on a $1-a-year lease, the San Jose Mercury News reported. The city plans to put 75 “tiny homes” on the property at Via del Oro and San Ignacio Avenue in South San Jose.

The offer forwarded by John Alblert Sobrato is part of a bid to increase its shelter and housing stock and meet obligations under the city’s state-mandated plan called a Housing Element.

San Jose Mayor Matt Mahan lauded Sobrato’s move.

“It gets private property into the game, into the effort to end street homelessness,” Mahan told the Mercury News. “There is a lot of underutilized privately held property that up until this point has sat on the sidelines because there hasn’t been a good replicable model for getting those property owners engaged.”

So-called tiny home shelters are typically less than 200 square feet, intended for two residents. The models expected on the Sobrato land will have beds and bathrooms, with an eye on housing domestic partners with room for their pets.

A San Francisco-based nonprofit called Dignity Moves is lined up to manage the development and provide social services.

The development would account for a significant slice of Mahan’s goal of moving 1,000 homeless people off the street by mid-2014. San Jose currently has an estimated 4,500 homeless residents without any shelter.

But given the Bay Area’s severe affordable housing shortage, finding permanent housing for shelter residents remains a challenge.

– Jerry Sullivan

The post Sobrato provides land for 75 “tiny homes” in San Jose appeared first on The Real Deal.

Faropoint has found another opportunity in the Garden State’s industrial real estate fray.

The Israel- and New Jersey-based investment firm, led by Adir Levitas, acquired two industrial campuses in Bergen County for a combined $144.5 million, Commercial Property Executive reported. The properties are a combined 770,000 square feet and were last owned by Christopher Bellapianta’s Camber Real Estate Partners, based in Montclair.

One is the 370,000-square-foot Allendale Shallow-Bay Industrial Park, which has seven buildings across 35 acres and last sold for $50.5 million in 2018 to a joint venture of Camber, Advance Realty and AIG. Its 18 tenants include Bandai America. It’s located about 30 miles from New York City.

The Mahwah Industrial Center’s three buildings span 400,000 square feet. The industrial complex, also 35 acres, was acquired by Camber and Advance in 2019 for $40.5 million.

The Mahwah center is five miles from the Allendale property and 33 miles from New York City. Like the Allendale property, the Mahwah site is fully leased, counting Prestige Toyota among its tenants.

Cushman & Wakefield’s Gary Gabriel and Kyle Schmidt brokered the deal.

Faropoint has been active in New Jersey’s industrial market, one of the nation’s largest. Last year, it bought a last-mile logistics center in the Meadowlands for $17.7 million from Triangle Services, which had paid $11.5 million only 15 months before.

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In late 2021 Faropoint acquired a 10-building industrial portfolio in Bergen and Morris counties from $132.5 million from Kushner Companies. The last-mile property portfolio spanned more than 654,000 square feet and was 98 percent leased.

The New Jersey industrial market took off during the pandemic as e-commerce retailers tried to get closer to their consumers, particularly New York City residents. The market has since cooled, but has rebounded from a soft second quarter. In the third quarter, leasing activity in Northern and Central Jersey increased 31 percent from the previous three-month period and 19 percent year-over-year, according to CBRE.

— Holden Walter-Warner

The post Faropoint spends $145M to pad NJ industrial portfolio appeared first on The Real Deal.

The widening gap between what the government spends and what it earns comes as Congress continues to spar over the proper levels of federal spending.

The 10-year U.S. Treasury yield has threatened to break above 5 percent for the first time in 16 years, rattling the markets.

There is more executive turnover at embattled coworking provider WeWork.
Anthony Yazbeck, the company’s president and chief operating officer, is departing the company Friday after reaching an exit agreement last week, the company disclosed in a Securities and Exchange Commission filing.
Yazbeck’s exit is “not due to any disagreement with respect to operations, strategy, or any accounting matters, financial statements, financial disclosures or related disclosure controls and procedures,” the filing says. The London-based executive will receive a roughly $1.5M exit package in exchange for leaving on such short notice, according to the filing.
The latest leadership change at WeWork comes days after David Tolley was named permanent CEO, a role…