SHELTON, CONN. — JLL has negotiated an 80,000-square-foot build-to-suit commercial lease in Shelton, located in the southern coastal part of Connecticut. The tenant, Ranpak Corp., a provider of paper-based packaging products, has committed to 33,000 square feet of office space and 47,000 square feet of research and development and warehouse space. Evan Behr, Ian Ceppos and Patrick Lennon of JLL represented the tenant in the lease negotiations. JLL also represented Ranpak in its site selection and is overseeing development of the space, which was designed by Locus Design Collaborative. Construction of the space, which will also house a showroom and innovation center, is expected to be complete by the fourth quarter of next year.
HORSEHEADS, N.Y. — Micatu Inc., a provider of optical sensing technology, will open a 40,000-square-foot manufacturing facility in the Upstate New York community of Horseheads. The company also recently completed an expansion of its office and training facilities. Upon completion of the project, which is scheduled for the first quarter of next year, Micatu’s total footprint will span 50,000 square feet. The company also expects to hire about 25 new employees.
FLANDERS, N.J. — Rita’s Ice, a Pennsylvania-based concept that specializes in custard and Italian ice, has signed a 1,973-square-foot retail lease at ITC Crossing South Shopping Center in Flanders, about 50 miles west of New York City. The tenant will backfill a space previously occupied by Amy Murphy Salon, which is relocating to a 5,000-square-foot space within the 514,903-square-foot center. The opening is scheduled for the first quarter of 2022. Danielle Brunelli of R.J. Brunelli & Co. represented the landlord in the lease negotiations.
HOPEWELL, N.J. — BeiGene, a global biotech firm that develops cancer medicines, will open a 400,000-square-foot life sciences facility in Hopewell, a suburb of Trenton. The manufacturing and research facility will be situated on a 42-acre site within the Princeton West Innovation Campus that was previously owned by pharmaceutical giant Bristol Myers Squibb. Lincoln Equities Group owns Princeton West Innovation Campus. Construction is expected to begin in 2022 and to be complete in late 2023 or early 2024.
PHILADELPHIA — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $52 million sale of Penrose Plaza, a 258,494-square-foot shopping center in South Philadelphia. Anchored by Shoprite Supermarket, the center was 94 percent leased at the time of sale to tenants such as Planet Fitness, DD’s Discounts, Citi Trends, Fine Wine & Good Spirits and Chase Bank. Brad Nathanson of IPA represented the seller, a joint venture between Onyx Equities, Abrams Realty & Development and Siguler Guff & Co., in the deal. Nathanson also procured the buyer, United Hampshire US REIT.
EAST HARTFORD AND WINDSOR, CONN. — Colliers has brokered the sale of The David Associates Connecticut Portfolio, a collection of three industrial flex buildings in the Hartford area totaling 200,950 square feet. Ian Hunt, Nick Morizio and John Cafasso of Colliers represented the undisclosed seller in the transaction. A New Jersey-based private investor purchased the portfolio, which was 90 percent leased at the time of sale, for $13.2 million.
PHILADELPHIA — Kawa Capital Management, a Florida-based financial planning and advisory firm, has arranged a $25 million construction loan for a 146-unit multifamily project in the Northern Liberties neighborhood of Philadelphia. Developed by Arts + Crafts Holdings and designed by JKRP Architects, the seven-story building will feature studio, one- and two-bedroom units and include 3,459 square feet of ground-floor retail space. Completion is slated for February 2023.
NEW YORK CITY — Union Square Events, a locally based catering company, has opened a 70,000-square-foot headquarters space at Industry City, a 35-acre mixed-use development in Brooklyn. The new headquarters will include a 33,000-square-foot commissary kitchen, a 120-seat dining room for employees and traditional office space. A partnership between Belvedere Capital, Jamestown and Angelo Gordon owns Industry City.
NEW YORK CITY — Taconic Partners and National Real Estate Advisors (NREA) will develop a 33-story multifamily building at 312 W. 43rd St. in Manhattan’s Hell’s Kitchen neighborhood. Designed by Handel Architects, the project will consist of 330 rental units, 40,000 square feet of retail space and 30,000 square feet of indoor and outdoor amenity space. The amenity package will include a pool, rooftop terrace, workspaces and private gardens. Avison Young arranged $204 million in construction financing through The Union Labor Life Insurance Co. for the project, completion of which is slated for mid-2024.
NEW YORK CITY — Marcus & Millichap has brokered the $55.5 million sale of the 531-room Martinique New York hotel, located at the corner of Broadway and 32nd Street in Manhattan. Eric Anton and Nelson Lee led a Marcus & Millichap team that represented the seller, New York-based Herald Hotel Associates LP, in the transaction. The buyer was Oklahoma City-based Burnett Equities. Marcus & Millichap also represented the new ownership in negotiations for several retail leases that were recently signed at the property.