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.
By Christopher Reutz, Research Director, Colliers It’s no secret the San Diego County office market experienced unprecedented conditions in 2020. Yet, brighter days may be ahead for the local office market. The COVID-19 pandemic caused many “non-essential” businesses to adopt work-from-home policies. San Diego’s office market took an incredible hit from this in early 2020, amounting to 450,000 square feet of negative net absorption. This was the biggest drop in local demand in more than six years. Last year recorded 1.8 million square feet of negative net absorption, while the first quarter of 2021 posted nearly 400,000 square feet of additional negative demand. The forecast for San Diego’s office market, though, is cautiously poised for an upswing. Demand began to pick up this last quarter as the percentage of vaccinated employees increased. Demand for office space also increased with net absorption totaling 16,000 square feet, signifying the wave of move-outs had finally passed. Additionally, while vacancy during the recession increased from 9.9 percent to a current rate of 14.2 percent, it still remains lower than historical rates recorded during the Great Recession. From late 2008 through mid-year 2011, vacancy remained in the 15 percent to 16 percent range. While the national conversation has focused …
DALLAS — Since the COVID-19 pandemic began there have been many changes in travel, employment and supply chain issues, all of which have an effect on the hospitality sector, according to the U.S. Hotels State of the Union: CBRE Hotels Research Report. Dallas-based CBRE released the report earlier this month. Travel rebounds Regarding travel, the sector seems to have picked up momentum. CBRE says air travel is above 80 percent of pre-COVID-19 levels after high levels of travel during Halloween this year. Also, hotel cancellations have remained fairly steady since the beginning of the pandemic. In March 2020, there was a huge spike in hotel cancellations, but since then, cancellations have remained fairly low for most of 2021 with a slight increase in July 2021. Additionally, international travel restrictions are hurting the U.S. hospitality sector. This year, there has been considerably less international travel spending in the country than pre-pandemic with August 2019 seeing around $12 billion in spending versus around $2 billion in August 2021. Another change since the pandemic is that most of the inbound travelers are now coming from Latin America, with the top border entrants from Mexico, Colombia, Peru and Ecuador in August 2021. Two years …
LOS ANGELES — ViacomCBS Inc. (NASDAQ: VIAC, VIACA) has entered into a definitive agreement to sell CBS Studio Center in Los Angeles to a partnership formed by Hackman Capital Partners LLC and Square Mile Capital Management LLC. The sales price of approximately $1.85 billion includes associated businesses of CBS that operate within the 1 million-square-foot complex. Situated on a 55-acre site in the Los Angeles neighborhood of Studio City, the property includes 22 stages, production offices and support buildings, third-party tenant offices, the Broadcast Center and filmable backlot locations. Shows filmed at the studio over the years have included Seinfeld, Mary Tyler Moore, Parks and Recreation, The Talk, It’s Always Sunny in Philadelphia, That 70’s Show and Gunsmoke. At closing, ViacomCBS subsidiary CBS Broadcasting Inc. will enter into a long-term leaseback of the Broadcast Center, which is home to TV stations CBS 2 and KCAL 9. ViacomCBS will continue to occupy stages and produce content on the lot, as well as enter into a short-term leaseback of certain portions of the property in order to manage the transition of its employees to other locations. “This sale is part of an ongoing optimization of ViacomCBS’ real estate and operations portfolio and …
NORTH PALM BEACH, FLA. — American Commercial Realty Corp., a Palm Beach Gardens-based commercial real estate firm, and Investment Capital Partners, a commercial real estate firm based in Connecticut, have acquired Crystal Cove Commons, a mixed-use property in North Palm Beach totaling over 120,000 square feet of commercial space. The seller and sales price were not disclosed. Crystal Cove Commons includes 73,738 square feet of retail space and 46,787 square feet of office space on three floors. The property is anchored by Cod & Capers, a seafood market and restaurant, as well as Cucina Cabana, a fine Italian dining and entertainment attraction. Stormhouse Brewery, a family-owned brewpub, also recently joined the tenant roster. Other tenants include Fuse Specialty Appliances, USA Tile & Marble, Crystal Tree Carpet by STARK, Cabinets by Lenore and The Ice Cream & Yogurt Club. In total, more than 50 businesses call the center their home, many of which have been in the plaza for more than thirty years. The mixed-use property is situated along US 1 just south of PGA Boulevard. Built in 1982, Crystal Cove Commons was substantially renovated between 2017 and 2019.
TAMPA, FLA. — Ready Capital has closed on a $35.3 million loan for the acquisition, renovation and stabilization of two Class B, garden-style multifamily properties in the Northwest Tampa submarket of Tampa totaling 293 units. Upon acquisition, the unnamed sponsor will implement a capital improvement plan to renovate unit interiors, building exteriors and common areas of both properties. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options and flexible prepayment. Neither of the properties’ names were disclosed.
CLEARWATER, FLA. — DSH Hotel Advisors, a Tampa-based hotel brokerage and advisory firm, has arranged the sale of Days Inn By Wyndham, a 90-room hotel in Clearwater. Dennis Hopper and Randy Taylor of DSH represented the seller, an entity known as Mega C Hospitality LLC, and the buyer, an entity known as Prism Development LLC. The sales price was not disclosed. Located at 2940 Gulf to Bay Blvd., the Days Inn is about 13.6 miles from Tampa International Airport and six miles from Clearwater Beach.
HYATTSVILLE, MD. — Terreno Realty Corp. has purchased an industrial property in Hyattsville for approximately $8 million. The seller was not disclosed. The industrial property is located on a 2.9-acre land parcel at 5380 Tuxedo Road. The property is situated less than one mile outside of Washington, D.C., and is adjacent to the intersection of U.S. Route 50 and the Baltimore-Washington Parkway. The property is fully leased to two undisclosed tenants. Terreno Realty Corp. is a Bellevue, Wash.-based commercial real estate company that acquires, owns and operates industrial real estate in six major coastal U.S. markets: Los Angeles; Northern New Jersey/New York City; San Francisco Bay Area; Seattle; Miami; and Washington, D.C.