Hartford Business Journal

8 HARTFORDBUSINESS.COM | OCTOBER 14, 2024 DEAL WATCH DEAL WATCH | BUYERS & SELLERS 5 life science companies expanding operations in CT By Hanna Snyder Gambini hgambini@hartfordbusiness.com F ive bioscience companies are expanding their operations in Connecticut, including several that are leasing space in the new life sciences building at 101 College St., in New Haven, according to AdvanceCT, a nonprofit business recruitment agency. Cellsbin is a venture capital-backed startup that makes oncology-detec- tion medical devices. It was founded by a team of industry experts in the fields of photonics, molecular biology and artificial intelligence. The company has signed a lease at BioLabs' collaborative laboratory and coworking space at 101 College St. Cellsbin is expanding its research and development efforts, investing roughly $1 million and adding five members to its staff, according to AdvanceCT. EpiTET Therapeutics is a Yale University spinout that combines AI-enabled patient selection with targeted therapeutics to tame inflam- mation in endometriosis and solid cancers. The company set up its first office at The District coworking space on James Street in New Haven, adding 10 jobs and investing $8 million in the state as it continues through its pre-clinical and fundraising efforts, according to AdvanceCT. NanomediGene is a biotechnology research and development company specializing in nanotechnology and targeted drug delivery systems of proteins, drug molecules, genes and cellular-based therapies. The company is expanding into Connecticut after securing a partner- ship with Yale University, working out of the Biolabs space. NanomediGene will create 10 jobs for its Connecticut operations and invest more than $3 million in the new lab space, according to AdvanceCT. Oxylus Energy, another Yale University spinout, is a green-energy company working toward net-zero carbon emissions through the conver- sion of CO2 into carbon-neutral fuels and chemicals via electrolyzer technology. It will set up offices in Branford. Oxylus will add six jobs and invest $4.5 million in the town after lever- aging investment from Connecticut Innovations' ClimateTech Fund, according to AdvanceCT. Talam Biotech, an agricultural R&D company developing technology that reduces heavy metals in food crops using microbes, relocated its headquarters and facility to BioCT's Innovation Commons life sciences incubator space in Groton. Formerly based in Dublin, Ireland, the company relocated to Connecticut due to the opportu- nities for partnerships within the state's biotech cluster, according to AdvanceCT. NEW HAVEN A New Haven industrial building is the new home of a growing empanada business. New York-based 145 Hamilton LLC, the landlord of 145 Hamilton St., has leased the 20,280-square- foot building to Pikalo Foods LLC, of Yonkers, N.Y. Financial terms of the multi-year lease were not disclosed. Pikalo is a family-operated busi- ness that started in New York in 2021 with one restaurant and is now providing products to delis, markets and restaurants in the Northeast. The need for a new location in Connecticut was precipitated by the company's expansion of its whole- sale empanada business, brokers for the deal said. Pikalo was represented by Mark Glassman of Milford-based Arnold Peck's Commercial World. The landlord was represented by Barbara L. Pearce, chair and CEO of Pearce Real Estate. GLASTONBURY A principal of a growing Glastonbury-based traffic controls company recently paid $1.37 million for a 12,674-square-foot industrial building in the town. Claudio Vecchiarino, vice president of New England Traffic Solutions, in September bought the 50-year-old industrial "flex" building on 1.1 acres at 94 Eastern Blvd. The building had most recently hosted D Tech Services, an industrial machine manufacturing company founded by Mary Alice Tulimieri and Dennis M. Tulimieri Sr., who sold the property. Listing broker Robert Montesi, of Goman + York, said he recently helped D Tech move to a larger 40,000-square-foot leased space in Cromwell. The building at 94 Eastern Blvd., went on the market on June 1. Montesi said there is an ongoing shortage of available industrial spaces, especially properties with less than 50,000 square feet. MIDDLETOWN A historic building that was once a Masonic hall will be converted into a mixed-use space in downtown Middletown. Applicant Saumya Mittal, of West Hartford-based Gritty Realty, won approval from the Middletown Planning and Zoning Commission to convert the 21,587-square-foot, three-story building at 33 Pleasant St., into a mixed-use space. Plans show two retail storefronts on the main floor, one possibly for a wine bar/artisan shop. The second and third floors will each have a five-bedroom apartment. The 1864 building also has a large events space at the back of the property, which will likely remain and still be used for functions, town land use officials said. WINDSOR A limited liability company tied to an East Hartford-based wholesaler of oils, lubricants and other automo- tive fluids recently paid $1.85 million for a 32,400-square-foot warehouse in Windsor. J&M Real Estate Leasing LLC sold the 68-year-old warehouse on 4 acres at 300 Lamberton Road to 300 Lamberton Road Associates LLC, a business that shares an East Hart- ford address with GER Oil. The buying LLC's principal is Michael Richards, of East Long- meadow, Mass., who is president of GER Oil. Kyle Roberts, senior vice president of broker CBRE, represented the buyer. He said Richards purchased the Windsor building to eventually relocate his company there from East Hartford. Christopher Metcalfe, another CBRE senior vice president, repre- sented the seller. Roberts said the building had been on the market for about a year. One tentative deal fell through before a sale was secured, he said. Much of the early interest came from investors, but that fizzled as interest rates rose. Later, interest was fueled by poten- tial owner-occupants. Most buyers are focused on buildings with 10,000 to 100,000 square feet at present, Roberts said. Long-abandoned downtown historic theater property hits market as redevelopment opportunity T he long-abandoned Capitol Theatre prop- erty in downtown New London has been listed for sale as a redevelopment opportunity. The 11,000-square-foot, three- story building at 35-41 Bank St., has been listed for $375,000 by New London-based U.S. Proper- ties Real Estate Services LLC. The historic property is owned by Westport-based Industrial Renaissance Inc., which bought it in 2016 for $68,000. At the time of the purchase, Industrial Renaissance Founder and President Eric Hamburg said he was exploring potential redevel- opment options for the prop- erty, including as a music and entertainment venue, according to the New London Day, but nothing panned out. The building debuted in 1921 as a vaudeville and movie theater, but closed in 1974 and has been vacant since. A new roof was put on the building in 2010. Connie Howard, a Realtor with U.S. Properties who has the listing, said there are various redevelopment opportu- nities for the theater. The current owner considered a mixed-use apartment rede- velopment for the property, but didn't move forward with it. The former Capitol Theatre in New London, 35-41 Bank St. PHOTO | COSTAR

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