Michael Richetelli, President and Designated Broker of Colonial Properties, Inc., is pleased to announce the completion of two investment sales totaling $5,750,000.
Michael Richetelli, Broker, and Gary Bellard, CCIM, represented the Seller, Simone Development of Orange, LLC, in the sale of Orange Town Center, a 38,000 SF two story retail, office, and medical facility located at 109 Boston Post Road, Orange, CT. The building sold for $3,250,000 to CKS Realty, LLC. Colonial Properties had been the dedicated leasing company for the property for many years. Attorney John Tesei, Esq., of Gilbride, Tusa, Last & Spellane LLC in Greenwich, CT represented the Seller and Attorney Francis Donnarumma of The Donnarumma Law Firm in Woodbury, CT represented the Buyer.
Richetelli and Bellard were also the sole brokers in the sale of the Edmor Industrial Park, an 89,000 SF light industrial, office and flex park located at 2664-2666 State Street, Hamden, CT. The park consisted of three buildings on 6 acres and sold for $2,500,000 to Acul Holdings, LLC. Colonial Properties handled the leasing at the property the last 2 years and negotiated a lease for 6,000 sf of office space which was instrumental in facilitating the sale. Attorney Steven Ciardiello, Esq. of Hamden, CT represented the Seller, the Buyer was represented by the law firm of Rogin Nassau, LLC of Hartford, CT.
“These two sales represent the strong demand in the market for “value add” investment properties. Both of these assets are well located, high quality buildings offering an excellent, stable tenant base with the opportunity to add value by leasing up vacancy. These sales truly were a win-win, as the Sellers are focusing their efforts on other markets and both Purchasers are motivated to improve the properties, fill the vacant space and realize the potential added income streams”, said Richetelli.
Colonial Properties, Inc., founded in 1978, is a full service Commercial and Residential Real Estate Brokerage, located in Orange, CT. The firm handles all types of real estate transactions including the sale and leasing of retail, industrial, office, investment properties, and residential properties, as well as brokering land and business sales.