A map of the location in Orange where Colonial Properties recently brokered a deal worth $1.65 million.
Orange real estate company Colonial Properties, Inc., recently brokered the sale three acres of commercial land in town in a deal worth $1.65 million.
Colonial president and designated broker Mike Richetelli represented the seller, 65 Marsh Hill Road, LLC, in the sale of 65-69 Marsh Hill Rd. and 0 and 15 Salemme Ln. in Orange, CT, totaling about three acres of commercial/industrial land. The property was purchased by Orange Tree Realty, who will build a restaurant supply warehouse and distribution facility.
The property is situated at the foot of Exit 41 off of I-95, and sold for $1,650,000, or $550,000 per acre. The price per acre is one of the highest recorded for a light industrial land sale in Orange.
The seller’s attorney was Tom Lynch of Lynch, Trembicki, and Boynton in Milford, CT; the buyer’s attorney was John Moehring of West Hartford.
“The robust price per acre we were able to obtain for this property was due in part to the superior location, as well as the high demand and short supply of light industrial product in the market. This was truly a win-win transaction, as the seller realized a strong price, the buyer obtained an excellent piece of real estate to operate their business and we were able to generate some economic development for the town of Orange,” Richetelli said.