855 Boston Post Rd. in West Haven. Contributed photo.
Orange-based Colonial Properties, Inc., has announced the completion of two sales totaling $4.7 million.
Mike Richetelli, president and designated broker of Colonial, and senior vice president Fred A. Messore represented the seller, Bart Realty, LLC, in the sale of 855 Boston Post Rd. in West Haven consisting of three commercial buildings totaling about 71,500 square feet on 11 acres for $3.3 million plus leaseback considerations. Tony Vitti, also of Colonial Properties, represented the buyer in the transaction, 855 Orange Ave, LLC.
In negotiating the sale of the property, Colonial was also able to arrange a leaseback of the property for the existing business, Universal Hotel Liquidators. Universal has occupied the property since 2012 and has agreed to a long-term lease to remain a tenant at the property.
The seller’s attorney was Jeffrey Sachs of Biller, Sachs, Zito and LeMoult in Hamden; the attorney representing the buyer was Arthur Zinn of Lampert, Toohey & Rucci, LLC in New Canaan.
Richetelli also represented the buyer, MAMSCO Construction Supply, LLC, in the purchase of 48 North Branford Rd. in Branford, a 26,000 square foot light industrial building on 1.8 acres for $1.4 million. The seller, IBE, LLC, was represented by Carl Russell of H. Pearce in Milford. The buyer’s attorney was Al Ippolito of Fasano, Ippolito, Lee & Florentine of New Haven; the attorney for the seller was Mark Balaban of the Balaban Law Firm in Middletown.
“We are very pleased to be able to facilitate these two sales. They demonstrate the continued demand for both owner/user properties and investment properties in the Connecticut market. While some commercial property types may be lagging during this very challenging time, these sectors remain strong,” Richetelli said.