Orange-based Colonial Properties, Inc., recently completed two investment sales worth $1.4 million in Milford and West Haven.
Tony Vitti represented the buyer in the purchase of 31 Cherry St. in Milford, an approximately 8,600 square-foot mixed use investment property. The multi-tenanted building sold for $985,000. It consists mostly of small office spaces and includes two residential units. The seller, 31 Cherry Street LLC, was represented by Carl Russell of H Pearce Commercial. The buyer’s attorney was Dawn Pearson of Parks and Pearson in Branford; the attorney for the seller was Jane Holler of Holler Marecki, Inc. in Milford.
Senior vice president Fred A. Messore represented the seller, Green Olive Property Management, in the sale of a 3,000 square-foot, four-family building, located at 117 Noble St. in West Haven. The multi-family property sold for $357,500 to Roy and Robin Ferreira, who were represented by Property World. The seller’s attorney was Jerome Lacobelle of West Haven.
“These two sales reinforce the strong demand for stabilized investment properties. Both of these assets were fully leased, providing a strong CAP rate for the sellers as well as a very secure, stable income stream for the buyers,“ said Michael Richetelli, president and designated broker for Colonial Properties.