ORANGE, CT… Michael Richetelli, President and Designated Broker of Colonial Properties, Inc., is pleased to announce the completion of the following transactions.
Michael Richetelli, President/Designated Broker, and Kosta Eliopoulos, REALTOR®, were the sole Brokers in the in the sale of 420 Middletown Avenue, New Haven, CT. This 4,600 SF +/- freestanding commercial building on .74 +/- acres was purchased by Mohshin Aldalali, a developer, for $1,225,000. The property has been the home of the 91 Diner Restaurant for almost 40 years. Aldalali intends to redevelop the property into a fueling station and convenience store. The Seller, Stavros Karadimos was represented by Attorney Earl M. Temchin with Schettino and Temchin, Attorneys at Law in North Haven; the Buyer was represented by Attorney David Lasnick of Stamford.
Fred A. Messore, Sr. Vice President/Broker represented the Seller, Loriana Properties, LLC in the sale of 1313 Whalley Avenue, New Haven, CT. This 3,200 SF +/- freestanding retail building on .24 +/- acres was purchased by City Restorations LLC for $435,000. It was the home of Arakelian Oriental Rugs, a 3rd generation owned business established in 1908 that had been operating at this location for the past 70 years. The Buyers Broker was Jack Hill with Seabury Hill Realtors. The Seller was represented by Attorney Stuart Margolis with Berdon, Young & Margolis, PC in New Haven; the Buyer was represented by Attorney Ariana Ceneviva with Ceneviva Law Firm LLC in Meriden.
“These two sales represent the high demand for quality, well-located commercial properties. After having successful businesses operated for many decades, both sites will be repurposed for new uses.”, 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, office, investment properties, and residential properties, as well as brokering land and business sales.
