ORANGE, CT… Michael Richetelli, President and Designated Broker of Colonial Properties, Inc., is pleased to announce the completion of the following transactions.
Tony Vitti represented the Buyer in the purchase of 31 Cherry Street, Milford, CT, an 8,600 +/- SF 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, CT; the attorney for the Seller was Jane Holler of Holler Marecki, Inc in Milford, CT.
Fred A. Messore, SVP, represented the Seller, Green Olive Property Management, in the sale of a 3,000 +/- SF four (4) family building, located at 117 Noble Street, West Haven, CT. 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, CT.
“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 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.
