Colonial WH

Colonial Properties Brokers $1.4M In West Haven Sales

Colonial Properties Inc. recently negotiated two sales totaling $1.4 million. Carlos Arbelaez purchased the West Haven property for $605,000. The property at 420 Forest Road consists of a 12,300 square-foot retail strip shopping center on .94 acres. Arbelaez is a tenant in the building and plans on using a portion of vacant space in the building for another business venture. Michael Richetelli, president and designated broker of Colonial Properties, represented the seller, First Garden Development Limited Partnership, and Jeanette Politano of Coldwell Banker Commercial represented the buyer. International Business Installations Inc. (IBI) purchased an industrial building in West Haven for $795,000. The 26,000 square-foot light industrial building at 488 Derby Ave. sits on 3.4 acres. IBI was a tenant in the building until five years ago, when it relocated to another site in West Haven. Richetelli also represented IBI in the sale. Carl Russell of H. Pearce represented the seller, GGM Company Real Estate...

North Haven, Orange Properties Bought By Investors

North Haven’s Broadway Square Plaza recently sold for $3.9 million to an investor. The 30,000-square-foot, mixed-use property contains retail, office, medical and residential units. Michael Richetelli and Tom Doylewere, of Colonial Properties Inc., brokered the transaction and represented the seller, Broadway Medical Assoc. Inc. The former Bernie’s Appliance building in Orange also sold recently to an investor for $1.325 million. The property consists of 26,000 square feet of freestanding retail space on 1.5 acres. Richetelli brokered the transaction and represented the seller, Orange Post Road Realty LLP. “These two investment sales represent a healthy climate and strong finish to 4Q 2015; we expect activity to continue to be brisk to start 2016,” Richetelli said in a...