ORANGE, CT… Michael Richetelli, President and Designated Broker of Colonial Properties, Inc., is pleased to announce the completion of the following transaction.
Mike Richetelli, represented the Seller, 65 Marsh Hill Road, LLC, in the sale of 65-69 Marsh Hill Road, and 0 and 15 Salemme Lane, Orange, CT, totaling three (3) +/- acres of commercial/industrial land. The property was purchased by Orange Tree Realty, who will build a restaurant supply warehouse and distribution facility. The property offered superior location, situated at the foot of Exit 41 off of I-95, and sold for $1,650,000, ($550,000/acre). The price per acre being one of the highest recorded for a light industrial land sale in Orange in recent times. The Seller’s attorney was Tom Lynch of Lynch, Trembicki, and Boynton in Milford, CT; the Buyer’s attorney was John Moehring of West Hartford, CT.
“The robust price per acre we were able to obtain for this property was due in part to the superior location, as well as the high demand and short supply of light industrial product in the market. This was truly a win-win transaction, as the Seller realized a strong price, the Buyer obtained an excellent piece of real estate to operate their business and we were able to generate some Economic Development for the town of Orange” 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.
