Colonial Properties sells 22,090 s/f freestanding light industrial building

Orange, CT According to Michael Richetelli, president and designated broker of Colonial Properties, Inc., the company has facilitated the sale of a light industrial property.

Kosta Eliopoulos, Realtor with Colonial Properties, Inc., represented the buyer, HIS Group, LLC, in the purchase of 283 Indian River Rd., a 22,090 s/f freestanding light industrial building situated on 2.5 acres. The property sold for $2.09 million.

The buyer acquired the property as an investment. The building is currently occupied by Kelvion Corp. and a business specializing in boiler parts.

The seller, PTNT Properties, LLC, was represented by Bruce Wettenstein, SIOR, managing partner of Vidal/Wettenstein in Westport.

The seller was represented by attorney Peter Ambrose of Ambrose & Strazza, LLC in Fairfield. The buyer was represented by attorney Nate Hakanoglu of Hakanoglu Law in West Haven.

“This was a very appealing industrial investment opportunity, which are in high demand and short supply. We were pleased to be able to present this property to our client and facilitate a successful negotiation and purchase”, said Richetelli.

Tags: Brokerage Connecticut

Reprint

Previous Story Next Story

O,R&L Commercial facilitates $3.8m sale of 29,879 s/f mixed-use property

Wallingford, CT O,R&L Commercial has completed the $3.8 million sale of a mixed-use investment property located at 33-39 North Main St. and 24-25 Wallace Ave. in the town center.

Atlantic Capital Partners sells shopping center in Milford for $8m

Horvath & Tremblay completes sale of Walgreens store for $4.9m

Commercial Realty Advisors represents buyer in $1.9m acquisition

Prescott IOS and the Stubblebine Company complete 30,500 s/f on three acres of IOS in a build-to-suit lease at 3 Belcher St., Plainville, MA

READ ON THE GO

DIGITAL EDITIONS

Browse Now

Quick Hits

Construction Design & Engineering

JGE Architecture + Design celebrates completion of 45-unit Brookley Flats

Columns and Thought Leadership

End of the year retail thoughts - by Carol Todreas

Now what? As the year comes to a close, the state of retail is always in the news. The answers vary greatly depending on who in the various related industries you ask, each offering a unique lens on the challenges and opportunities ahead.

The rise of AI in CRE - And what it means for every skilled profession - A broker & appraiser weighs in - by Bryan Plourde

This may seem self-serving, and I’ll be the first to admit it. But unlike some of the artificial intelligence tools now reshaping our industry, I am fully aware of my own bias. So, hear me out. The rise of AI in commercial real estate is not a distant threat or a speculative headline.