Richetelli of Colonial Properties serves as broker in $1.15m sale

Hamden, CT Michael Richetelli, president and designated broker of Colonial Properties, Inc., has completed the sale of 700 Sherman Ave., a 13,464 s/f two-tenant light industrial investment property situated on 1.82 acres in the established Sherman Ave. industrial area. The property sold for $1.15 million, with Richetelli serving as the sole broker in the transaction.

The property features two existing tenants and offered an attractive investment opportunity with stable tenancy and a strong location. Record Products of America occupies 10,232 s/f and New Haven Festival of Arts occupies 3,232 s/f. 

The 13,464 s/f light industrial building is situated on 1.82 acres and features 14- to 18-ft. ceiling heights, 100% air conditioning, 400 AMP/3-phase electrical service, two loading docks and one drive-in door. The property is zoned M and also offers potential for future building expansion. The buyer, 700 Sherman, LLC, acquired the property as an investment.

The seller was represented by Christopher McKeon, Esq. of Bershtein, Volpe & McKeon, P.C. in New Haven, CT. The buyer was represented by Menachem M. Sandman, Esq. of Sandman Law Group, LLC in New Haven, CT.

“700 Sherman Ave. was an excellent investment opportunity with established tenancy, strong income and additional potential for future expansion. We were pleased to bring the transaction together and represent the seller in this sale,” said Richetelli.