 (1).png)
News:
Owners Developers & Managers
Posted: February 17, 2023
Richetelli of Colonial Properties brokers sale of 42,500 s/f industrial building + land for $5.1 million
North Haven, CT Michael Richetelli, president and designated broker of Colonial Properties, Inc., represented the seller, 424 Chapel Street, LLC, in the sale of 50 & 60 Devine St.; two parcels consisting of a 42,500 s/f light industrial building on six acres and an additional 9.4 acres of raw land for $5.1 million. The buyer, A & M Bronx Baking Inc. has been specializing in breads since 1945. A & M was represented by Matthew O’Hare of CBRE’s New Haven office. The seller’s attorney was Bernard Pellegrino of Pellegrino Law; the buyer’s attorney was James Perito of Halloran & Sage LLP.
“This parcel was highly sought after by many prospective purchasers, as there continues to be a lack of inventory in the light industrial market. The property is exceptionally well located and features a modern light industrial facility with 24’ clear ceiling height and has the benefit of additional acreage for future expansion/development, making it ideal for the buyer’s needs,” said Richetelli.
MORE FROM Owners Developers & Managers
Atlantic Property Management expands facilities maintenance platform: Assigned two new facility management contracts in RI
Boston, MA Atlantic Property Management (APM) has expanded its internal facilities maintenance and operations platform and has been assigned two new facility management contracts in Rhode Island. The properties will undergo redevelopment and repositioning
 (1).png)
Columns and Thought Leadership
Tenant Estoppel certificates: Navigating risks, responses and leverage - by Laura Kaplan
When it comes to the sale or financing of real property, tenant estoppel certificates are not just formalities – they are crucial documents that confirm the status of existing leases. Tenant estoppel certificates offer prospective buyers and lenders necessary assurance regarding the property’s financials and any
Unlocking value for commercial real estate: Solar solutions for a changing market - by Claire Broido Johnson
As the commercial real estate market continues to navigate the disruptive forces of rising vacancy rates and increasing operating costs, landlords are under pressure to find new levers to protect income and strengthen asset performance. Amid these challenges, onsite solar and battery storage – particularly when financed through third-party ownership models – are emerging not just as environmental upgrades, but as powerful financial strategies.
New Quonset pier supports small businesses and economic growth - by Steven J. King
Quonset recently celebrated a milestone nearly 70 years in the making when federal, state, and local leaders joined us for the ribbon cutting of the new Terminal 5 Pier and Blue Economy Support Docks at the Port of Davisville.
Connecticut’s Transfer Act will expire in 2026. What should property owners do now? - by Samuel Haydock
A major shift in Connecticut’s environmental law is on the horizon: the state’s Transfer Act will expire next year, ushering in a new cleanup program with broader applicability and new triggers.