Industrial Investment Property Sells For $1.15M In Hamden

HAMDEN, CT — A more than 13,400-square foot industrial investment property recently sold for $1.15 million in Hamden, according to realtors.

Michael Richetelli, President and Designated Broker of Colonial Properties, Inc., announced this week the sale of 700 Sherman Avenue, a 13,464-square-foot two-tenant light industrial investment property situated on approximately 1.82 acres in Hamden’s established Sherman Avenue industrial area.

Richetelli served 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,” according to a news release. “Record Products of America occupies 10,232 SF ± and New Haven Festival of Arts occupies 3,232 SF ±.”

The building features 14-to-18-foot ceiling heights, 100 percent air conditioning, 400 AMP/3-phase electrical service, two loading docks and one drive-in door, according to the news release. 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. The buyer was represented by Menachem M. Sandman, Esq. of Sandman Law Group, LLC in New Haven.

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