Orange-Based Company Brokers West Haven Property Deals Worth $1.4M

Orange-based commercial real estate company Colonial Properties, Inc. recently negotiated two sales totaling $1.4 million, President and Designated Broker Michael Richetelli announced.

Richetelli represented the seller, First Garden Development Limited Partnership, in the sale of 420 Forest Road in West Haven, which sold for $605,000.

The property consists of a 12,300-square-foot retail strip shopping center on .94 acres. The buyer, Carlos Arbelaez, was represented by Jeanette Politano of Coldwell Banker Commercial. Arbelaez is currently a tenant in the building and plans on utilizing a portion of vacant space in the building for another business venture.

Richetelli also represented International Business Installations, Inc. (IBI) in their purchase of 488 Derby Ave., also in West Haven. The 26,000-square-foot light industrial building on 3.4 acres sold for $795,000.

IBI was a tenant in the building up until five years ago, when it moved to another site in West Haven. Carl Russell of H. Pearce represented the Seller, GGM Company Real Estate, LLC.

“This building is an ideal fit for IBI, as it is centrally located with excellent highway access and it’s footprint suits IBI’s current space requirements, while also providing room for expansion,” said Richetelli in a statement.

Colonial Properties, Inc., founded in 1978, is a full service Commercial and Residential Real Estate Brokerage, located in Orange. The firm handles commercial and residential 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.

Photo 1: 420 Forest Road; Photo 2: 488 Derby Ave. Photo credit: Contributed