Orange Parcel Sells for $1.055 Million; New Business to Open

Michael Richetelli, President and Designated Broker of Colonial Properties, Inc. of Orange, announced two recent commercial sales totaling $2.55 million in Milford and Orange.

Bill Weirsman, commercial realtor, represented the buyer, Centric Pro Management Services Inc, and the seller, Banner Systems Inc., in the sale of 45 Banner Drive in Milford.

The property sold for $1.5 million and consists of a 22,000 square-foot light industrial building on 1.49 acres. The property abuts Interstate 95 and includes a billboard, which accounted for some of the value of the sale.

Weirsman also represented the seller, the Capecelatro Family in the sale of 253 Indian River Road in Orange. The 4.36 acres of land is on the corner of Prindle Hill Road and sold for $1.055 million to Orange Development Partners, LLC.

The site has been approved for the development of a Tractor Supply store; construction has begun immediately. The Buyer was represented by New England Retail Properties.

"Colonial worked diligently on this project, including helping to facilitate a zone change of the property and adjacent parcels in order to make the sale feasible. Tractor Supply will be a great addition, along with the UI Operations Center and Tangoe, helping to re-vitalize the Marsh Hill/Indian River Road corridor of Orange", Richetelli said in a statement.