Richetelli of Colonial Properties brokers two deals - $5.2 million

Michael Richetelli, Colonial Properties, Inc.

305 Boston Post Road - Orange, CT

North Haven, CT Michael Richetelli, president and designated broker of Colonial Properties, Inc. negotiated two sales totaling $5.225 million. Richetelli and Tom Doyle, also with Colonial, were the sole brokers involved in the sale of the Broadway Square Plaza. The shopping center is a mixed use property consisting of approximately 30,000 s/f of rentable space, including retail, office, medical and residential units. Strategically located in the center of town at the intersection of Broadway and Washington Ave., the property sold for $3.9 million to an investor. Colonial Properties was the sole broker in the transaction for their representation of the seller, Broadway Medical Associates, Inc.

Colonial also brokered the sale of the former Bernie’s Appliance building, located at 305 Boston Post Rd., Orange. The property sold to an investor for $1.325 million and consists of a 26,000 s/f freestanding retail building on 1.5 acres. Richetelli was the sole broker in the transaction for his representation of the seller, Orange Post Road Realty, LLP.  “These two investment sales represent a healthy climate and strong finish to 4Q 2015; we expect activity to continue to be brisk to start 2016,” said Richetelli.