Richetelli of Colonial Properties brokers two sales totaling $1.4 million

Michael Richetelli, Colonial Properties, Inc.

488 Derby Avenue - West Haven, CT

West Haven, CT Michael Richetelli, president and designated broker of Colonial Properties, Inc. negotiated two sales totaling $1.4 million. Richetelli represented the seller, First Garden Development Limited Partnership in the sale of 420 Forest Rd., which sold for $605,000. The property consists of a 12,300 s/f retail strip shopping center on .94 acres. The buyer, Carlos Arbelaez was represented by Jeanette Politano of Coldwell Banker Commercial. The buyer 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. The 26,000 s/f light industrial building on 3.4 acres sold for $795,000. IBI was a tenant in the building up until five years ago, when they moved to another site in West Haven. Carl Russell of H. Pearce represented the seller, GGM Company Real Estate, LLC.