Industrial Park Building Sold, Business Moving In

EAST HAVEN, CT — The industrial building at 17 Commerce St., has sold for $750,000 in what the broker says was a full-price, quick turnaround transaction.

“We are pleased that we were able to sell this building for full price with a 45 day closing for our client," Michael Richetelli, President and Designated Broker of Colonial Properties, Inc., said.

In a press release announcing the sale, Richetelli said the property was purchased by Christopher Morley, who will use 7,000 square feet of the 12,000 square foot building for his HVAC business and the remaining 5,000 square feet is leased by Mickey's Transport company.

"The favorable terms we procured for the seller indicate the strong demand in the market for quality light industrial, especially owner/user buildings such as this," he said.

The building sold within 45 days of listing, Richetelli said.

Property records show the warehouse-type building, built in 1988, was recently previously owned by a limited liability corporation, DCR7CT, and foreclosed on in mid-December.

It was purchased by Morley as 17 Commerce Street LLC on Dec. 30, 2019 for $750,000. The site had recently been assessed at $617,040 and appraised at $881,479.