NewHavenBIZ

n e w h a v e n b i z . c o m | F e b r u a r y 2 0 2 1 | n e w h a v e n B I Z 27 Industrial property sells for $1.3M in Milford Cartwheels and somersaults will soon be replaced by marble and tile in a Mil- ford-based industrial property. A building that had long been the home of Cartwheels Etc., a gymnastics and fitness business at 551 Anderson Ave., sold in Janu- ary for $1.3 million. e city's planning and zoning office indicated it has received an inquiry about putting a marble and tile business at the site, but hadn't received a permit application as of mid-January. Tony Vitti, a Realtor with Colonial Properties in Milford, represent- ed the seller, Sairem Simhadri. e original asking price had been $1.45 million, but the site ultimately sold for $150,000 less. Simhadri purchased it a decade ago for $875,000, city records show. e 14,500-square-foot light industrial building is on a 2-acre parcel with about 50 parking spaces. Vitti said the seller secured multiple offers for the building within four days aer listing it, and it was under contract within a week. According to Vitti, there is significant de- mand in the region for industrial properties. "Folks are looking for warehouses and buildings with high ceilings and loading doors," Vitti said. "I think this building checked all the boxes for the buyer." M. Khalil Realty LLC of Trumbull bought the property, city records show. It was incor- porated in October and lists Fahmy Khalil of Trumbull as its principal. David S. Gorbach, president of Colonial Realty, represented the buyer. Gorbach said his client's business, Jeru- salem Heights, deals in high-end marble and tile, typically used in bathrooms and kitchens. His client had been searching for a ware- house space for about two-and-a-half years, according to Gorbach. "is building was the right size and appealed because of its proximity to I-95," Gorbach said. "ere has been an acute shortage of nice warehouse buildings for sale in the area." Monica Millspaugh, the longtime owner of Cartwheels Etc., attributed her business' closure to the impact of COVID-19. Under the restrictions initially imposed by Gov. Ned Lamont, her business, like many other fitness-oriented ventures, had to temporarily close in the spring of 2020. It reopened in June, but Millspaugh said enrollment dropped considerably, which made it impossible to afford the rent. e business closed permanently in September. A second business at the site, Turn 2 Baseball & Soball Academy, is still there and plans to continue leasing space from the new owner. New Haven apartment complex sells in $50M deal A large, gated apartment complex in the Westville section of New Haven sold in December for $50 million. Westville Ventures LLC purchased the property at 400 Blake St. from Wintergreen of Westville LLC, which had owned the complex since 2012. Wintergreen made a profit on the deal, as it had spent $41.65 million when it bought the property. e city of New Haven has appraised the property at $38 million. Westville Ventures is based in New Jer- sey. It was incorporated in Dec. 2020, and its principal is listed as Shloime Rosenberg, according to the Secretary of the State's office. e company borrowed $41.2 mil- lion from Berkadia Commercial Mortgage LLC to finance the purchase, according to mortgage documents on file with the city. e complex, known as "Westville Vil- lage," is on just under eight acres and fea- tures about 294 apartment units of various sizes, ranging from one to three bedrooms. e six buildings in the complex were built between 2006 and 2007. Bank branch properties sell in multimillion-dollar deals Many banks are trimming their brick- and-mortar locations as more customers adopt online banking, but that doesn't mean branches are totally going out of style — at least for certain investors. Two properties anchored by major banks recently sold in North Haven and Milford for several million dollars, signaling real estate investors still see bank branches as a good bet. e 2,302-square-foot North Hav- en property at 151 Washington Ave. is anchored by Citizens Bank and sold in November for $2.8 million. e buyer was Olive Branch Invest- ments IV LLC. e seller was Rhode Island-based Kem- penaar Real Estate Inc. e newly constructed property sits on 0.4 acres and was built in 2020. It was for- merly home to the Old Glory Store. e 4,586-square-foot Milford property at 1651 Boston Post Road is anchored by Chase Bank and sold in November for $4.7 million. e buyer was West Palm Beach, Flor- ida-based North American Development Group. e seller was Klein Automotive Parts Inc. e property sits on 2.49 acres and was built in 2010. New York-based Chase Bank has actually expanded its Connecticut footprint in recent years adding branches in Greater Hartford. n New Haven Biz Editor Greg Bordonaro contributed to this column. W H A T ' S T H E D E A L ? Tony Vitti David s. Gorbach By Michelle Tuccitto Sullo PHOTOS | CONTRIBUTED) 551 Anderson Ave., Milford 400 Blake St., New Haven 1651 Boston Post Rd., Milford Property Address City Property Type Sale Price Building SF Buyer Sale Date Year Built Recent Greater New Haven Property Sales 400 Blake St New Haven Multi-Family $50,000,000 295,684 Shloime Rosenberg -- Westville Ventures LLC 12/11/2020 2007 29 Research Pky Wallingford Industrial $24,500,000 184,875 NorthBridge -- Nbph Wallingford Llc 12/1/2020 2003 100-150 Dodge Ave North Haven Land $9,000,000 1005-1015 N Main Street Ext Wallingford Multi-Family $6,600,000 70,761 Up Realty 12/25/2020 1970 54 Boston Post Rd Orange Retail $6,600,000 14,820 Delyn Props Llc 12/16/2020 2005 51 Prestige Dr (Part of Portfolio) Meriden Specialty $5,189,100 6,900 SROA Capital 11/3/2020 1651 Boston Post Rd Milford Retail $4,700,000 4,586 North American Development Group -- NADG NNN CB LP 11/2/2020 2010 86 Pershing Dr Derby Specialty $4,447,800 30,000 SROA Capital -- Sroa 86 Pershing Llc 10/29/2020 1086 N Colony Rd Wallingford Retail $3,750,000 7,500 Tartaglia Commercial Properties -- Realty Investment Properties 11/3/2020 2014 373, 375 & 383 E Main St Branford Land $3,500,000 286 S Elm St Wallingford Multi-Family $3,435,811 31,818 Yellowstone Property Group -- Wallingford Ventures 286, LLC 10/21/2020 1965 247 Broad St (Part of Multi-Property Sale) Milford Office $3,200,000 13,562 Diving Rock Ptrs Llc -- Diving Rock Ptrs Llc 10/26/2020 1958 990 Boston Post Rd Milford Retail $3,000,000 5,000 2000 PHOTOS | CONTRIBUTED)

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