NewHavenBIZ

n e w h a v e n b i z . c o m | M a y 2 0 2 1 | n e w h a v e n B I Z 23 W h a t ' s T h e D e a l ? Property Address City Property Type Building SF Sale Price Year Built What's Sold 32 Clinton Ave New Haven Multi-Family 7,136 $700,000 1900 105 Bridge Rd Haddam Land $680,000 229 Grand Ave New Haven Retail 9,653 $495,000 1948 1118 W Main St Waterbury Multi-Family 6,656 $478,000 1946 7 Island Dock Rd Haddam Office 12,500 $1,600,000 1994 93 Cherry St Naugatuck Retail 3,546 $350,000 1997 121 Grand Ave New Haven Retail 6,739 $465,000 1966 78 Marlborough St Portland Office 4,824 $310,000 1854 968 Killingworth Rd Haddam Retail 4,694 $278,000 1984 181 Marsh Hill Rd Orange Industrial 162,036 $16,000,000 1974 352 Whalley Ave New Haven Land $400,000 365 Hemingway Ave East Haven Office 4,748 $650,000 1976 43 Erna Ave Milford Flex 15,314 $680,000 1950 261-265 Orange St New Haven Office 4,820 $587,500 1900 Here's a list of recent New Haven commercial properties that have sold. (Order based on sales date) Middletown pays $2.6M for riverfront properties; housing, mixed-use development eyed Middletown's long-held desire to open up a significant section of its waterfront to new development has taken another step forward with the $2.6 million purchase of 9 acres of underutilized industrial land along the Connecticut River. e common council voted recently to approve the acquisition of four properties from Martin Smith of Waterhouse Devel- opment. Smith had won approval in 2016 to redevelop the largest of the four parcels, 225 River Road, which is home to the for- mer Jackson Corrugated Container Corp. A development group wants to build apartments at this empty parcel at 105 Bridge Road in Haddam. By Greg Bordonaro Up to $8M apartment development eyed in Haddam A development group that includes some prominent business owners in the re- gion is eyeing a new apartment project in Haddam. e developers recently purchased for $680,000 vacant land at 105 Bridge Road, town records show, where the apart- ment development is planned. Sal Indomenico, who is vice president of Middletown-based Mason Contractors Inc., and his sister Connie Buscema, who is president of the company, are part of the development team. Indomenico said the group — which also includes Joseph Sullo, CEO of Wethers- field-based ResturantSupply.com and Gianni Zarrilli — is planning a $7 million to $8 million apartment project on the site that will consist of 40 to 42 mostly one-bedroom units. ey will be market-rate apartments, he said, adding that final plans are still being worked on. Indomenico said the town is putting in sidewalks in the area that would allow residents to more easily walk to local businesses, which makes the site attractive for development. e apartments would be located less than a mile away from the Goodspeed Opera House in East Haddam. Indomenico said the area is zoned for residential apartments and the development group is working on a formal proposal to put in front of the planning and zoning commission soon. "If the town gave us approval tomorrow we'd be all set with financing," he said. While many multifamily projects in the state have focused on wooing young professionals and empty nesters, Indomenico said they are targeting a wide potential renter base. "It's geared for the locals in the commu- nity," he said. Indomenico and his family are no strang- ers to the apartment business. He said they own over 600 apartment units in Hartford and New Britain. ey are also currently developing com- mercial condos in Middletown, he said. n A map of Middletown's South Cove riverfront area, where the city has just paid $2.6 million for several properties for future development. property, into a condominium community. However, the project never materialized. Joseph Samolis, the city's director of planning, conservation and development, said the city intends to hold the newly-ac- quired parcels for future development. It will likely be another 12 to 18 months before further plans are hatched, as the city is close to hiring a consultant to produce a conceptual vision for the broader southern riverfront area known as South Cove, bor- dered by Silver Street to the south, Eastern Drive to the east, Union Street to the west. "ese parcels specifically are some of the only sites outside of the floodplain immediately adjacent to the river, which makes it really ideal for future develop- ment," Samolis said. at means housing and mixed-use are both potential options for the parcels, he said. Middletown's redevelopment efforts for the area around River Road have progressed over the past two years thanks to the rerouting of city sewage from an aging pumping station along the riverbank to a new facility in neighboring Cromwell, as well as city voters' approval last November of a $55 million borrowing for various infrastructure projects, $5 million of which was reserved for riverfront land acquisitions. 181 Marsh Hill Road, Orange. RENDERING | CONTRIBUTED Orange distribution property sells for $16.1M An Orange distribution property anchored by Restaurant Depot has sold for $16.1 million, town records show. e 162,036-square-foot property at 181 Marsh Hill Road sold in March. e buyer was Pennsylvania real estate investor Exeter Property Group. e sellers were Benerfore Orange LLC, which is controlled by Mitchell Benerfore of White Plains, New York; and Diamond Properties LLC, of Mt. Kisco, New York, state records show. ey bought the property in 2015 for $11.1 million, town records show. e property is fully leased to two tenants: Bunzl, a British company that deals PHOTO | COSTAR with paper goods, and Restaurant Depot, a supplier of foods and other restaurant industry goods. It sits on 15.1 acres, was built in 1992 and has 28-foot tall ceiling heights. Westport-based HK Group was the only broker involved in the deal, it said. Middletown strip mall sells for $1.5M A Middletown retail strip mall anchored by Dunkin' Donuts has sold for nearly $1.5 million, town records show. e 8,076-square-foot property at 779-807 Newfield St. sold in March. e buyer was Newfield 779 LLC, which is controlled by Akashdeep Aujla and Muhammad Waqar Azeem. e seller was Mattabesset Realty LLC, which is controlled by Michael Batista, Melissa Cortes and Paul Furtado, state records show. e property was built in 2009, sits on 1.47 acres and has 30 parking spaces. Other tenants include a nail salon and gym. n PHOTO | COSTAR 779-807 Newfield St. following the end of its construction. PHOTO | COSTAR

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