ORANGE: The building housing long term tenant Porch and patio has been sold for $2.3 million. The 15,300 square foot commercial building at 363 Boston Post Road was sold by Gary Bellard, CCIM and with Colonial Properties, Inc. of Orange. Bellard, represented the Seller, 363 Boston Post Road Associates, LLC, [ Orange resident, Gary Richitelli].
The buyer was represented by Fred A. Messore, Senior Vice President, of Colonial Properties, Inc. The single-tenant investment property was “completely renovated about eight years ago” ..
"This property was on the market for a very short time and traded at a very low cap rate, demonstrating the strong demand in the marketplace for quality investment properties," said Colonial Properties president Michael Richetelli.