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February 8, 2024

Boston Post Road commercial building fetches $1.5M; seller eyeing new $10M development nearby

Costar 330 Boston Post Road, Orange

A commercial building on the Boston Post Road in Orange has sold to an investment group for more than $1.5 million.

Gary M. Richetelli, managing member of VCR LLC, sold the 7,450-square-foot building at 330 Boston Post Road to Trumbull-based M-Khalil Realty LLC and principal Fahmy Khalil for $1.55 million, in a Jan. 31 deal, according to town land records.

Richetelli built and owned the building since 2000. It has a total appraised value of $1.2 million, according to town property records.

The two retail storefronts at 330 Boston Post Road are occupied by Verizon Wireless/The Wireless Zone and Connecticut Orthopaedics. 

Richetelli is building another commercial property on land he owns at 235 Boston Post Road, which had been a mobile home park. 

The new 24,000-square-foot building, which will be known as the Racebrook Medical Center, is a $10 million project that should be completed and ready for occupancy in six months, Richetelli said. 

Connecticut Orthopaedics will relocate into 12,000 square feet of first-floor space in the new building, along with Hartford HealthCare offices in the other 12,000 square feet on the second floor, Richetelli said. He said he already has interest from prospective tenants for the 330 Boston Post Road space that will soon be vacant.

Commercial space on Boston Post Road is in high demand, Richetelli said. Both buildings are in busy commercial areas, near the former Christmas Tree Shops location, restaurants and other retail sites, including Springbrook Commons. 

Richetelli was represented in the 330 Boston Post Road deal by broker Mike Richetelli, owner of Orange-based Colonial Properties. M-Khalil was represented by Richard P. Ballou of Houlihan Lawrence real estate agents.

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