Prominent Cheshire retail and office complex sells for $4.5M
CoStar
98 Elm St., Cheshire
Hamden-based real estate investor Joseph Moruzzi recently sold a prominent retail and office complex in the center of Cheshire for $4.5 million to a limited liability company headed by an area welding company executive.
The Watch Factory complex at 98 Elm St. includes four handsome brick buildings totaling 42,392 square feet, 11,084 of which is below grade. The buildings sit on a little more than 4 acres and were completed between 1940 and 1988, according to town assessing records.
Moruzzi’s limited liability company sold the Watch Factory complex to 98 Elm LLC through a deed recorded May 6. The buyer’s principal is Darius Kania, who is also vice president of Lynn Welding, a Newington-based manufacturing company focused on the defense and aerospace sectors.
The deal included a $2.9 million mortgage taken by 98 Elm LLC from Moruzzi’s company, CJC Enterprises LLC, using First American Exchange Company LLC. as a qualified intermediary. That mortgage was also recorded May 6.
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