A North Haven fuel oil company has expanded its local footprint with the $2 million purchase of an industrial building next to its existing location.
In a deal recorded this week, a limited liability company affiliated with First Fuel Oil acquired the 47,975-square-foot building at 118 Quinnipiac Ave. The structure sits on 6.8 acres and includes a section built in 1969 with later additions.
The buyer’s principals are Roger and Michael Rossi, both of North Haven. Roger Rossi is also principal of First Fuel Oil LLC and another entity that owns the neighboring property at 120 Quinnipiac Ave., where the fuel oil company is based.
First Fuel plans to use part of the newly acquired building to support its growing truck fleet, while leasing out the remaining space, according to Jack Hill of North Haven-based Seabury Hill Realtors.
Hill represented the buyer, as well as an estate that sold the property.
The property drew four offers in two weeks of marketing this winter, underscoring strong demand and tight inventory for small- to mid-sized industrial space, Hill said. He added that prospective buyers were also attracted by the opportunity to raise rents that are currently below market levels.
“The market is very robust for industrial spaces,” Hill said.
