The two-tenant property sold for 69% more than its 2017 purchase price and offers potential for future expansion, according to a broker.
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A two-tenant light industrial property at 700 Sherman Ave. in Hamden has sold for $1.15 million, land records show.
The buyer, 700 Sherman LLC, is controlled by Dovid Marasow and Avraham Mehl, co-founders of New Haven-based general contracting firm Upscale Construction, state records show. Upscale secured a $920,000 commercial mortgage from Dime Bank for the acquisition, according to land records.
The seller was RPA Real Estate Holdings LLC, which is controlled by Joseph F. Helfrich of Madison. RPA paid $680,000 for the property in August 2017, according to town records. The latest sale price was about 69% higher than the prior purchase price.
The 13,464-square-foot building sits on 1.82 acres and is occupied by Record Products of America, which leases 10,232 square feet, and the New Haven Festival of Arts, which leases 3,232 square feet. The site also offers potential for future expansion, according to Orange-based Colonial Properties Inc.
Michael Richetelli, president and designated broker of Colonial Properties, was the sole broker in the deal and represented the seller.
