The property has a long-term lease with Lincoln and was purchased as an investment, according to a broker involved in the deal.
A property housing trade school Lincoln Technical Institute in New Britain has sold for $1.9 million to a New Jersey based investor group.
In a deed recorded Aug. 12, the 14,981-square-foot, brick-and-masonry building on 2.3 acres at 200 John Downey Drive was sold by a limited liability company affiliated with Branford-based investment group Royal Realty Holdings to a Raritan, New Jersey-based LLC.
The seller had paid $1.54 million for the property less than a year ago, according to assessor records.
The buyer’s principals include Vasu and Rama Taulasi Sabella, both of Jericho, New York; and Venkata and Kalpana Indukuri, of Raritan, New Jersey.
Thuyan Tran, managing partner of Hartford-based Oxford Realty Group, listed the property. Lori DeSanti, also from Oxford Realty, represented the buyer.
The property has a long-term lease with Lincoln and was purchased as an investment, DeSanti said. The tenant is responsible for upkeep and utilities at the property. The landlord covers property taxes, she said.
