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Milestones: Colonial Properties Inc.
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Business New Haven
11/24/2003
By: Karen Singer
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Colonial Properties Inc.
200 Boston Post Road Orange, CT 06477
Tel: 203-795-8060 Fax: 203-795-8046
Web: www.colprop.com
Ownership: Michael Richetelli
Milestone: 25 years
Timeline: Gary Richetelli started his own real estate firm in 1978 with a primary emphasis on commercial rather than residential properties, to distinguish his agency from others. In the beginning he rented a small office on Campbell Avenue in West Haven. Within a few years he bought a building a quarter of a mile down the road, and a decade ago moved the business to Orange.
The firm, which currently has eight sales agents, handles all types of commercial real-estate transactions, ranging from the sale and leasing of retail, industrial, office and investment properties. Colonial's service area spans greater New Haven, with a "special focus" on Orange, Milford and West Haven.
Some of the most notable deals over the years include a $20 million sale in 1997 of the 185,000 square-foot West Farms Shopping Center in Farmington to the Price REIT Inc. and the 1991 sale for $10 million of the 12-acre site that now houses the 185,000-square-foot Sam's Club in Orange.
Looking Back on a Changing Industry: The torch almost did not pass to the next generation.
"There was a lull ten years ago, in the early to mid-'90s," recalls Richetelli's son, Michael, who was studying business at the University of New Haven at the time, and nearly decided not to join the family business.
"I had second thoughts, but got into it in 1995," he says.
He's glad he did, since he today is Colonial's president and owner.
Over the past several years, the Boston Post Road in Orange and Milford has "undergone a big resurgence and has been extremely active," Richetelli says. "We have a strong inventory of listings, and network of contacts and property owners.
"This is our best year ever."
Colonial Properties recently completed of the $2,750,000 sale of a 14-acre site for Target, following a protracted court battle with appeals decided in the retailer's favor over local residents' objections to the project.
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