By Joshua Burd
A local plumbing and heating business has purchased a 5,000-square-foot building in Princeton, securing a space that will become the company’s home starting in 2023.
According to Commercial Property Network Inc., which arranged the deal, Redding’s Plumbing and Heating paid $1.5 million for the property at 759 Route 206. The brokerage firm’s Al Toto represented both the seller, Richard Reading, and the buyer in the trade of the 1.5-acre parcel.
He noted that Redding’s Plumbing and Heating has been in business for more than a century. The operator is relocating with the help of a loan from the state Economic Development Authority, which allowed for 90 percent financing, offering a blended interest rate of 5.4 percent on a five-year term as part of a 25-year commercial mortgage.
Cascade Capital Advisors LLC assisted in securing the loan.
