Elli Klapper and Charles Berger of the CBRE Tri-State Investment Team, in conjunction with William Pike of CBRE’s Atlanta operations arranged the $1.8 million sale of the TD Bank Building in Old Lyme, CT. The Tri-State Investment Team represented the buyer in the negotiations, while Mr. Pike acted on behalf of the seller, TD Bank.
The property, a 3,742-square-foot, 1.62-acre site that serves as a TD Bank branch location, met all of the buyer’s specific requirements including its central location and long-term, blue-chip tenant. According to Mr. Klapper, “The Old Lyme asset provided our client with long-term stable income for its 1031 exchange needs. Despite the scarcity of product in the market, we were able to work together with our colleagues to find a great asset with an existing long-term lease with TD Bank.”
The buyer of the TD Bank Building had recently sold a warehouse in Astoria, Queens, which the private investor owned for decades and tapped the CBRE Tri-State Investment Properties team to advise and assist with his1031 Exchange needs. The new acquisition transaction was concluded in the very tight deadline.
CBRE Group (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.us.