TD Bank Completes Sale of Two Former Branch Properties in Monmouth County for $4.3 Million

TD Bank has sold two empty former branch locations in Monmouth County, New Jersey. The total value of the real estate deal is $4.3 million. The sales show that the commercial property market is still moving as banks change their physical locations and investors look for well-located properties in established neighborhoods.

RIPCO Real Estate, a commercial brokerage firm, says that both facilities used to be TD Bank branches and had been empty until the sales. The first property is a solitary building with around 3,970 square feet of space. It is located at 670–672 South Laurel Avenue in Holmdel. The price of this site was $2 million. The second property, a 3,750-square-foot building at 555 Warren Street in Spring Lake Heights, sold for $2.3 million, which is more than the first.

TD Bank hired RIPCO Real Estate to handle both deals. Mike Horne and Steven Winters, executive vice presidents at RIPCO, were in charge of the marketing and sale process for the bank. The notification confirmed the sale prices and property data, but it did not say who the buyers were.

The sale of these facilities shows that major banks are continuing to cut down on the number of branches they have as more people use digital banking services. At the same time, buyers are typically quite interested in former bank branches since they are in good locations, have existing infrastructure, and can be used again for retail, office, or service-based businesses, as long as local zoning restrictions allow it.

Holmdel and Spring Lake Heights are both well-established communities in Monmouth County, and investors searching for long-term value are still interested in buying property there. Even if the owners of the two buildings haven’t said what they want to do with them in the future, these kinds of places are often seen as good because they are easy to see and get to.

This deal is another example of how traditional banks are changing their real estate holdings and helping to boost activity in New Jersey’s commercial property market. The deals were finished in December, and the two sales were worth a total of $4.3 million. This was the end of these old TD Bank sites.

Sources

RIPCO Real Estate (official transaction statement)