Download Word Document: Click Here
RAMSEY, N.J., August 24, 2017 – Cushman & Wakefield’s Metropolitan Area Capital Markets Group brokered the sale of the bank branch and office building housing TD Bank at 1100 Lake St. to a private investor for $9.5 million. The bank will continue to occupy the 19,707-square-foot, three-story building with parking for 65 vehicles, Cushman & Wakefield Director Andrew Schwartz said.
The offering of 1100 Lake St. drew interest from multiple investors with its location and TD Bank’s signing of a lease extension this spring.
“TD Bank has been there a long time, and they recently renewed their lease for another 10 years,” Schwartz said. Cushman & Wakefield, a global real estate services firm, served as exclusive agent for the owner, Office Court Atrium LLC, in the sale to New York-based private investor Dean Fong. Schwartz led the Cushman & Wakefield team of Andrew Merin, David Bernhaut, Gary Gabriel and Ryan Larkin that orchestrated the sale.
“The building is situated in one of the most densely populated and affluent counties in the country and among some of the wealthiest communities in New Jersey, including Mahwah, Upper Saddle River, Saddle River and Allendale. The branch at 1100 Lake St. is in the top 50 TD Bank branches in deposits in the U.S. Five of them are in Bergen County,” Schwartz added.
TD Bank occupies the entire building and last March, when the 20-year lease it signed in 1997 expired, the Canadian-based bank with U.S. headquarters in Boston extended its lease for 10 years to 2027. The new lease gives the bank options to extend its term again. In 2013 and 2014, TD Bank replaced the roof and rooftop HVAC units, updated the brick façade, and made other improvements.
Based in East Rutherford, New Jersey, Cushman & Wakefield’s Metropolitan Area Capital Markets Group, specializes exclusively in investment sales of office, industrial, multifamily, land and retail properties throughout New Jersey, New York, and Fairfield County, Connecticut. The team has completed more than $26 billion worth of transactions since 2000, closing over $3.2 billion in sales in 2016.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Evelyn Weiss Francisco