Drinkwater and Richard of Marcus & Millichap arrange $2.25 million

Laurie Ann Drinkwater, Marcus & Millichap

Bank of America - Niantic, CT

Seth Richard, Marcus & Millichap

Niantic, CT Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the U.S. and Canada, arranged the sale of Bank of America, a 3,638 s/f net-leased property located in Niantic, Connecticut, according to John Krueger, regional manager of the firm’s Manhattan office. The asset sold for $2.25 million.

Laurie Ann Drinkwater and Seth Richard, both first vice president of investments in Marcus & Millichap’s Boston and Manhattan offices respectively, had the exclusive listing to market the property on behalf of the seller, a Connecticut investment group.  The buyer, a private investor, was also procured by Drinkwater and Richard.

“The Bank of America property is located at 25 Pennsylvania Ave. in Niantic, Connecticut and has served as a bank branch for 40-years and the recent extension of the lease reflects that continued commitment to this market,” said Richard. “It’s not often that you see tenants with that much tenure at a single property and we feel that this will be a very stable investment for the new owners”