November 11, 2020
CBRE recently arranged the $4.69-million sale of 1651 Boston Post Rd., home to a 4,596-square-foot JPMorgan Chase branch along the primary retail corridor of Milford, CT.
A CBRE Tri-State investment properties team of Charles Berger and Elli Klapper, along with Samuel Bernhaut of advisory and transaction services, represented the seller, Klein Automotive Parts. The buyer is a large national REIT that acquires similar properties throughout the country.
Chase’s lease has more than 10 years remaining. “The site is in a prime location suitable for many alternative uses should Chase decide to leave when their lease expires,” said Berger. In an environment where retail has been impacted by the pandemic, our team was able to secure a national buyer for this site at a very aggressive $1,023 per square foot.”
The property is across the street from Milford Marketplace, which is anchored by Whole Foods Market, Banana Republic and Ethan Allen.
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