Many banks are trimming their brick-and-mortar locations as more customers adopt online banking, but that doesn’t mean branches are totally going out of style — at least for certain investors.
Two properties anchored by major banks recently sold in North Haven and Milford for several million dollars, signaling real estate investors still see bank branches as a good bet.
The 2,302-square-foot North Haven property at 151 Washington Ave. is anchored by Citizens Bank and sold in November for $2.8 million. The buyer was Olive Branch Investments IV LLC. The seller was Rhode Island-based Kempenaar Real Estate Inc.
The newly constructed property sits on 0.4 acres and was built in 2020. It was formerly home to the Old Glory Store.
The 4,586-square-foot Milford property at 1651 Boston Post Road is anchored by Chase Bank and sold in November for $4.7 million.
The buyer was West Palm Beach, Florida-based North American Development Group. The seller was Klein Automotive Parts Inc.
The property sits on 2.49 acres and was built in 2010.
New York-based Chase Bank has actually expanded its Connecticut footprint in recent years adding branches in Greater Hartford.
