Marcus & Millichap announces $4.04M sale of TD Bank in Chatham

Marcus & Millichap, a commercial real estate firm with its New Jersey office in Saddle Brook, announced Tuesday the $4.04 million sale of a TD Bank in Chatham.

Chris Pappas and Michael Cardone based at the firm’s Manhattan office represented the New Jersey-based 1031 exchange buyer. The seller sought to divest the asset and use the proceeds for alternative investments, Marcus & Millichap said in a news release.

The freestanding asset, located at 425 Main St., was constructed in 2000 and has more than six years of lease term remaining on it.

“This TD Bank is ideally positioned in Chatham with an average household income of over $186,000 within a one-mile radius of the site leading to this bank’s consistent high performance,” Cardone said.

“Although there were several offers for this asset within days of it hitting the market, our credibility and buyer’s strength allowed us to win the contract and subsequently close the deal,” Pappas said.