By Joshua Burd
TD Bank has sold two vacant former branch buildings in Monmouth County for a combined $4.3 million, in a set of deals arranged by RIPCO Real Estate.
According to the brokerage team, the deals include the $2 million sale of a 3,970-square-foot location at 670-672 South Laurel Ave. in Holmdel. In the second transaction, in Spring Lake Heights, the lender sold a 3,750-square-foot property at 555 Warren St. for $2.3 million.
RIPCO executive vice presidents Mike Horne and Steven Winters represented the seller, citing the firm’s history with TD and past deals in connection with the bank’s northern and central New Jersey retail locations. That has included analyzing the market value of existing branches, either owned or leased, and handling dispositions, renewals, extensions and lease terminations.
“The sale of these properties reflects the continued evolution of the retail banking landscape,” Winters said. “As more customers embrace mobile and digital banking, we’re seeing a shift away from large traditional branches toward smaller, more efficient footprints. Our longstanding relationship with TD Bank has allowed us to help them navigate this transition strategically — maximizing value from legacy locations while supporting their forward-thinking approach to customer engagement and real estate.”
The companies did not disclosed the buyer in either deal.
“While exiting these locations can be difficult for TD’s customers, we are pleased with the speed and execution that the RIPCO Real Estate team has had in the disposition of these assets,” said Scott Wishna, TD Bank’s head of U.S. real estate transactions and lease administration. “Both were sold to local community members and investors who are motivated and capable to repurpose them into well adapted second-generation spaces. Steven, Mike and the entire RIPCO team have always shown us a level of professionalism and sensitivity in their approach to our surplus retail portfolio.”
