Drinkwater, Richard of Marcus & Millichap Arranges Sales of BOA Niantic CT Property

NANTIC, CT-Laurie Ann Drinkwater (L.A.) and Seth Richard recently completed the sale of Bank of America, a 3,638-square foot net-leased property located in Niantic, Connecticut, according to John Krueger, regional manager of the firm’s Manhattan office. The asset sold for $2,250,000.

LA Drinkwater, Seth Richard L.A. and Seth, both First Vice President 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 Avenue 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” stated 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”