Colebrook Realty Services Brokers Sale of Bank Branch to UMassFive

EAST LONGMEADOW — Colebrook Realty Services announced the sale of 465 North Main St. in East Longmeadow to UMassFive College Federal Credit Union for $2 million. The property most recently housed a TD Bank branch. Located at the corner of North Main Street and Harkness Avenue, the building is approximately 2,800 square feet on more than 0.6 acres of land.

B. John Dill, president and CEO of Colebrook Realty Services, represented the seller, 465 North Main Street LLC. Nancy Nesbitt of AccuBranch represented UMassFive College Credit Union.

Originally developed as a branch of the former Springfield Institution for Savings (SIS) in 1970 by the Martone and Preston families, the site served as a banking facility for several successor banks to SIS, most recently TD Bank. Two generations of the Martone and Preston families served as stewards of this prominent location.

“Colebrook took a relationship-based approach to this deal and handled it as only Colebrook could,” said Alan Martone, manager of 465 North Main Street LLC. “This property has been family-owned for more than 50 years; we were pleased to see it remain in local ownership. At the end of the transaction, all seven partners were satisfied, and we left as friends — an unlikely outcome for a development that started with a handshake among the previous generation.”

Dill complimented all parties for the cooperation that brought the transaction to fruition. “This was a uniquely collaborative deal,” he said. “Everyone involved, including TD Bank’s facilities management team, were great to work with in the transition to new ownership.”