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April 18, 2024

Physical therapy owner buys former Milford Bank building for relocation, expansion

Costar 295 Boston Post Road, Milford
By Hanna Snyder Gambini

The owner of a physical therapy and sports medicine facility has purchased a former bank building in Milford where he plans to relocate and grow his practice.

Keith and Glenn Steigbigel, principals of BB 295 LLC, bought the property at 295 Boston Post Road for $1.25 million from Milford Bank in a deal recorded April 11.

Dr. Keith Steigbigel is the owner and operator of Prolete Physical Therapy and Sports Medicine, which has locations in Woodbridge and Milford.

Steigbigel said he plans to relocate his current Milford office, at 247 Broad St., to the newly purchased building by the end of the year. The new facility will include a 3,000-square-foot gym for wellness activities.

With the move, Steigbigel said he plans to expand physical therapy and wellness services, allowing Prolete to take on more patients and staff.

Milford Bank opened that branch in 2010, but announced plans in mid-2023 to close it by the end of last year. It still occupies its main office at 33 Broad St., as well as additional branches in the city. 

“Advances in banking technology have eliminated the need for consumers to visit a nearby branch for most day-to-day transactions,” company executives said at the time of the closure announcement.

The bank purchased the 295 Boston Post Road property in 2009 for $750,000, according to city records.

The 5,100-square-foot building dates back to 1955, and had an appraised value of $1.3 million as of 2021, according to city records. 

Mike Richetelli, of Orange-based Colonial Properties, represented the seller in the deal.
 

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