Derby Cellular Products LLC has sold 150 Roosevelt Drive, a 150,000-square-foot industrial building on a 2-acre parcel in Derby, to an Ohio investment group that plans to reposition the property.

The buyer, TD Development, plans to partially demolish one-third of the two-story building to add on-site parking and renovate the rest before returning it to the market on a for-lease or for-sale basis.

The buyer paid $10,000 to acquire the property, assumed the seller’s $15,000 closing costs and agreed to pay environmental clean-up costs estimated at $675,000. The Naugatuck Valley Council of Governments provided funding for environmental testing.

Alan Fischer of Orange-based Fischer Real Estate Inc. represented the seller and the buyer.

"Valley Council of Government’s Rick Dunne and his team made it possible to get the necessary environmental testing done. With those reports in hand, the buyer was willing to assume complete responsibility for the environmental cleanup of the site, which was a key element to closing this all-cash transaction," Fischer said in a statement.

Derby Cellular, the town’s largest manufacturer, closed in 2009 following its sale to a Georgia company.