A Shelton property with an office building on five acres has been sold for $2 million.

Shelton Associates LP sold 2 Research Drive to William Raveis Real Estate. The realty firm plans to renovate the existing 55,000-square-foot structure into a Class A office building and relocate its headquarters there.

The facility was formerly occupied and used by A.O. Sherman and Dresser Industries as research and light manufacturing space.

Chris O’Hara, senior vice president of Coldwell Banker Commercial NRT Inc., represented Shelton Associates in the transaction.

The new William Raveis facility will be near the North American headquarters of Bic Corp., which O’Hara represented when it relocated to its current 1 Research Drive location in Shelton.

Largest family-owned realty firm in region

William Raveis is a real estate, mortgage and insurance company. It is now headquartered at 7 Trap Falls Road in Shelton, not far from the property it just purchased.

William Raveis Real Estate is the No. 1 family-owned realty firm in the Northeast, and the No. 3 largest family-owned real estate company in the United States, according to publicity material.

The company has 3,000 sales associates, managers, mortgage and insurance personnel, and other staff. It generates annual real estate sales of $5.6 billion, 2,500 corporate relocation transferees a year, and a total mortgage volume of $9 billion.

Coldwell Banker founded in 1906

Coldwell Banker Commercial (www.cbcworldwide.com) is a well-known national brand in the commercial real estate industry. The company was founded in San Francisco in 1906 by Colbert Coldwell, who was later joined by Benjamin Banker.

Today, with a network of independently owned and operated affiliates, the Coldwell Banker Commercial organization consists of more than 200 companies and 3,000 employees. The company is based in Parsippany, N.J.