By Joshua Burd
Six vacant bank branches in New Jersey have changed hands after a series of deals totaling more than $5.7 million, brokers with Cushman & Wakefield announced Friday.
According to a news release, the properties include 425 Route 206 in Hillsborough, 399 Route 23 in Franklin, 473 Route 79 in Morganville, 179 Market St. in Elmwood Park, 580 Valley Road in Montclair and 171 Broadway in Bayonne. They traded to a series of private buyers, the brokers said, noting that they offer a range of attributes and opportunities for repurposing or redevelopment, with some featuring drive-thru lanes, ample parking and strategic locations in neighborhood commercial zones.
Cushman’s Andrew Schwartz, Jordan Sobel, André Balthazard and Dan Bottiglieri represented multiple regional and national banks in the dispositions. Their combined value was $5.71 million.
“We have closed six bank branch sales since the beginning of the year, with more in the pipeline,” Sobel said. “This series of transactions highlights the strong demand for well-located retail properties in Northern New Jersey, and our competitive bidding process ensured that each site received multiple bids.”
