By Joshua Burd
Wells Fargo is set to occupy a newly built retail branch in New Milford as part of a deal announced Tuesday by NAI James E. Hanson.
The real estate services firm said it represented the bank in the lease at River Road and Main Street, where a new ShopRite is in development. The deal will allow Wells to relocate its current branch in the borough to a more central location that can tap into the municipality’s more than 16,000 residents.
NAI Hanson’s Joan Cenicola represented the tenant.
“Throughout northern New Jersey, we continue to observe strong demand for new retail assets in underserved and well-located markets,” Cenicola said. “Much of this demand stems from national and regional chains, such as banks, searching for modern spaces to better serve their existing customers and reach new customers.
“Through working with knowledgeable and experienced local brokers like NAI Hanson, retail operators can ensure that they are provided with the counsel and expertise to properly select sites that meet their local business goals.”