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NEWARK-Commerce Bank has 400 branches in seven states and DC, with almost half of those branches in New Jersey. But the Cherry Hill-based has had no retail presence in the Garden State's largest city, until now. Bank officials say they have acquired a .25-acre Downtown site on which they will build a 4,000-sf, one-and-a-half story branch.
The new branch site is at the corner of Mulberry and Clinton streets, across from the Gateway IV office tower. Commerce bought the site from H.E. Urban Renewal Corp., a local group, for an undisclosed price. Both the buyer and seller were represented in the transaction by Stan Kurzweil, senior vice president in the Somerset office of Colliers Houston & Co.
"Commerce coming to Newark is a valuable expansion of the city's historically vital banking community," Kurzweil says.
"Construction of the self-standing facility begins immediately," says James R. Napolitano, president of Commerce Bank North.
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