ENGLEWOOD, NJ-Wells Fargo Bank has relocated its branch from Engle Street to 15 West Palisade Ave. here, says NAI James E. Hanson, which represented the tenant with landlord Treeco/Secrets, LLC.
The long-term lease for 3,780 square feet brings the bank to the heart of the central business district, says NAI Hanson VP Joan Cenicola. “The previous location was a one-way street. It was a tight site, with some onsite parking and a drive-through,” Cenicola tells GlobeSt.com.
With its lease expiring, Wells Fargo wanted to be closer to the business district. Its new location is adjacent to a Shop-Rite supermarket.“This gives them more pedestrian traffic, but also the convenience for those driving to the Shop-Rite,” Cenicola adds.
Cenicola declined to discuss rents, but asking rates in the area range from $12 per square foot to $32 per square foot, according to LoopNet.
The deal could also be a sign that the massive closures of just a few years ago are at an end, she adds. “What we might see in the next year or so are banks picking up efficiencies,” Cenicola observes. “For the most part, closures are behind us, and we are seeing more opportunity.”
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