NAI Hanson Negotiates Ground Lease to Relocate Wells Fargo Bank in New Milford, N.J.
New Milford, N.J. (January 22, 2019) – NAI James E. Hanson, a leading New Jersey-based full-service independent commercial real estate firm, has negotiated a lease for a pad site at the future home of ShopRite on River Road and Main Street in New Milford, N.J. NAI Hanson’s Joan Cenicola represented the tenant, Wells Fargo, in the transaction.
The lease of the pad site enabled Wells Fargo to construct a brand-new retail building in New Milford and move their current branch in the borough to a centrally located destination to provide more convenient service to their customers. With over 16,000 residents and a median household income of over $75,000 a year, New Milford provides an ideal market and the strong demographics that Wells Fargo looks for as they assess their long-term branch location needs.
“Throughout northern New Jersey, we continue to observe strong demand for new retail assets in under-deserved and well-located markets,” said Cenicola. “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.”
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