Real estate firm Cushman & Wakefield said Friday it arranged the sale of six vacant bank branches since the beginning of 2025 across New Jersey. The properties were acquired by various private buyers for a total of $5,710,000.
Cushman & Wakefield’s Andrew Schwartz, Jordan Sobel, André Balthazard and Dan Bottiglieri represented a variety of regional, and national banks in these dispositions.
“We have closed six bank branch sales since the beginning of the year, with more in the pipeline,” said Sobel. “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.”
The properties are Provident Bank at 425 Route 206 in Hillsborough, Sussex Bank at 399 Route 23 in Franklin, Garden State Community Bank at 473 Route 79 in Morganville, Chase Bank at 179 Market Street in Elmwood Park, Chase Bank at 580 Valley Road in Montclair, and Garden State Community Bank at 171 Broadway in Bayonne.
The sites vary in size and amenities, with some featuring drive-thru lanes, ample parking and strategic locations in neighborhood commercial zones. These properties are near major roads and public transportation, which drew interest from investors and developers.
A Newsweek story said that more than 320 U.S. bank branches were designated for closure in the first 13 weeks of 2025. Among the bank brands closing branches were Flagstar, TD Bank, Wells Fargo and Bank of America. This reflects a change in how people do their banking, with more customers using mobile apps and online banking.
