What do you do with a former bank branch?
With 100 banks shut down this year and counting — the commercial real-estate market is littered with former banks. In fact, CB Richard Ellis [ CBG 14.04
+0.21 (+1.52%) ] is currently running an ad in the Wall Street Journal to try to move former bank branches in Atlanta.
Branches that are in a prime location may get scooped up by other banks, but in this economy, that’s not a guarantee.
“Banks are a lot choosier these days,” said Mark Bennison of Trillium Realty Advisors, which is currently listing a bank back-office location in western New Jersey.
So, real-estate agents are being forced to get creative on how to market the spaces.
Banks have been converted into all sorts of businesses, from pizza parlors to bars, hotels, event spaces and retail stores.
In Skowhegan, Maine, Michael Hunt and Matthew DuBois decided to acknowledge their location’s banking roots when they opened a bakery in a former bank building, calling it “The Bankery.” But oh, they didn’t stop there. They've preserved a lot of the original bankiness of the place, displaying vintage ads, safety-deposit boxes and other "nostalgic memorabilia" from the bank.
And — wait for it — their tagline is: “A Deposit at The Bankery is sure to yield a sweet return!”
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