Success Stories

Investment Sales:

Yonkers Retail –
Wells Fargo Branch

Abstract:

After years of aggressive expansion, banks have been consolidating branch locations to high traffic roadways and closing neighborhood branches with limited visibility. Wells Fargo hired Admiral to identify an appropriate future use and devise a marketing plan for a former neighborhood branch. The use of the building’s drive-up window required a lease for an additional means of egress from an adjacent property owner. But because the lease had lapsed, use of the drive-up window was not allowed, limiting the pool of potential users. Admiral identified a need for local medical facilities, and the property was sold to a medical group at a significant premium, eliminating the need for the secondary means of egress.

CHALLENGES:

  • The subject property had a long-term lease for a secondary means of access to the property parking lot from a side street, via the lot of an adjacent property owner. The bank let the lease lapse when they closed the branch and the adjacent property owner would not execute a new agreement for access. Without secondary access, the drive-up window could not be used for bank, pharmacy, or fast food use.
  • While drive-up windows will, under most circumstances, add value to properties since they are not easily approved by local government, in this instance it was causing significant difficulties to the marketing and sale of the property.

Solution:

  • The seller was able to sell the property to a medical group at a far superior price than any financial institution, pharmacy, or fast food operator would have been able to offer, and who would have needed the secondary means of access to maintain the drive-thru window.
  • We began marketing the site to physicians and medical groups both locally and regionally, who were looking for locations with the older demographics found in the subject neighborhood.
  • The drive-thru teller window necessitated that the building possess two separate means of egress. By advising the buyer, a medical group, to demolish the drive-thru teller, they were relieved of the need to have a secondary means of access, eliminating the complication with the adjacent property owner.

Client BENEFITS:

  • The seller was able to sell the property to a medical group at a far superior price than any financial institution, pharmacy, or fast food operator would have been able to offer, and who would have needed the secondary means of access to maintain the drive-thru window.
  • We began marketing the site to physicians and medical groups both locally and regionally, who were looking for locations with the older demographics found in the subject neighborhood.
  • The drive-thru teller window necessitated that the building possess two separate means of egress. By advising the buyer, a medical group, to demolish the drive-thru teller, they were relieved of the need to have a secondary means of access, eliminating the complication with the adjacent property owner.