Bank of Lancaster picked up a vacant branch on Patterson Avenue. Photo by Michael Schwartz.
A Northern Neck bank has closed on its first two Richmond branch offices.
Bank of Lancaster is moving into a pair of former StellarOne branches on Patterson Avenue and Robious Road. The deal includes a purchase and a sublease and was aimed at nabbing a popular bank branch location.
Colliers International broker Steve Gentil, who handled the deals for Bank of Lancaster, said the company was targeting the West End for its first branch and had hoped to add a Southside outpost later.
“We knew there was going to be less interest on that Robious branch than there was going to be on Libbie and Patterson,” he said. “That’s when we did the linkage, and said we would buy and close Robious and take the lease on Libbie and Patterson.”
Both properties previously housed StellarOne branches. StellarOne owned the Robious location but leased the Patterson Avenue branch, which is owned by Boston-based Branch Water Realty Trust.
Union First Market Bank acquired StellarOne in a deal that closed this May. Union then shuttered 13 branches, including the two that Bank of Lancaster picked up.
The Patterson Avenue property was also home to a BB&T branch before that bank moved into a space next door.
Union has listed the 13 closed branches for sale or lease. The two branches Bank of Lancaster is taking over are the only two local properties in that package. Cushman & Wakefield | Thalhimer brokers Will McGoogan and Austin Newman handled the transactions on Union’s behalf.
Bank of Lancaster paid $950,000 for the Robious Road branch.
Bank of Lancaster is based in Kilmarnock. The company first jumped into the Richmond market in February and leased its first permanent Richmond office at Paragon Place in March. Arnold Blackmon, a StellarOne alum, heads up the bank’s Richmond operations. Blackmon declined to comment on the bank’s new branches.
Bank of Lancaster picked up a vacant branch on Patterson Avenue. Photo by Michael Schwartz.
A Northern Neck bank has closed on its first two Richmond branch offices.
Bank of Lancaster is moving into a pair of former StellarOne branches on Patterson Avenue and Robious Road. The deal includes a purchase and a sublease and was aimed at nabbing a popular bank branch location.
Colliers International broker Steve Gentil, who handled the deals for Bank of Lancaster, said the company was targeting the West End for its first branch and had hoped to add a Southside outpost later.
“We knew there was going to be less interest on that Robious branch than there was going to be on Libbie and Patterson,” he said. “That’s when we did the linkage, and said we would buy and close Robious and take the lease on Libbie and Patterson.”
Both properties previously housed StellarOne branches. StellarOne owned the Robious location but leased the Patterson Avenue branch, which is owned by Boston-based Branch Water Realty Trust.
Union First Market Bank acquired StellarOne in a deal that closed this May. Union then shuttered 13 branches, including the two that Bank of Lancaster picked up.
The Patterson Avenue property was also home to a BB&T branch before that bank moved into a space next door.
Union has listed the 13 closed branches for sale or lease. The two branches Bank of Lancaster is taking over are the only two local properties in that package. Cushman & Wakefield | Thalhimer brokers Will McGoogan and Austin Newman handled the transactions on Union’s behalf.
Bank of Lancaster paid $950,000 for the Robious Road branch.
Bank of Lancaster is based in Kilmarnock. The company first jumped into the Richmond market in February and leased its first permanent Richmond office at Paragon Place in March. Arnold Blackmon, a StellarOne alum, heads up the bank’s Richmond operations. Blackmon declined to comment on the bank’s new branches.