A year ago, a vacant dentist office stood at 6141 Sherry Lane in the Preston Center in Dallas. Today, it’s three weeks away from being a bank branch with a passing lane, but without any branding.
It is a 6,039 square foot specification building from the Dallas developer Bandera Ventureswho successfully sold bank branches that brought in large sums to banks wishing to establish themselves in the growing Dallas-Fort Worth area.
“When you look at the top 500 banks in the United States, the ones that aren’t already in Texas come because banks go where people go,” said Hunter Lee, a partner at commercial real estate firm HPI, which helps to sell the building.
D-FW has seen the largest population increase over the past decade of any metropolitan area in the United States, with a 19% increase that added 1.2 million people, according to the United States Census Bureau. Relocations and business expansions are driving much of this growth.
In turn, there has been a great migration of banks into the region, competing to win retail and consumer banking business.
Bandera previously sold the property across the street at 6150 Sherry Lane to BNY Mellon Wealth Management. The developer also has a bank branch at 5820 W. Northwest Highway available for lease.
The Sherry Lane property is surrounded by a number of banks that wanted to have a presence at Preston Center, including Comerica, Veritex, First United Bank and BNY Mellon. A brochure for the property says the average household income in the area is $200,000 and lists 32 banks present, including Bank of America, Bank of Texas, Chase Bank and Wells Fargo.
HPI writes that the building will be “the newest addition to the Metroplex’s most desirable retail banking site, Sherry Lane.”
“People who want a retail banking presence in the region want to start at Preston Center and work from there,” Lee said.
The two-story building which includes about 1,500 square feet of first-floor lobby and about 4,600 square feet of second-floor office space has attracted “a lot of interest” from banks, he said. declared.
“The proof is in the pudding. Look at all the top 100 banks here at Preston Centre,” he said.
PNC North Texas Regional President Brendan McGuire received a Sherry Lane property brochure. He said while consumers are turning to digital banking, banks still need physical locations when consumers want to speak to someone face-to-face.
“We surveyed consumers and it’s funny because even if they don’t go to the branch regularly, they want this option,” he says.
Last year, 1,000 new bank branches opened in the United States while nearly 4,000 closed, a network of 2,927 closed branches, according to S&P Global Market Intelligence The data. Texas saw 105 net bank branch closures.
While some banks are consolidating their physical footprint, there are still more than 80,000 active bank branches in the United States
JPMorgan Chase opened the most branches in 2021 with 169 new locations compared to runner-up Bank of America, which opened 53 locations. JPMorgan wanted a location in the contiguous 48 states. Marianne Lake, co-head of consumer and community banking at JPMorgan, told S&P that the openings show the bank is investing in communities for the long term.
“When we enter a new market and start serving that community, it’s not just about the consumer franchise. It’s about bringing the full faith and strength of JPMorgan Chase to this community,” she said.