WMG Adds Portfolio of 33 Former Bank Branches For Adaptive Reuse
by Jackie Darkazalli
WMG Development expands adaptive reuse strategy with purchase of 33 former bank branches spanning 6 states across the Southeast.
ORLANDO, FL – WMG Development EVP Curt Frost announces the purchase of a portfolio of 33 former bank branches. The deal closed on March 3, 2021.
These 33 properties are situated in prime retail positions. A large portion of the purchased portfolio will be renovated and repurposed into dental office space. The balance of the properties will be redeveloped for retail tenants or offered to other developers or investors. WMG Development has a history in adaptive reuse of similar asset types, producing 26 other bank property conversions in the past four years.
This recent acquisition allows growing retail tenants to gain prime real estate locations in otherwise saturated markets through their partnership with WMG. The portfolio spans six states and includes markets such as Bradenton, Port St. Lucie, Cape Coral, Leesburg, The Villages, Longwood, Eustis, Clermont, Indian Harbour Beach, Doral, Key Biscayne, Brandon, and Miami Springs in Florida; Athens, Marietta, Douglas, Dawsonville, Buford, and Columbus in Georgia; Forestville, Maryland; Charlotte, North Carolina; Kingsport, Tennessee; and Roanoke, Arlington, Charlottesville, Springfield, and Salem in Virginia.
According to Frost, “This opportunity fits perfectly into our overall acquisition strategy. These high-quality assets not only supplement our nationwide holdings, but also represent some of the best retail positions that would not otherwise be available for new development. We are thrilled we can contribute to a meaningful change in these communities by bringing new use to these properties.”
This acquisition is a significant single transaction investment in WMG Development’s history and was completed within 90 days of inception thanks to the company’s previous experience and trusted business partnerships.