Fifth Third Bank lists historic downtown Holland branch building for $4.5M
Fifth Third Bank is looking to sell its historic branch building in downtown Holland.
The iconic three-story, 25,000-square foot building at 36 E. 8th St. was constructed in 1928 and has a sale price of more than $4.5 million, according to the listing by NorthStar Commercial LLC. The listing includes two additional parcels behind the historic structure that consist of a parking lot and a drive-thru that fronts 9th Street.
Bank officials say staff presence at the location has steadily decreased in recent years as more nearby bank branches in the area have become available.
“For years, we’ve had the discussion about what we should do with this building,” Fifth Third Vice President of Marketing and Communications Scott Strenstrom told MiBiz. “We’re well-branched in Holland, and we have about five other offices. The transaction volume downtown has dwindled.”
The bank has received a “handful” of bids since the property was listed, Strenstrom said.
The Holland listing is the latest in Fifth Third’s recent efforts to sell its legacy properties. The bank sold its downtown Grand Rapids campus at 111 Lyon St. NW in 2016 to CWD Real Estate Investment Inc.
As well, The Hinman Co. in 2018 purchased Fifth Third Bank’s building at 136 E. Michigan Ave. in downtown Kalamazoo. Fifth Third Bank is still a tenant at both locations.
“I’m really excited to see who ends up buying (the Holland) property and what they end up doing.”
Posted By: MiBiz on October 28, 2021. For more information, please click here to read the source article.
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