A Williamsville developer has acquired a former KeyBank branch in Clarence, betting that its location on Transit Road will prove attractive for a new commercial tenant.
Iskalo Development Corp. bought the closed 4,288-square-foot branch at 6525 Transit from Melissa Pazzaglia, paying $640,000.
Iskalo Executive Vice President David Chiazza said the developer does not have any "grand redevelopment plans," calling it "an opportunistic purchase."
"As it is on Transit Road, we think the property could be re-used by another bank," Chiazza said by email. "Or, more likely, it could be a professional office, restaurant or retail space."
The single-story red brick building, with four drive-thru lanes, sits on 1.25 acres between Casey and North French roads, with 200 feet of frontage along Transit and 35 parking spaces. "The parcel has good size and plenty of parking," Chiazza said. "The building is in decent shape and consists mainly of open space."
Built in 1989, it was an HSBC branch until First Niagara Financial Group bought HSBC's upstate New York branch network in 2012, and sold 37 Buffalo-area offices to Cleveland-based Key, which eventually closed the Transit location. Last year, Key bought First Niagara - which had struggled to make the HSBC deal pay off after several years.