BMO Harris Bank has sold and signed a long-term lease at its branch location in Menomonee Falls for nearly $1.7 million, marking the latest instance of the bank selling its properties in order to take advantage of an “attractive real estate market.”
According to state records, the branch located at N82 W15425 Appleton Ave. was sold to I-Menomonee Falls LLC, which is registered to Milwaukee-based developer ICAP Development.
BMO spokesman Patrick O’Herlihy confirmed the sale-leaseback transaction, and added the sale has nothing to do with the operations of the actual branch.
“It’s simply an opportunity to take advantage of the attractive real estate market,” he wrote in an email. “The terms of the transaction includes a long term lease for the branch.”
Dan Jeserig, senior vice president of acquisitions and development with ICAP, said in an email that the firm has no plans to redevelop the site.
“It is a long-term hold for us,” he wrote.
The Canadian bank, which has its U.S. headquarters in Chicago, has in recent years sold off a number of the properties it owns in the state. Last summer, BMO sold nine Wisconsin branches in sale-leaseback transactions that totaled $11.3 million. And in 2016, it sold and signed leases at 31 of its Wisconsin branches that netted the bank about $45.6 million.
