Green Bay-based Associated Banc-Corp has purchased the land where its existing branch is located at The Corridor development in Brookfield, according to state records.
An affiliate of Associated Bank purchased the land, located at 17595 W. Bluemound Road, for about $2.98 million from Shoppes at the Corridor LLC. The seller is an affiliate of Milwaukee-based Irgens Partners LLC, the developer of The Corridor.
Mark Irgens, chief executive officer or Irgens, said Associated already owned the building, and was leasing the ground underneath it from Irgens. He added the bank had an option to purchase the land in that agreement, and exercised that option.
The sale was completed at the end of October, Irgens said.
The property, which includes the land and building, is assessed at $1.7 million, according to Waukesha County records.
Associated announced in 2016 it would be opening a branch at The Corridor. The branch includes traditional teller stations as well as drive-thru lanes and a drive-up ATM. At the time of announcing the new branch, Associated officials noted the site’s high-profile, burgeoning location that would allow the bank to showcase its new branch design.
The Corridor, a 66-acre mixed-use development is located at the former Ruby Farms site, at the southwest corner of West Bluemound Road and Discovery Drive and just north of I-94. It includes a 125,000-square-foot Life Time fitness building, which is set to open Thursday; shops and restaurants, such as Dick’s Sporting Goods, Five Below, Old Navy, Party City and Portillo’s; a ProHealth Care medical clinic and office building; Holiday Inn Express & Suites and Fairfield Inn & Suites by Marriott hotels; and a site set aside for a seven-story office building.
