Bank acquires 26 acres in Falls from developer in lieu of foreclosure

Property owned by affiliate of Douglas Weas

Last updated on May 15th, 2019 at 04:51 pm

Johnson Bank has acquired 26.2 acres of land in Menomonee Falls in a deed in lieu of foreclosure from an affiliate of Milwaukee-based developer Douglas Weas, according to state records filed Tuesday.

The vacant, wooded parcel, located at the northwest corner of West Appleton Avenue and North 124th Street, is valued at $1.75 million, according to the real estate transfer information filed with the state.

The property was owned by HRH Acquisitions LLC. Weas is the registered agent for HRH, according to state records.

Weas and representatives from Johnson Bank did not return emails or phone calls.

Weas completed several large multifamily and office projects in the late 1990s and early 2000s including the $31 million 1522 On The Lake condominium project on Milwaukee’s East Side, which was completed in 2003.

The property acquired by Johnson Bank is located just south of Good Hope Road and Weas’ two Woodland Prime office buildings. In 2000, Weas developed 400 and 401 Woodland Prime in the Woodland Prime Business Park. The 102,000 and 122,000-square-foot, three-story office buildings cost $13.7 million and $15.7 million, respectively.

Matt Carran, director of community development with the Village of Menomonee Falls said Weas never spoke to village officials or submitted plans for the property acquired by Johnson Bank.


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