BMO Harris Bank has sold four of its southeastern Wisconsin bank branch buildings to a Los Angeles-based real estate investment firm for $9.28 million in a sale-leaseback deal.
The branches, located in Brookfield, Elm Grove and Mayville will remain open and have long term leases with BMO, said Patrick, O’Herlihy, company spokesman.
“This is not being viewed as a step toward closure,” O’Herlihy said. “We wanted to take advantage of the attractive real estate market.”
O’Herlihy could not say how many of BMO’s banks would be sold and leased back.
Corporate Partners Capital Group purchased the following locations in the deal, according to state real estate records:
· 2225 N. Calhoun Road, Brookfield for $1.1 million
· 3470 Gateway Road, Brookfield, for $3.6 million
· 900 Elm Grove Road, Elm Grove, for $1.8 million
· 209 Horicon, Mayville, for $2.8 million
According to the company website, Corporate Partners Capital Group is a national real estate investment firm that specializes in the acquisition and operation of predominantly single-tenant, net-leased commercial real estate.
In 2012, BMO announced it would close 24 bank branches, including 17 in Wisconsin. O’Herlihy would not comment on if those closures had taken place or if more were planned.