Former downtown Bank Mutual branch sold for $2.3 million

Building is one of 25 locations being sold post-merger

This former Bank Mutual branch on West Wisconsin Avenue is a high-profile parcel in the 27-branch portfolio.

Last updated on May 15th, 2019 at 04:48 pm

An affiliate of Milwaukee-based real estate development firm Endeavour Corp. has closed on the purchase of the former Bank Mutual branch buildings in downtown Milwaukee and on Forest Home Avenue in Greenfield.

State records show that ENDF3DK LLC, an affiliate of Endeavour Corp., purchased the building at 510 E. Wisconsin Ave. downtown for $2.3 million. The property was sold by Associated Banc-Corp., who closed the branch and others in the area after its acquisition of Bank Mutual Corp.

The 17,800-square-foot office building was originally built in 1910. The lot it sits on totals about 8,000 square feet, according to city records.

Endeavor Corp. founder Randall Roth and developer Dennis Klein last summer agreed to purchase two vacant lots and 25 of the 36 branches that Green Bay-based Associated closed as a result of the acquisition of Bank Mutual. Roth and Klein were the winning bidders last June on an RFP the company put out for the 25 branches and two parcels in Oak Creek and Cedarburg.

Another one of those 25 branches was located 8400 W. Forest Home Ave. in Greenfield. ENDF3DK LLC also closed on that location recently, purchasing it for nearly $1.1 million, according to state records.

Associated first announced its intention to acquire Brown Deer-based Bank Mutual in July 2017 and in September identified the 36 redundant branches to regulators. These branches included 28 Bank Mutual and eight Associated branches across Wisconsin.

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Alex Zank, former BizTimes Milwaukee reporter.

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