Irgens buys Ruby Farm site for $10.17 million

Wauwatosa-based commercial real estate firm Irgens recently purchased the 66-acre Ruby Farms site in Brookfield for $10.17 million, according to state records. The property is located north of I-94 west of Calhoun Road and south of Bluemound Road.

The property was sold by a subsidy of BMO Harris Bank, which took control of the property in 2010 from Brookfield-based V.K. Development Corp. V.K. was the master developer for a $250 million mixed-use project, called Percheron Square, at the site that included plans for office space, retail space, a hotel, multi-family residential units and a health club. But that project never moved forward and it died during the Great Recession, leading to the bank taking back the property.

Irgens is formulating plans for a mixed use development of the property, but no details have been announced.

“There is a lot of work to do in working with all stakeholders in creating a high quality development,” said Mark Irgens, president/CEO and manager for Irgens. “With its location, connectivity to the region, high quality design concept and incorporation of sustainability initiatives throughout the development, we believe the project positions Brookfield as a lead competitor for the region’s next corporate headquarters, new retailers, and beyond.”

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