Milwaukee-based Park Bank has sold its West Capitol Drive office building for $2.4 million in a sale-leaseback transaction.
The 19,104-square-foot building at 7540 W. Capitol Drive, which includes a branch and offices, was sold to BL-Park Branch LLC of Syracuse, New York on March 21. The LLC is linked to Brookline Development Co. LLC, a commercial real estate acquisition and redevelopment firm that owns more than 2.5 million square feet in eight states.
“This gives us the opportunity to deploy our assets in a different way, which increases the resources we can lend in the community,” said Bob Makoswki, chief financial officer at Park Bank. “We signed a long-term lease that will ensure our continued presence in the neighborhood for years to come.”
The 54-year-old building has an assessed value of $1.6 million, according to city records.
A number of banks have been selling off their real estate in the area to take advantage of the attractive real estate market, bring in additional capital and focus on their core business.
Chicago-based BMO Harris Bank N.A. last month sold branches in West Bend and Brookfield for a net $5 million in a sale-leaseback deal.
Park Bank’s headquarters is located at 330 E. Kilbourn Ave. in downtown Milwaukee. Forty-two employees are based at the Capitol Drive office, which Park Bank acquired in 1988. Park Bank has branches at 330 E. Kilbourn Ave., 7540 W. Capitol Drive and 14870 W. Greenfield Ave. in Brookfield.
