Chicago-based BMO Harris Bank N.A. has sold two of its southeastern Wisconsin branches in sale-leaseback transactions.
[caption id="attachment_148480" align="alignright" width="361"] The BMO Harris Bank building in downtown Milwaukee.[/caption]
The 5,000-square-foot West Bend branch at 321 N. Main St. was sold for $1.75 million, and the 20,000-square-foot Brookfield branch at 3155 N. 124th St. was sold for $3.6 million. Both were sold to Syracuse, New York-based BL-Branch Group One LLC, according to state real estate records.
The bank said the sales were part of its sale-leaseback initiative, and it has signed long-term leases on both.
“We decided to sell these two properties to take advantage of the attractive real estate market,” said Patrick O’Herlihy, spokesman for BMO Harris Bank. “They are absolutely staying open, as this initiative is all about how we are managing our real estate assets, and it has nothing to do with our actual bank operations.”
Also part of BMO’s sale-leaseback initiative was the sale in August of three office buildings in Brookfield for a total of more than $10 million.