BMO Harris Bank
on has sold several of its Wisconsin branch properties to an affiliate of San Diego-based Realty Income Corp. in sale-leaseback transactions totaling about $11.3 million, according to state records.
[caption id="attachment_148480" align="alignright" width="337"]
The BMO Harris Bank building in downtown Milwaukee.[/caption]
The transactions were as follows:
- A 0.6-acre land and buildings sale of 623 W. Grand St. in Port Washington for $1.4 million;
- A 0.8-acre land and buildings sale of 2701 W. National Ave. in Milwaukee for $1.6 million;
- A 0.8-acre land and buildings sale of 2440 Four Mile Road in Caledonia for $1.1 million;
- A 1.3-acre land and buildings sale of 1140 W. Main St. in Sun Prairie for $1.8 million;
- A 0.9-acre land and buildings sale of 1202 N. Sherman in Madison for $1.8 million;
- A 0.2-acre land and building sale of 734 Fifth Ave. in Antigo for $971,601;
- A 0.5-acre land and buildings sale of 310 W. Main St. in Wautoma for $782,758;
- A 1.6-acre land and buildings sale of 2850 S. Prairie Ave. in Beloit for $929,740;
- A 0.4-acre land and buildings sale of 25 N. Madison St. in Evansville for $914,935.
BMO Harris plans to keep all of the branches open, and has signed long-term leases as part of each transaction, said Patrick O’Herlihy, a spokesman for the bank.
“Those BMO locations … are part of our recent sale/leaseback initiative, in which we took advantage of the attractive real estate market to sell a property and then lease it back,” said BMO spokesman Patrick O’Herlihy in an email. “This is all about how we are managing our real estate assets, and it has nothing to do with our actual bank operations.”
The company declined to disclose how it will use the proceeds of the transactions.