$1.9 million sale could lead to development

By JOE VANDELAARSCHOT - Daily News

June 4, 2015

 Cars begin to fill in the parking lot Wednesday morning near the Associated Bank on Mequon Road in Germantown. The owner of the strip mall where the Associated Bank is located sold the building to the bank for $1.9 million. The money from the sale will be invested into the mall.  
John Ehlke/Daily News


GERMANTOWN - About $1.9 million from the sale of a commercial property in Germantown to Associated Bank by Compass Properties could help attract businesses to property adjacent to Germantown Marketplace.

Compass Properties Vice President Sheldon Opperman said Associated Bank recently agreed to purchase the property it had been leasing from his company on the Marketplace campus. The bank’s building is part of the development at the intersection of Mequon Road and Squire Drive and adjacent to Pick ’n Save grocery store. The sale and the price paid are public records.

Germantown Marketplace is a retail center that covers about 140,000 square feet.

“The bank has been located there for some time, but the opportunity came about to sell the property to them which means we can invest more into other property there and develop it,” Opperman said. “There’s going to be some exciting things happening there.”

Opperman said he’s been waiting for final signatures on an agreement so he could announce plans.

“There’s a strong likelihood there will be some new businesses,” Opperman said. “We want to make some improvements. I can’t name any names until the signatures are dry, but the public should be pleased.”

Germantown Village President Dean Wolter said several months ago officials from Compass Properties had talked with the village about additional development.

“They had talked about wanting some addition access to Mequon Road from their property and possibly the addition of a restaurant or some other business near there,” Wolter said. “We were willing to give some approvals with some conditions, but we’ve not talked about it for a while.”

Associated Bank Corp. Director of Public Relations Cliff Bowers said the bank will not change at the Germantown location because of the sale.

“We were leasing the property and Compass approached us with an opportunity to buy the location, which made financial sense,” Bowers said. “We just took advantage of an opportunity that presented itself.”

Tenants in Germantown Marketplace include Pick ‘n Save, Dollar Tree, Starbucks, Cost Cutters and Jimmy John’s Gourmet Sandwiches.