Port Washington State Bank is acquiring the Port Harbor Center in its headquarter’s downtown of Port Washington, Wis.
The building, known as the “dockside deli building,” is adjacent to the $601 million bank’s main campus, and the 20,000 square foot building is home to more than 15 retail and office tenants.
Future plans for the building are under review, but Schowalter noted that one vacant upper unit will become occupied by the bank during 2020.
The transaction was driven by the decision by the former building owners to sell rather than to continue with condo development plans, combined with the bank’s upcoming need for transitional office space during a major lobby remodel planned for 2020.
“We intend to continue the mixed use nature of the building well into the future and are looking forward to getting to know all of the existing tenants of the building,” Schowalter said.
The purchase will allow the bank to continue to keep its corporate headquarters downtown, Schowalter said, and offer flexibility for its ongoing growth.
Schowalter said that the privately negotiated transaction closed on Jan. 8 when the bank purchased the building, parking lot and open green area from longtime owners Jim Vollmar and Don Voight.
“They took great care over the past 20 years to ensure that this building evolved with and complemented Port Washington’s beautiful downtown and marina districts,” Schowalter said.
“We are thrilled to be able to add this wonderful building into our downtown footprint,” said Steve Schowalter, president and CEO.