Two Milwaukee developers won the bidding to buy 27 properties from Associated Bank, many of them former Bank Mutual branches.

It’s an expansive and unusual real estate portfolio with more than 100,000 square feet of buildings and 20 acres to be either re-leased to new businesses, or be completely redeveloped. One is on East Wisconsin Avenue in downtown Milwaukee.

Associated Banc-Corp put them on the market for sale this spring after completing its $482 million acquisition of Brown Deer-based Bank Mutual Corp. 

Under the sale agreement with Associated Bank, other financial institutions cannot open in the buildings before September 2019.

The portfolio includes 11 locations in the metropolitan Milwaukee area, four are in the Madison area, 10 are outstate in Wisconsin, and one is in Woodbury, Minn.

Read more in the Milwaukee Business Journal.