An office building on Executive Drive in Brookfield has been sold at a sheriff's auction, according to state property records.
Located at 300 N. Executive Drive, the 56,800-square-foot building was acquired by a Maryland-based entity, called SBALR 2020-RRL Executive Center V LLC, acting as the special servicer for the defaulted loan.
SBALR 2020-RRL is a commercial mortgage-backed security (CMBS), which are fixed-income investment products that are backed by mortgages on commercial properties rather than residential real estate.
The property sold for $4.8 million, state records show. It had a 2024 assessed value of $4.2 million, according to Waukesha County records.
In December, a Waukesha County judge issued at $7.4 million default foreclosure judgement against the building’s owner, a Milwaukee-based entity called Geneva Office Exchange X LLC.
Built in 1999, the building has about 9,500 square feet available for lease, according to documents from commercial real estate firm
Newark, which handles leasing for the building.
This marks the third office building in the Executive Center office park to face financial troubles in recent years. In April, a building at 200 S. Executive Drive
was acquired n a deed in lieu of foreclosure action. Last year, a building at 235 N. Executive Drive
was sold at a sheriff's auction.
The Brookfield submarket has an office space vacancy rate of 23.3%, according to the most recent report from the
Commercial Association of Realtors Wisconsin (CARW).
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