Home Industries Real Estate Brookfield office building on Executive Drive sold in foreclosure sale

Brookfield office building on Executive Drive sold in foreclosure sale

By
Hunter Turpin
-
Executive Center IV. Image from LoopNet.

Executive Center IV, a 44-year-old Brookfield office building, has been sold in a foreclosure sale, according to state records. The three-story, 90,000-square-foot building at 235 N. Executive Drive was sold at a sheriff’s auction for $3.5 million to an affiliate of Miami Beach, Florida-based Starwood Mortgage Capital. The property, located just west of Brookfield Square

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Hunter Turpin
http://www.biztimes.com
Hunter covers commercial and residential real estate for BizTimes. He previously wrote for the Waukesha Freeman and Milwaukee Journal Sentinel. A graduate of UW-Milwaukee, with a degree in journalism and urban studies, he was news editor of the UWM Post. He has received awards from the Milwaukee Press Club and Wisconsin Newspaper Association. Hunter likes cooking, gardening and 2000s girly pop.
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Executive Center IV, a 44-year-old Brookfield office building, has been sold in a foreclosure sale, according to state records. The three-story, 90,000-square-foot building at 235 N. Executive Drive was sold at a sheriff's auction for $3.5 million to an affiliate of Miami Beach, Florida-based Starwood Mortgage Capital. The property, located just west of Brookfield Square Mall, has an assessed value of $4.2 million, according to county records. The building was previously owned by an affiliate of Skokie, Illinois-based Lodge Financial, a commercial financing company. The building's tenants include law firm Walcheske & Luzi, real estate developer Homestead Road, marketing agency Agency Next and financial advisor Ameriprise Financial, among others. The Brookfield submarket had an office space vacancy rate of about 20% during the first quarter, according to the most recent report from the Commercial Association of Realtors Wisconsin (CARW).

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