Chancellory Park II, a three-story, 85,000-square-foot office building at 350 N. Sunny Slope Road, Brookfield, sold recently for $13.95 million, or $164.11 per square foot, according to the Waukesha County Register of Deeds office. The building has an assessed value of $11.873 million, according to Waukesha County records.
The sale was announced last week, but the sale price was not disclosed.
37TR LLC, a private investor from California, purchased the building from 350 North Sunny Slope Road Holdings LLC.
The building is fully leased to New York-based Thompson Reuters Corp.
The seller was represented by Kenneth Braden of Milwaukee-based Cassidy Turley Barry, and Michael Hanrahan and Paul Hilton of St. Louis-based Cassidy Turley. The buyer was represented by Craig Tomlinson of Tulsa, Okla.-based Stan Johnson Co.
The sale was completed as part of a 1031 exchange, a section of the federal tax code that allows capital gains taxes for a property sale to be deferred if the proceeds from the sale are used to purchase another property of equal or greater value. The buyer recently sold a large multi-family residential building in California, Braden said.
