Brown Deer Road office building sold for $7 million

Last updated on May 15th, 2019 at 05:05 pm

An affiliate of New York-based Lone Star Funds purchased a 184,712-square-foot office building on Brown Deer Road, near the former Northridge Mall, for $7 million, according to state records.

The two-story office building, located at 7800 W. Brown Deer Road, was built in 1973. It was sold to the Lone Star Funds affiliate by an affiliate of Minot, N.D.-based Investors Real Estate Trust.

The building sold for half of its assessed value of $14 million, according to city records. The building has about 69,539 square feet of vacant space, a vacancy rate of about 37.6 percent, according to LoopNet.

The area around the former Northridge Mall has struggled with high vacancy rates since the mall closed in 2003.

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Andrew is the editor of BizTimes Milwaukee. He joined BizTimes in 2003, serving as managing editor and real estate reporter for 11 years. A University of Wisconsin-Madison graduate, he is a lifelong resident of the state. He lives in Muskego with his wife, Seng, their son, Zach, and their dog, Hokey. He is an avid sports fan and is a member of the Muskego Athletic Association board of directors.

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