An affiliate of New York-based Sentinel Real Estate Corp. recently purchased the 79,228-square-foot office building in Brookfield that was leased last year to FedEx, which will move the headquarters of its SmartPost division there from New Berlin.
The Sentinel Real Estate Corp. affiliate bought the three-story building, located at 17950 W. Corporate Dr. in the Brookfield Lake Corporate Center, from an affiliate of Hammes Company for $16.75 million, according to state records.
The building, constructed in 1989, has been vacant since 2010 and was formerly occupied by AT&T. The property has an assessed value of $4.45 million, according to county records.
FedEx signed a lease last year for the entire building. FedEx SmartPost, a wholly-owned subsidiary of FedEx Ground, is a residential shipping service designed for online and catalog retailers with last-mile delivery by the U.S. Postal Service. The service focuses largely on high volumes of lighter weight packages whose delivery is less-time sensitive.
