A mostly vacant office building in Brookfield has been acquired by a California investment firm for $3.1 million, according to state property records.
Located at 200 S. Executive Drive and built in 1974, the 131,750-square-foot building has more than 101,000 square feet of space available for lease, according to marketing materials from commercial real estate firmÂ
Newmark.
The transaction came immediately after the building's lender
acquired it in a deed in lieu of foreclosure action earlier this week.
The building had been owned by Milwaukee-basedÂ
Blake Capital Corp. before Texas-based
American National Insurance Co. acquired it.
Shortly after that, an affiliate of Riverside, California-based
Westates Holdings LLC acquired the building. Westates is a real estate investor and developer that focuses on industrial, office, hospitality and retail properties, according to its website.
The company did not immediately respond to request for comment.
Global talent acquisition and management firmÂ
Cielo, formerly known as Pinstripe, was a tenant in the 200 S. Executive Drive building for many years, beforeÂ
moving its headquarters last year to Wauwatosa, with an office at 10100 W. Innovation Drive, a building also occupied by the headquarters for Zywave.
The 200 S. Executive Drive building has an assessed value is just under $9.2 million, according to Waukesha County records.
The building is the second Executive Drive office building to find itself in financial trouble. Last year,Â
Executive Center IV, a 44-year-old Brookfield office building up the street at 235 N. Executive Drive, was sold at a sheriff’s auction for $3.5 million.
