An affiliate of Menomonee Falls-based Scion Dental, a dental benefits administration firm, recently purchased the 57,137-square-foot office building at W140 N8981 Lilly Road in Menomonee Falls.
The building was built in 1995 and was originally a customer service center for Strong Funds. It was most recently occupied by Assisted Living Concepts Inc.
Scion Dental bought the building for $2.5 million from Assisted Living Concepts. Kevin Barry of Cassidy Turley Barry represented Scion Dental. Jim Cavanaugh and Matt Hunter of CBRE represented Assisted Living Concepts Inc.
Assisted Living Concepts, which operates 210 senior living facilities in 20 states, was acquired last year by private investment firm TPG. Assisted Living Concepts then moved its corporate headquarters, and about 100 jobs, from Menomonee Falls to Chicago.
Assisted Living Concepts has only maintained a small staff in the Menomonee Falls building since the headquarters move to Chicago.
Scion Dental’s headquarters are located at N92 W14612 Anthony Ave. in Menomonee Falls. The firm has more than 300 employees there and needs more space. As it grows it will expand into the Lilly Road building, said founder and managing partner Craig Kasten.
Kasten is co-owner of five companies in the Menomonee Falls and Mequon area. Some corporate employees that are shared by those companies will also move to the Lilly Road building. Offices from two of his other firms, Vestica Healthcare and American Therapy Administrators LLC, also plan to move to the building, Kasten said.
The sale price for the building was less than its $3 million assessed value, according to Waukesha County records.
“We saw it as an extremely good value,” Barry said.