A four-story office building on Bluemound Road in Brookfield was sold to an Illinois group for $10.6 million, according to state records.
Executive Center VI, 400 N. Executive Drive, was acquired by Executive Center VI/Brookfield, LLC which is an affiliate of Northbrook, Illinois-based Arthur Goldner & Associates, Inc.Executive Center Wisconsin LLC, is an affiliate of RAIT Financial Trust, of Philadelphia.
[caption id="attachment_315271" align="alignright" width="351"] 400 N. Executive Drive[/caption]
The property is assessed by Waukesha County at $6.5 million.
The 102,017-square-foot office building is located on the southeast corner of Executive Drive and Bluemound Road. The building was built in 1985 and sits on 7.5 acres.
Tenants in the building include anchor Willis Towers Watson, U.S. Bank, and Neopost.
"Commercial property values have historically held up well in this community, especially along Bluemound Road," said Tom Shepherd, with Colliers International Wisconsin who brokered the deal. "In the office sector, we’re seeing the highest buyer interest in locations that promote ‘walkability’ to services such as shopping, coffee, dining, and fresh groceries. Brookfield Square has really focused on a long term re-development plan that features more density. It is really starting to come together in a positive way, and it will benefit surrounding properties.”
Shepherd and Dan Wroblewski represented the seller in the sale. Colliers was hired to handle the leasing and property management for the new owner.