April 21st, 2017 6:02 PM by Nour Ailan
A four-story office building fronting on West Blue Mound Road in Brookfield sold last week for $10.6 million in a deal between two out-of-state investors.
The Executive Center VI building has 102,017 square feet at Executive Drive and Blue Mound Road, near Brookfield Square mall. An affiliate of Arthur Goldner & Associates Inc. bought the building for $10.6 million, according to a Monday announcement from Milwaukee real estate firm Colliers International/Wisconsin. Arthur Goldner, of Northbrook, Ill., previously owned the nearby Executive Center III office building.
"Due to all of the recent retail development activity, Brookfield has had a surge in demand for buyers seeking long-term investment properties,” said Tom Shepherd, partner in Colliers International/Wisconsin. "Commercial property values have historically held up well in this community, especially along Blue Mound Road.”
The Brookfield building is more than 95 percent occupied, according to a listing created in September and posted on the real estate website Loopnet. Willis Towers Watson is an anchor tenant, along with U.S. Bank and Neopost. Willis leased 26,000 square feet in the building in 2012 and moved about 110 employees there from Wauwatosa.
Shepherd and Dan Wroblewski of Colliers represented the seller, an affiliate of RAIT Financial Trust. The Philadelphia company acquired the Brookfield building in 2009. RAIT Financial also recently hired Colliers to list for sale its blue office building at 310 W. Wisconsin Ave. in downtown Milwaukee, which formerly was called the Henry S. Reuss Federal Plaza.
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