Two Brookfield office buildings sold at foreclosure auction

By TOM DAYKIN

USA TODAY Network via Reuters Connect

Two Brookfield office buildings have been sold through a sheriff’s foreclosure auction – the latest in a series of similar transactions in that community.

The Pinnacle I and Pinnacle II buildings, at 13890 and 13935 Bishops Drive, are in Bishops Woods office park, north of Interstate 94 and east of South Sunny Slope Road.

The four- and three-story buildings total 166,851 square feet, and were built in 1999 and 2003, respectively, according to LoopNet.Com.

The buildings were sold by an affiliate of Farmington Hills, Michigan-based Friedman Real Estate to an affiliate of Midland Loan Services, a division of PNC Bank. That’s, according to a deed posted online by the Wisconsin Department of Revenue on July 31.

The sale price was $18.3 million.

The transaction is the latest in a series of similar Brookfield office building sales.

Four buildings on Executive Drive, north of I-94 and west of South Moorland Road, have sold at deep discounts in recent years.

That includes the foreclosure sale of three office buildings since 2024.

The Brookfield office market had a 24.5% vacancy rate during the second quarter, according to the latest report from Commercial Association of Realtors-Wisconsin. That compares to a Milwaukee-area vacancy rate of 19.5%.

Meanwhile, Brookfield-based Old Republic Risk Management Inc. recently disclosed plans to move from 445 S. Moorland Road to a new 125,000-square-foot office building that would replace two older office buildings at 400 and 440 S. Executive Drive.

That $61 million development would get $2.57 million in city financing that was recommended for Common Council approval by the Brookfield Community Development Authority on July 28.