An affiliate of New York-based Lone Star Funds purchased a 184,712-square-foot office building on Brown Deer Road, near the former Northridge Mall, for $7 million, according to state records.
The two-story office building, located at 7800 W. Brown Deer Road, was built in 1973. It was sold to the Lone Star Funds affiliate by an affiliate of Minot, N.D.-based Investors Real Estate Trust.
The building sold for half of its assessed value of $14 million, according to city records. The building has about 69,539 square feet of vacant space, a vacancy rate of about 37.6 percent, according to loopnet.com.
The area around the former Northridge Mall has struggled with high vacancy rates since the mall closed in 2003.
