Bannockburn office building sold for $29 million

Minneapolis-based Dougherty Real Estate Equity Advisors bought the Bannockburn Corporate Center for $29.25 million, or about $140 per square foot, according to a report Thursday in Crain's Chicago Business.

The buyer of the three-story building at 3000 Lakeside Drive is affiliated with Minneapolis-based financial services firm Dougherty Financial. The price is about $6 million more than the remaining debt on the property, which matured in late 2011 and caused the building to go into foreclosure, Crain's said.

A new fitness center and upgraded conference center are under construction, and the building already has heated underground parking, Crain's said.

A Dougherty spokesman did not immediate respond for further comment.