NJ-Based Fairbridge Properties Buys Warrenville, IL, Office Building
JLL handled the $20.75 million sale of the class A, Cornerstone I at Cantera, a 152,520 square-foot suburban office property.
WARRENVILLE, IL—Princeton, NJ-based Fairbridge Properties purchased Cornerstone I at Cantera, a 152,520-square-foot class A office building that is part of the prestigious Cantera master-planned development, from Northwestern Mutual for $20.75M.
A Jones Lang LaSalle team led by managing directors Jim Postweiler and Peter Harwood and senior vice president Derek Fohl represented Northwestern Mutual in the sale.
“We continue to see strong demand for revitalized suburban office assets. Cornerstone I at Cantera offered an exceptional amenity package in a true class A building and that really drew interest from our investment community,” says Postweiler.
The building is on a 650-acre mixed use site that is part of the Cantera development at the commercial hub of Warrenville. Northwestern Mutual, which previously owned and maintained the building, invested $540,000 in fitness and conference room renovations to enhance the tenant experience. The building also received an Energy Star label in operating efficiency every year from 2010 through 2016, and in 2013 and 2016 was awarded LEED certification at the Silver level.
“This building is a perfect fit for our growing portfolio,” says Dr. Dmitry Gordeev, Fairbridge Properties’ founder and managing partner. “We were attracted to this property given its impressive list of strong, long-term tenants, which will provide a stable cash flow.”
The building is currently 79.6%-leased, and nearly 70% of the building’s leased premises is occupied by tenants who have been there for more than 10 years, which exemplifies the significant tenant commitment.