Cornerstone I at Cantera, Warrenville, IL
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.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
