M & J Wilkow, Ltd. announced the sale of Cantera Meadows, located in the western Chicago suburb of Warrenville, Illinois. Adventus, a Canadian REIT, purchased the asset for $28.4 million.
Cantera Meadows was purchased for redevelopment, along with the Cantera III building, on June 22, 2010 from BP, who planned to vacate the properties as part of their office relocation. The Cantera III building was subsequently sold in 2011 to RR Donnelly for its tenancy. The remaining building, Cantera Meadows, was renovated by M & J Wilkow and marketed as a class A multi-tenant office building.
The eight-story, 203,842 square-foot office building is now 92 percent leased and features amenities including a fitness center, full-service cafeteria, outdoor seating terrace and several conference rooms. The property is located at 28100 Torch Parkway in Warrenville, Illinois.
"Cantera Meadows is an institutional-quality property with attractive headquarters space that offers efficiency combined with high level amenities" said John Wiechart, Vice President of M & J Wilkow. "The renovation attracted a diverse tenant base with average lease terms in excess of eight years and provided the buyer with a secure solid cash-flow from the property in the future." The sale completes a successful three year redevelopment of the Cantera properties by M & J Wilkow.