Paragon Real Estate acquires former Wickes Furniture building in Batavia, IL

:

165 North Randall Road, Batavia, IL

CHICAGO, IL– Paragon Real Estate, one of the nation’s leading commercial real estate developers, has purchased a 42,500-square-foot former Wickes Furniture building at Randall Road and McKee Street in Batavia, Ill.

 The Oak Brook, Ill.-based developer has also executed a lease for the property at 165 N. Randall Road with Art Van Furniture. 

The location is one of several that Warren, Mich.-based Art Van Furniture plans to open in the Chicago area in 2013. The furniture retailer, which operates 36 stores throughout Michigan, plans to take occupancy of the freestanding building this summer.

Tom Williams

 “It’s a great building and location that’s been on our radar for a while,” said Tom Williams, managing partner of Paragon Real Estate. “We were fortunate to work with a tenant such as Art Van Furniture. In the end, we all were able to execute this transaction due to the ease of doing business with Art Van Furniture.”

 The building is shadow anchored by a Target, and a new Chick-fil-A opened adjacent to the property in February. The immediate area also includes a Jewel-Osco, Walmart, The Home Depot, Kohl’s, Trader Joe’s, XSport Fitness and many other restaurants, retailers and banks.

Greg Van
Landingham

 Paragon put the property under contract in late December 2012, executed a lease and completed the purchase within three months. Paragon worked with Signature Bank to meet the seller’s timing requirements and close in a short time frame. “Signature Bank is a great partner to have. They view long-term relationships as more important than the deal at hand.” Williams said.

 Michael Havdala, senior vice president, and Brenton Schrader, associate, of Chicago-based HSA Commercial Real Estate represented the seller, US Bank.

Stan Bobowski and Chris Bobowski, of Naperville, Ill.-based Bobowski Commercial Real Estate represented the tenant, Art Van Furniture.

 “Both HSA Commercial Real Estate and Bobowski Commercial Real Estate were extremely professional, and they demonstrated why they have a proven track record for performance and integrity.

" We had a high degree of confidence that there were not going to be any surprises during the transaction,” Williams said.

 Greg Van Landingham, managing partner of Paragon Real Estate, said Paragon is aggressively seeking to acquire vacant land and buildings. “We have the capital and expertise to close quickly and deliver results for our clients and partners, whether they are large corporations, start-ups, brokers, lenders or property owners.”

For a complete copy of the company’s news release, please contact:

Paula Widholm,

pwidholm@taylorjohnson.com

 773-726-7993

www.theparagoncompany.com.

www.artvan.com