Paragon Real Estate has purchased a 42,500-square-foot former Wickes Furniture building at Randall Road and McKee Street in Batavia.
The Oak Brook-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.
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.
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.
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-based Bobowski Commercial Real Estate represented the tenant, Art Van Furniture.
Greg Van Landingham, managing partner of Paragon Real Estate, said Paragon is aggressively seeking to acquire vacant land and buildings.