Midwest

BATAVIA, ILL.— Paragon Real Estate has purchased the 42,500-square-foot former Wickes Furniture building in Batavia, a suburb of Chicago. The Oak Brook, Ill.-based developer has also executed a lease for the property, located 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, which opened adjacent to the property in February. Michael Havdala and Brenton Schrader of Chicago-based HSA Commercial Real Estate represented the seller, US Bank, in the transaction. Stan Bobowski and Chris Bobowski, of Naperville, Ill.-based Bobowski Commercial Real Estate represented the tenant, Art Van Furniture.

WARRENVILLE, ILL. — The Boulder Group has arranged the sale of a single-tenant Bank of America ground lease, located at 28301 Diehl Road in Warrenville, for $3.4 million. Bank of America is the sole occupant of the 4,500-square-foot retail building, which was developed in 2003. The bank’s lease had 11 years remaining at the time of sale. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a high net-worth individual, in the transaction. The buyer was a Chicago-based private individual in a 1031 tax-deferred exchange.