Art Van Furniture made plans to expand into the Chicagoland market. The retailer, which had over 50 stores at the time, focused on five specific markets for their initial Chicago expansion. Knowing Art Van’s specific criteria, Paragon identified a 42,500 square foot former Wickes Furniture building in Batavia, Illinois, one of Art Van’s targeted markets. Paragon worked closely with Art Van’s real estate group to establish rent levels and lease terms that would help Art Van execute their expansion strategy.
Paragon closed on the acquisition of the real estate and structured a mutually accepted lease with Art Van, thus giving them the ability to deploy their capital for future growth. The total project cost was $4.1M.