CHICAGO—Paragon Real Estate has broken ground on a retail project at the southeast corner of Milwaukee Avenue and Artaius Parkway in north suburban Libertyville. They have reached an agreement with specialty retailer Trader Joe's to move later this year into the entire 12,500-square-foot building under construction at 1600 S. Milwaukee Ave. Oak Brook-based Paragon has also begun developing an 8,100-square-foot meant for up to three retailers at the south end of the 3-acre site.
Tom Williams, a managing partner of Paragon, says major employers such as Hollister, CDW and Advocate Condell Medical Center sit just nearby and a Trader Joe's will draw “loyal customers from a wide area and is sure to be a popular and convenient stop for the surrounding workforce. The development has excellent visibility along Milwaukee Avenue, which has a steady flow of consumers driving by.”
A Mariano's Fresh Market, Lowe's, Staples and Starbucks are located directly across from the site, and a Jewel-Osco is located just north of the new development.
Paragon purchased the site in July 2012. “Because of the competitive nature of getting the land under contract, we used all cash for the purchase, which enabled us to close quickly,” Williams says. “As soon as we learned of Trader Joe's interest in the location, we immediately started working with them on a site plan that would meet all their requirements.”
The site includes 130 parking spaces and two monument signs along Milwaukee Avenue, one for Trader Joe's and the other for the smaller multi-tenant retail building.
Beginning last summer, Paragon sought village approvals to develop the site. “The Village of Libertyville has been a big supporter of this development, and the surrounding community has also voiced great enthusiasm for having Trader Joe's come to their neighborhood,” says Greg Van Landingham, also a managing partner of Paragon. “It's a win-win for all parties.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
