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Paragon Targets Up to $500M in California Retail Acquisitions
El Segundo, CA-based Paragon Commercial Group, LLC is targeting up to $500 million in retail property acquisitions in California within the next 18 months. Roughly $300 million will be devoted towards acquiring retail assets within Northern California, while the remaining targets are SoCal properties.
Paragon’s Jim Dillavou says, “We formed Paragon 10 years ago—during the bleakest time for real estate investment—to acquire retail assets when no one else wanted them. The counterintuitive investment strategy worked well. We are now at a similar point in the retail world where the market has softened and—once again—created great investment opportunities in our sector. Our experience transforming and revitalizing dozens of properties in California tells us that now is a great the time to buy.”
Dillavou notes the company seeks underperforming retail properties that it can redevelop, reposition, and re-tenant to reflect the new realities of the retail world. The acquisition target represents one of the most ambitious by a retail company during this cycle.
*Pictured Escondido Valley Center
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