Paragon Acquires Grocery-Anchored Shopping Center from Long-Term Owners

Paragon Commercial Group has completed the off-market acquisition of a grocery-anchored shopping center in the Tujunga neighborhood of Los Angeles. Located on Foothill Boulevard in northeastern Los Angeles along the foothills of the San Gabriel mountains, the 46,055 square-foot property was acquired from the family of the original developer that had owned and operated the property for more than six decades.

Greg Offsay and Caleb Morrison of illi Commercial Real Estate brokered the transaction, marking the second off-market deal Paragon has made in as many months. The nearly 2.7-acre center is anchored by Smart & Final, a tenant of more than 30 years, and Goodwill, which has occupied the property for 25 years.

“This acquisition is right in the strike zone for Paragon because it is an irreplaceable, grocery-anchored center with decades of tenant loyalty that will benefit from Paragon’s unique hands-on management and leasing structure,” said Mark Harrigian, co-founder and principal of Los Angeles-based Paragon. “Purchasing from long-term owners gives our team the ability to bring a fresh perspective and fresh capital to the property, while preserving the anchor tenancy that has been a foundation of this community for a generation.”

Paragon plans to upgrade physical attributes of the center to better reflect the surrounding community, including the common area, building facades, lighting and signage.

The post Paragon Acquires Grocery-Anchored Shopping Center from Long-Term Owners appeared first on Connect CRE.