Paragon Commercial Group Continues Expansion of Retail Portfolio with Grocery-Anchored Acquisition in Sonoma County, California
Washington Square is a popular shopping destination for Sonoma County which is anchored in one of the best performing Safeway locations in the Bay Area. The center has very low historical vacancies and has strong young anchor and shop tenants including Bank of America, Wells Fargo and WestAmerica Bank, Planet Fitness, Party City and Pet Food Express. Paragon is in talks with other anchor tenants for the still vacant junior anchor area in the center and is planning an extensive capital appreciation program to modernize and modernize the shopping center.
“The expansion of our retail portfolio in 2021 continues to show that neighborhood-facing retail is a high performing subsector within the broader retail category,” said Jim Dillavou, Director, Paragon. “As we modernize the center over the next 18-24 months, our number of shop tenants will grow and we expect this center to become the neighborhood center of choice Petaluma, a key market within Sonoma County. “
“This property has been on Paragon’s radar for some time because of its accessible location and robust tenant directory,” said Patrick McGaughey, Director of Investments for Northern California for Paragon. “We would like to thank you Roman welcome and Bill Palmer from Palmer Capital and the entire sales team for a smooth transaction. We look forward to leveraging our local market expertise to deliver the business plan developed for this asset. “
Originally developed in 1971 and owned by the same company for 35 years, the property is located on the busy corner of South McDowell Boulevard and East Washington Street on the North Bay Retail Corridor.
About Paragon Commercial Group LLC
Paragon Commercial Group acquires, develops, and manages high quality, value-added retail investments anchored by world-class retailers in high-entry markets that deliver attractive risk-adjusted returns for Paragon investors and stakeholders. Paragon strives to create value everywhere through socially responsible and sustainable development and through close collaboration with its constituencies and communities California.
About Canyon Partners Real Estate LLC
Canyon Partners Real Estate LLC® was founded in 1991 and is the direct investment arm of Canyon Partners, LLC, a global alternative asset manager with over $ 27 billion in assets under management. With 30 years of experience, Canyon has built a broad spectrum of real estate investment capacity spanning debt, value creation, and opportunistic strategies across property types, US regions, and project stages (including development, transition, and distressed / workouts). More information is available at: www.canyonpartners.com
Via Canyon Catalyst Fund
The Canyon Catalyst Fund is a discretionary separate account managed by Canyon on behalf of the California Public Employees’ Retirement System that facilitates investing by identifying aspiring real estate managers with niche strategies, a proven track record, and strong potential for access to unique investment opportunities . This platform is designed to nurture the next generation of institutional real estate talent, and Canyon, in his role as Account Manager, seeks, selects and manages talent while maintaining oversight of all platform investments.
Media contact:
Canyon Partners Real Estate:
Kris Cole
Prosek partner
310.614.9208
[email protected]
SOURCE Canyon Partners LLC
