CalPERS JV buys grocery-anchored property in Sonoma County, Calif.

Paragon Commercial Group and Canyon Partners Real Estate have acquired Washington Square, a 215,761-square-foot, multi-tenant, grocery-anchored retail shopping center in Sonoma County, Calif. A sales price was not disclosed.

This acquisition marks the ninth investment completed by Paragon and its joint venture with Canyon Catalyst Fund (CCF), the CalPERS real estate emerging manager program managed by Canyon, and Paragon’s fifth retail acquisition in 2021.

Washington Square is a dominant shopping destination for Sonoma County that is anchored by one of the top-performing Safeway locations in the Bay Area. The center enjoys very low historical vacancy and features strong junior anchor and shop tenants, including Bank of America, Wells Fargo and WestAmerica Bank, Planet Fitness, Party City, and Pet Food Express. Paragon is in discussions with additional anchor tenants for the one remaining vacant junior anchor space in the center, and the firm plans to institute an ext