CalPERS makes eighth investment with Paragon Commercial Group

Paragon Commercial Group and Canyon Partners Real Estate have acquired Village Center, a 92,386-square-foot, multitenant retail shopping center in Orange County, Calif., for $14.8 million. This acquisition marks the eighth investment completed by Paragon and its joint venture with Canyon Catalyst Fund (CCF), the California Public Employees’ Retirement System’s real estate emerging manager program managed by Canyon, and Paragon's third retail acquisition in the past nine months.

The property's tenants currently include Big Lots, Rite-Aid, Dollar Tree and Bank of America. Sprouts Farmer's Market, one of the fastest-growing retail chains in the country, will also join as a new anchor tenant of the center. In connection with the addition of a new grocery store, Paragon plans to institute an extensive capital improvement program that will update and modernize the shopping center, which has not been significantly updated in more than 50 years.

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