Paragon Sells Retail Outparcels in 1031 Exchange

Accomplished in 1974, Citrus Touchdown not too long ago underwent a beauty renovation. Picture courtesy of Paragon Industrial Group

Paragon Industrial Group has offered 5 retail outparcels at Citrus Touchdown, a 124,904-square-foot grocery-anchored buying heart in Riverside, Calif., in a 1031 change. Personal buyers from San Diego and Newport Seashore bought the outparcels for $43.6 million, based on public data.

Hanley Funding Group Actual Property Advisors brokered the transaction, with Government Vice President Kevin Fryman and President Ed Hanley representing the 1031 change consumers. REZA Funding Group Inc. labored on behalf of the vendor.

The 5 exterior pad and outparcel buildings embody 25,916 sq. ft on 5.46 acres and are shadow-anchored by Stater Bros. Markets, Ross Costume For Much less and AutoZone, which collectively occupy a 96,422-square-foot constructing that wasn’t a part of the sale. The tenant roaster consists of nationwide and regional retailers reminiscent of Chick-fil-A, Carl’s Jr., Fast Quack Automotive Wash, Arrowhead Credit score Union, Panda Categorical, Café Bottega and Pacific Dental.

Positioned at 6061-6221 Van Buren Blvd. and 7280 Arlington Ave., the outparcels are in an space the place common every day visitors reaches between 22,089 automobiles and 53,848 automobiles. Citrus Touchdown is close to Riverside Freeway, which offers direct entry to downtown Los Angeles. Riverside Municipal Airport and Riverside Flight Academy are inside a 1-mile radius.

Paragon bought Citrus Touchdown in 2020 from Primestor Growth for $13.4 million, based on CommercialEdge information. Accomplished in 1974, the property not too long ago underwent a beauty renovation.

Paragon has not too long ago recapitalized Village Middle, a 93,336-square-foot retail asset in Fountain Valley, Calif., with a $17 million everlasting mortgage.