CALIFORNIA – Paragon Commercial Group will invest US$500 million in retail properties across California within the next 18 months, officials announced Thursday.
The Los Angeles-based company is planning to deploy US$300 million in the acquisition of retail properties in Northern California and US$200 million in Southern California.
“The counterintuitive investment strategy worked well. We are now at a similar point in the retail world where the market has softened and — once again — created great investment opportunities in our sector”, said Paragon´s co-founder and principal, Jim Dillavou.
In a follow-up conversation with Bisnow, Dillavou said his company plans to acquire a portfolio of well-located, daily trips-driven retail centers.
“These assets are convenience-oriented anchored shopping centers that serve a specific trade area and demographic, which allows us to merchandise the assets to match the local consumer demand,” Dillavou said.