San Diego-headquartered Paragon Real Estate Fund and its affiliates have acquired a full city block of properties in downtown’s East Village, known locally as the Art Center Block, for $34 million, the company announced.
A Paragon spokesman said the company does not have specific current plans for the properties, and is keeping its options open. Properties within the block – bounded by Park Boulevard, 13th, F and G streets -- are primarily leased to NewSchool of Architecture and Design.
The sellers in the transaction were Art Center Lofts LLC, an affiliate of San Diego-based Carleton Management Inc.; and The Downtown LLC.
According to its website, the buying entity is part of Paragon Management Company LLC, which is based in University Towne Center and invests in urban-infill commercial properties nationwide.
According to brokers, the sellers in the recent deal were represented by Kevin Mulhern and Rachel Parsons of CBRE Group Inc., and CBRE’s Scott Peterson and Bill Chiles arranged a loan on behalf of the buyer.
Brokers said the five office buildings in the deal range from one to four stories and were built between 1924 and 1971.