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Tuesday, Dec 6, 2022
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Paragon Buys East Village Commercial Block for $34 Million

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.

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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.

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