Paragon Commercial Group LLC and Canyon Partners Real Estate LLC announced the sale of Escondido Valley Center, a 92,000 square foot retail anchor property located on approximately seven acres at 1346-1358 West Valley Parkway in Escondido. The mall includes a BevMo, Five Guys, Mike’s Barbecue, and most recently, an Aldi Market.
This transaction represents Paragon’s fourth property that was acquired, repositioned, and exited through its joint venture with the Canyon Catalyst Fund (“CCF”), the CalPERS real estate emerging manager program managed by Canyon.
“Escondido Valley Center is another example of the value-add opportunities we continue to see in the retail marketplace. We acquired this property concurrently with the largest tenant filing bankruptcy and repositioned the center into a vibrant community asset by bringing two new strong national tenants to the property,” said Jim Dillavou of Paragon. “The successful sale of this property illustrates the continued demand we are seeing in the marketplace for well-located assets with robust tenants.”
Originally constructed in 1988 and refurbished in 2017, Escondido Valley Plaza’s largest tenant was Sports Authority, which closed its doors prior to Paragon’s purchase of the property. Paragon later repurposed the former Sports Authority space and re-tenanted it with HomeGoods and Aldi. The property also continues to house pre-existing anchors BevMo!, Staples and East West MMA.
“We continue to have a strong appetite to acquire retail properties where there is an opportunity to revitalize existing urban retail real estate to reflect the realities of the changing retail landscape,” Dillavou added.