Bisnow Exclusive: SoCal Investor Makes Second Prime ATL Buy
Paragon Real Estate Fund bought The Shops at Metropolis from Jamestown Properties for an undisclosed sum. This marks the San Diego investor's second high-profile urban retail buy in Atlanta.
The 38,600 SF Shops is the retail base of the 21-story Metropolis condo tower at 933 Peachtree St in Midtown, and home to Taco Mac, Orange Therapy, Van Michael Salon, Newk's eatery, and Fado Irish Pub & Restaurant. Cushman & Wakefield's Rob Aldrich and Fain Hicks brokered the sale. When we first reported the story of its listing, experts expected The Shops to trade at a 6% cap.
This is the second Paragon purchase in Atlanta in a year. Last holiday season, the fund bought Alta Glenridge Springs, a 20k SF ground-floor retail project attached to Wood Partners' Alta Glenridge Springs apartments in Sandy Springs for $6.4M. At the time, Paragon's Ricardo Jinich told us his $160M fund was actively scouting the metro area for more urban retail buys. Ricardo highlights Shops Midtown location as a key reason for the investment. “Midtown is arguably the most dynamic urban market in Atlanta, and Peachtree Street is ground zero for retail within Midtown,” he says.