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.
