Paragon Buys Mixed-Use 1Mission
It's not hard to figure out what part of town this property is located in--the green neon sign says it all (and ensures the building won't get pinched on St Patrick's Day). 1Mission, a mixed-use residential and retailbuilding at 4033 Goldfinch St was sold by an affiliate of developer CLB Partners to Paragon Acquisitions LLC. Yesterday, we chatted with Cassidy Turley San Diego's Michael Burton, who tells us the deal underscores that the city is one of the hotter retail investment markets right now. Cap rates are going down and "there's a lot of money trading hands." Michael repped the seller along with Perry Commercial Real Estate's Linville Martin.
Phase 1 of the Gold Nugget Grand Award and Orchid winner entailed the rehab of a historic building on Washington St, consisting of six restaurant, retail and office spaces, eight restricted-income residential units, and a commercial parking garage. Phase 2 involved the development of for-sale condos which were not included in the transaction. According to Michael, the commercial spaces are fully occupied except for one office vacancy that represents about 10% of pro forma income.