Paragon Makes Second Foray Into ATL Retail
Paragon Real Estate Fund bought a premier shopping center in the heart of Atlanta's hot Midtown Mile. The project: a 38,600 SF retail center at the base of a 21-story condo tower along the coveted Peachtree Street address, which is home to local favs Taco Mac, Fado Irish Pub & Restaurant and Van Michael Salon. Paragon picked it up for an undisclosed sum from Jamestown Properties, the Atlanta developer known for high-profile developments such as Ghirardelli Square in San Fran and Brunswig Square in LA.
This marks the San Diego investor's second high-profile urban retail buy in Atlanta. 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 the affluent Atlanta suburb of Sandy Springs for $6.4M. At the time, Paragon's Ricardo Jinich told us his $160M fund was actively scouting Atlanta 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.