Village Heart. Picture courtesy of JLL Capital Markets
Paragon Industrial Group has recapitalized Village Heart, a 93,336-square-foot retail asset in Fountain Valley, Calif., with a $17 million everlasting mortgage. The corporate accomplished the financing settlement in partnership with Daiwa Home Texas, a U.S. subsidiary of the Japan-based development firm. CNO Monetary Group Insurance coverage Co. supplied the funds, in keeping with CommercialEdge knowledge.
JLL Capital Markets brokered the transaction, with Managing Administrators Bryan Ley, Geoff Tranchina and Gleb Lvovich engaged on behalf of Paragon.
Paragon bought the property again in 2021 from Martineau Properties for $14.7 million, in keeping with CommercialEdge. Everlake Life Insurance coverage Co. originated a $15 million acquisition mortgage, which was retired by the present settlement.
Inbuilt 1966, Village Heart includes two buildings on an 8.1-acre lot. Anchored by Sprouts Farmer’s Market and Ceremony Help Pharmacy, the property has a various mixture of native and nationwide retailers. The tenant roster consists of Greenback Tree, Subway, Large Tons and Financial institution of America. The asset is 97 p.c occupied.
The buying heart is at 17904 Magnolia St. in Orange County’s Huntington Seashore submarket. Located in an space the place the typical family revenue is roughly $120,000, Village Heart serves greater than 205,000 residents inside a 3-mile radius.
Lincoln Property Co. and Paragon have just lately shaped a three way partnership, underneath which Paragon will function Lincoln’s West Coast retail operator. The partnership’s retail investments are set to incorporate acquisition, redevelopment and ground-up growth of open-air neighborhood and neighborhood facilities.
