La Jolla Firm Buys Coronado Retail Center for $21.5MMonday, July 15, 2013
An affiliate of La Jolla-based Paragon Real Estate Fund has purchased the Coronado Plaza retail complex in Coronado for $21.5 million.
The seller was SCP Coronado LLC, according to a statement from brokerage firm CBRE, which represented the seller. The Paragon acquisition entity is known as PREF Coronado Plaza LLC.
Coronado Plaza was built in 1975 and recently renovated. It is located at 1330 Orange Ave. and encompasses an entire city block across the street from Hotel del Coronado.
The three-story, 49,322-square-foot mixed-use center was fully leased at the time of sale, with tenants including Vigilucci’s Del Coronado, Island Birkenstock and Lavender Day Spa.
Paragon Principal Roberto Jinich said the purchase marked the company’s ninth property acquisition in the past 18 months. The company, founded in 1998, acquires and develops real estate projects throughout the western United States.
— SDBJ Staff Report