Investment firm Paragon Real Estate Fund of San Diego has purchased the retail portion of Pasadena Collection, a mixed-use residential and commercial development in that city, for $10.8 million.
The 20,425-square-foot, ground-floor retail area has tenants including National University, Vitamin Shoppe, T-Mobile and Sharky’s Woodfired Mexican Grill, according to the urban retail division of Hanley Investment Group Real Estate Advisors, which represented the buyer and seller.
The seller of the retail property, at South Lake Avenue and Cordova Street in Pasadena, was a Los Angeles-based private investor. Paragon, managed by Roberto Jinich, Ricardo Jinich and Dan Berkus, has closed on 10 West Coast urban retail transactions in the past 24 months, according to Carlos Lopez, president of Hanley’s urban retail group.
Lopez handled the transaction with Hanley senior associate Lee Csenar.