Chula Vista Retail Property Sells for $9.8 MillionMonday, November 17, 2014
An affiliate of Paragon Real Estate Fund of San Diego has purchased the retail portion of the mixed-use Heritage Town Center in Chula Vista for $9.8 million, according to CoStar Group and public data.
The seller of the 35,864-square-foot retail property, at 1392-1394 E. Palomar St., was Otay Commercial One LLC of Newport Beach. The seller was represented by Joe Yetter and Mike Clark, of brokerage company Cassidy Turley.
The property was built on approximately 1.9 acres in 2002 and was fully leased at the time of sale. It is located within the master-planned community of Otay Ranch.
Founded in 1998, Paragon is led by Roberto Jinich, Ricardo Jinich and Dan Berkus. It has closed on 11 primarily West Coast commercial properties in the past 36 months, according to Chicago Title, which handled title and escrow transactions for the Chula Vista deal.