Paragon’s acquisition philosophy is based on purchasing well-positioned, generally well leased up properties at a discount to replacement cost and adding value to these properties through intensive management and leasing and, where applicable, renovation and redevelopment.
Target acquisitions generally offer the following attributes:
- Located in the Northeast, Mid-Atlantic, and Southeast regions
- Neighborhood, community and regional shopping centers as well as in-fill retail strip centers and CBD retail condos
- Preference for dominant, grocery anchored centers but have acquired shadow anchored, junior anchored, and unanchored centers
- Price Range:
- Focus is on $7,000,000 to $30,000,000 but will consider up to $50,000,000 for individual properties;
- Will go significantly higher for portfolios;
- Free-standing properties or in-fill strips – will consider under $3,000,000
- Value added opportunities may include the following:
- Façade and comprehensive property renovation;
- Lease up of vacant space and/or replacing anchor tenants;
- Upgrading of tenancy mix; or
- Expansion of existing property including developing outparcels and acquiring adjacent land
- High barriers to entry through lack of available competitive sites or restrictive zoning
- 50,000 square feet and above, although smaller in-fill properties will also be considered
- Range of cap rates – Aggressive/Market cap rates based upon property profile and opportunities
Paragon responds quickly to submissions; performs due diligence, management and leasing analysis in-house and works quickly to complete contracts and closings.
Please contact:
Adam Nelson
anelson@paragonct.com