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Paragon Commercial acquires grocery-anchored shopping center in Tujunga
The nearly 2.7-acre center totals 46,055 square feet and is anchored by Smart & Final and Goodwill, with Paragon planning upgrades to common areas and signage.
Paragon Commercial Group has completed an off-market acquisition of a grocery-anchored shopping center in Los Angeles' Tujunga neighborhood, according to ConnectCRE.
The property is located on Foothill Boulevard along the foothills of the San Gabriel mountains. The 46,055-square-foot, nearly 2.7-acre center was purchased from the family of the original developer, which owned and operated it for more than six decades.
ConnectCRE said illi Commercial Real Estate brokers Greg Offsay and Caleb Morrison handled the deal, which Paragon described as its second off-market acquisition in as many months.
The center is anchored by Smart & Final, a tenant for more than 30 years, and Goodwill, which has occupied the property for 25 years. Paragon plans to upgrade physical attributes including common areas, building facades, lighting and signage, aiming to bring a fresh perspective and capital while preserving the long-standing anchor tenancy.