Paragon Acquires Coronado Plaza07/05/13
An affiliate of Paragon Real Estate Fund closed on a significant San Diego retail buy, having paid $21.5 million for Coronado Plaza, a three-story, 49.3k sf ($436/sf) mixed-use center across the street from Hotel Del Coronado. Located at 1330 Orange Ave, the property was 100 percent leased at the time of sale.
Built in 1975 and recently renovated, Coronado Plaza is located on the west side of Coronado Island and encompasses an entire city block. It is prominently located in the heart of the Orange Avenue Retail Trade District across from the entrance of the world famous Hotel Del Coronado and near Coronado Beach.
Coronado Plaza is comprised of three elevator-served levels over underground public parking including two levels of retail space and a top level of executive office suites. Tenants include Vigilucci’s Del Coronado, Island Birkenstock, Lavender Day Spa, Don Michel Salon, Coronado Resort Wear Company, Coronado Shorts Company, The Tavern, La Salsa, Subway and Domino’s Pizza. The property was recently renovated with new storefronts, the creation of a new Paseo facing Hotel del Coronado and the sidewalls were lowered to create a more functional layout.
Reg Kobzi and Joel Wilson of The CBRE Private Capital Group represented the seller, SCP Coronado LLC. PREF Coronado Plaza LLC, an affiliate of Paragon Real Estate Fund purchased the asset with Director of Acquisitions and Development Daniel Berkus handling the transaction for the firm. According to Berkus, Coronado Plaza is a unique investment property.
“With its location across from the Hotel Del Coronado and in the middle of the retail trade district within a competition-constrained market, Coronado Plaza is an irreplaceable asset,” Berkus said.
Paragon’s Principal Roberto Jinich added, “This marks our ninth acquisition in the past 18 months. Coronado Plaza perfectly meets the criteria of our fund of acquiring one-of-a-kind assets for long-term holds.”
Located in La Jolla, Paragon specializes in acquiring and developing real estate projects throughout the Western United States. Since 1998, Paragon has accumulated an extensive portfolio of real estate investments within different asset classes and diverse markets.