PREF White Building, an affiliate of the San Diego-based Paragon Real Estate Fund, has purchased an 18,633-square-foot retail property from 105 S. 12th Street, LP for $5.95 million. The deal represents Paragon’s first acquisition in the Philadelphia market.
The property primarily consists of ground floor retail space in the Midtown Village area of downtown Philadelphia. The historic building was originally built in 1867 and renovated in 2006. At close, the retail component was 92% leased to four tenants.
Paragon is a privately-held real estate investment company, led by Messrs. Roberto Jinich, Ricardo Jinich and Dan Berkus. The Firm manages a growing portfolio of stabilized assets through its flagship fund, Paragon Real Estate Fund. The Fund seeks to acquire high quality urban retail and mixed-use real estate throughout the United States.