PREF LaSalle, an affiliate of the San Diego-based Paragon Real Estate Fund, has acquired the retail component of the historic 11 South LaSalle Building from The Prime Group for $16.05 million. This deal represents Paragon’s first acquisition in the Chicago market.
The property is located in the Central Loop submarket of downtown Chicago and comprises approximately 13,000 square feet of ground floor retail space. The historic building was originally constructed in 1915, expanded to its current 35-story height in 1925, and converted to a 381-room hotel and retail space in 2015. At close, the retail property was 93% leased.
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.