CUPERTINO, Calif.--(BUSINESS WIRE)--Paragon Commercial Group, LLC (Paragon), one of Southern California’s most prolific retail development firms over the last 5 years, announced today that it has acquired a high volume shopping center on approximately 9.1 acres, located at 20745 Stevens Creek Boulevard in Cupertino, California. Globally known as the location of Apple Inc.’s headquarters, Cupertino is one of Silicon Valley’s iconic cities. With a population of approximately 58,000 people, Cupertino is one of America’s wealthiest cities and was recently ranked by Forbes Magazine as one of America’s most educated small towns.
The high profile property contains a 128,000sf single-use tenant structure which is leased by the Target Corporation, and has historically been one of the nation’s top producing Target Stores. The closing of this acquisition marks Paragon’s formal entry into the Northern California market. The company currently owns and operates a portfolio of noteworthy and highly trafficked retail properties in Southern California.
“This is a marquee Silicon Valley property in one of the nation’s most competitive real estate markets. Acquiring a property of this caliber clearly demonstrates our commitment to building a lasting presence in the Northern California market,” said Jim Dillavou, Principal of Paragon. “We are currently assessing additional acquisitions throughout Northern California and we expect to announce further acquisitions in the region prior to the end of this year.”
Located in the close vicinity to Apple’s campus and approximately one mile from Apple’s under-construction global headquarters expansion, the shopping center is situated in Cupertino’s “Heart of the City Specific Plan” which is designated as the City’s most important commercial corridor. The specific plan’s purpose is to guide future development and redevelopment of Stevens Creek Boulevard Corridor to create a greater sense of space and community identity while developing a “Heart of the City,” compromising a collection of pedestrian-inclusive gathering places.
“This acquisition is consistent with our strategy of acquiring high-quality retail properties for long term investment. We were attracted to the quality of the real estate, the quality of the existing tenancy and the numerous developmental options available when deciding the future use of this prime retail site,” added Dillavou.
Paragon currently owns, develops, and manages a significant portfolio of retail properties throughout Southern California including Playa Vista, Woodland Hills, Rancho Mirage, Carson, Van Nuys and Downtown Los Angeles. Paragon’s properties are anchored by best-in-class retailers including Whole Foods, Gelson’s, Walmart, Toys R Us, Superior Grocers, and Office Depot.
The Cupertino property was acquired from a private seller. Craig Zarro with Preferred Capital Advisors served as Paragon’s mortgage advisor on the acquisition.
About Paragon Commercial Group:
Paragon Commercial Group acquires, develops and manages high-quality, value-add retail investments anchored by best in class, creditworthy retailers in high barrier to entry markets providing attractive risk-adjusted returns to Paragon’s investors and stakeholders. Paragon strives to create profits through socially responsible and sustainable development and by working closely with municipalities and constituencies to develop assets for long term ownership.