FOUNTAIN VALLEY, CALIF. — Paragon Commercial Group and Canyon Partners Real Estate have purchased Village Center, a multi-tenant shopping center located in Fountain Valley. An undisclosed seller sold the asset for $14.8 million.
Originally built in 1965 and owned by the same family until this purchase, Village Center features 92,386 square feet of retail space. Current tenants include Big Lots, Rite-Aid, Dollar Tree and Bank of America. Additionally, Sprouts Farmer’s Market is slated to join the roster as an anchor tenant.
The ownership plans to implement an extensive capital improvement program that will update and modernize the shopping center, which has not been significantly updated in more than 50 years.
This acquisition marks the eighth investment completed by Paragon through its joint venture with Canyon Catalyst Fund.