July 27, 2017
San Diego-based Paragon Real Estate Fund, LLC acquired Art Center Block, a five-building office property in downtown San Diego’s East Village from Carleton Management Inc. and The Downtown LLC for $34 million. The 132,854-square-foot property occupies a full city block, with buildings ranging in size from one to four stories that were built between 1924-1971.
The NewSchool of Architecture and Design occupies 51% of the total office building square footage. The balance of the office space is 97% occupied by several creative office tenants.
CBRE’s Kevin Mulhern and Rachel Parsons represented the seller. CBRE’s Scott Peterson and Bill Chiles arranged a $23.6-million short term, floating loan on behalf of Paragon Acquisitions LLC through Guggenheim.
“Owning an entire city block in downtown San Diego’s largest and fastest growing neighborhood is a rare opportunity with tons of potential,” said Mulhern.
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