SOURCE: Paragon Management Company, LLC

December 06, 2007 19:25 ET

Paragon Acquires Santa Fe Square Power Retail Center in Mesa, Arizona

LA JOLLA, CA--(Marketwire - December 6, 2007) - Paragon Management Company announced today that it has acquired Santa Fe Square shopping center, a neighborhood retail center in Mesa, Arizona.

Santa Fe Square is a 372,000 sq ft shopping center located at the northwest corner of Southern Avenue and Gilbert Road, one mile north of US-60 in Mesa, Arizona. The intersection consists of 700,000 sq ft of retail space and is the first power intersection east of Fiesta Mall. Access to the center includes convenient ingress/egress at multiple points along Gilbert and Southern.

The shopping center is ideally located on a high traffic retail corridor with over 77,000 cars passing through the intersection of Southern Avenue and Gilbert Road daily. Santa Fe Square is shadow anchored by a Target store and is currently occupied by 39 tenants including H&R Block, Jo-Ann Stores, Allstate, and Farmers Insurance. Many of the current leases are below current market rents, allowing the Sponsor to re-lease the property at market rents. Paragon has already executed leases with Pure Fitness for the 30,000 sq ft corner anchor space, AutoZone and Tesco's Fresh & Easy. Santa Fe Square represents an excellent value add opportunity to acquire an infill property below replacement cost in the growing and dynamic Phoenix Metropolitan area.

Paragon Management Company, LLC, located in La Jolla, California, is a real estate investment firm that acquires, develops, redevelops and manages commercial and residential real estate in Western United States markets. Paragon specializes in real estate investments targeted to the growing Hispanic population and has emerged as a regional leader in this sector.

Paragon Management Company, LLC has been developing and acquiring residential, commercial and industrial real estate in the Western United States since 1998. Paragon currently has over $250 million of real estate under ownership/management and a development pipeline of over $150 million. Paragon's principals have extensive experience in real estate finance, acquisitions, deal structuring, development and construction with a long history and track record in Mexico (having executed projects in every single state in Mexico) and for the last 9 years in the US. Paragon's principals are Roberto and Ricardo Jinich. They are members of the San Diego Hispanic Chamber of Commerce.

The Paragon Group is uniquely positioned to realize the value potential of Santa Fe Square. It has experience in the lease-up and repositioning of retail properties, and is familiar with the Phoenix retail market. Paragon owns and manages nearly $75 Million in real estate in the Arizona market, and Santa Fe Square is a positive addition to its portfolio. Speaking of the new acquisition, Co-Founder of Paragon Management Company Roberto Jinich said, "We are very excited about our first foray into the Phoenix market; we view this acquisition as a first step and we look forward to a long term, successful presence there."

Paragon adds value at all stages of the investment cycle. They begin with an exhaustive due diligence of the property before investing, including a thorough revision of legal, physical, environmental, accounting and financial issues. Paragon has an investment horizon of 5 years to execute the business plan and to maximize the value of the investment.

Additional information can be accessed through the Company’s Web site at If you have additional questions, please contact the Company via e-mail at or call (858) 535-9000.

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