LOS ANGELES, Aug. 1, 2023 - JLL Capital Markets announced today that it has successfully assisted Paragon Commercial Group with the recapitalization of Village Center, a recently re-developed, 93,336-square-foot, neighborhood-serving, grocery- and drug-anchored center in Fountain Valley, California. Paragon recapitalized the property with Daiwa House Texas, a US subsidiary of the largest construction company in Japan.
In 2022, the seller completely renovated the asset, which is now anchored Sprouts Farmer's Market and Rite Aid Pharmacy and was 97% leased at closing. Additional occupiers of the center include national tenants, such as Dollar Tree and Subway, along with a variety of local neighborhood-serving restaurants and service tenants. Additionally, it was recently announced that Dutch Bros, a popular drive-through coffee chain, will soon be opening its first Orange County location in the center.
Village Center is positioned on an 8.11-acre site at 17900 Magnolia St. in Fountain Valley, Orange County. More than 205,000 residents reside within three miles of the center, and the average household income is nearly $120,000.
"We have received overwhelmingly positive feedback from the community on the recent redevelopment of the center," said Erwin Bucy, Principal of Paragon Commercial Group. "We especially want to thank Sprouts, the City of Fountain Valley and the Daiwa House teams for their collaborative and responsive engagement that allowed us to move quickly to bring this new community amenity to the neighborhood."
JLL's Capital Markets team representing the seller was led by Managing Directors Bryan Ley, Geoff Tranchina and Gleb Lvovich.
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Jones Lang LaSalle Inc. published this content on 01 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 August 2023 15:29:59 UTC.
