JV Scoops Up Grocery-Anchored Retail Center

LOS ANGELES—A partnership between Canyon Catalyst Fund and Paragon Commercial Group have partnered together to purchase the Hawthorne Plaza, a 98,000-square-foot retail center on a high profile intersection in Hawthorne, CA. The property is anchored by a Superior Grocery, while the other tenants include Citibank, Taco Bell, AT&T and Starbucks.

“Hawthorne Plaza presented the unique opportunity to reposition an irreplaceable retail center with a necessity goods based anchor,”Erwin Bucy, a principal with Paragon Commercial Group, tells GlobeSt.com. “In today’s market, it is extremely rare to be able to immediately create value through repositioning an anchor tenant at a such a “main and main” intersection.  Hawthorne Plaza is also supported by extremely strong and diverse demographics in addition to city reinvestment along Hawthorne Blvd.”