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City Block Goes to Paragon for $34M

A joint venture sells the Art Center Block consisting of five office buildings totaling 132,854 square feet in Downtown San Diego’s East Village, a continuously growing neighborhood.

The Art Center Block The NewSchool of Architecture and Design occupies 51% of the total office-building square footage at the Art Center Block, a full city block bounded by Park, 13th, F and G sts.

SAN DIEGO—A joint venture between Carleton Management Inc. and the Downtown LLC (Bishop Family) has sold the Art Center Block for $34 million to Paragon Real Estate Fund LLC. The property consists of five office buildings totaling 132,854 square feet in Downtown San Diego’s East Village, a burgeoning neighborhood.

CBRE’s Kevin Mulhern and Rachel Parsons represented the seller, while the firm’s Scott Peterson and Bill Chiles of the Capital Markets’ Debt & Structured Finance team arranged a short-term, floating loan on behalf of Paragon Acquisitions LLC for $23.6 million through Guggenheim.

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Carrie Rossenfeld

Carrie Rossenfeld

Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.

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