Paragon Sells Retail Outparcels in 1031 Exchange

Completed in 1974, Citrus Landing recently underwent a cosmetic renovation. Image courtesy of Paragon Commercial Group

Paragon Commercial Group has sold five retail outparcels at Citrus Landing, a 124,904-square-foot grocery-anchored shopping center in Riverside, Calif., in a 1031 exchange. Private investors from San Diego and Newport Beach purchased the outparcels for $43.6 million, according to public records.

Hanley Investment Group Real Estate Advisors brokered the transaction, with Executive Vice President Kevin Fryman and President Ed Hanley representing the 1031 exchange buyers. REZA Investment Group Inc. worked on behalf of the seller.

The five exterior pad and outparcel buildings encompass 25,916 square feet on 5.46 acres and are shadow-anchored by Stater Bros. Markets, Ross Dress For Less and AutoZone, which collectively occupy a 96,422-square-foot building that wasn’t part of the sale. The tenant roster includes national and regional retailers such as Chick-fil-A, Carl’s Jr., Quick Quack Car Wash, Arrowhead Credit Union, Panda Express, Café Bottega and Pacific Dental.

Located at 6061-6221 Van Buren Blvd. and 7280 Arlington Ave., the outparcels are in an area where average daily traffic reaches between 22,089 vehicles and 53,848 vehicles. Citrus Landing is near Riverside Freeway, which provides direct access to downtown Los Angeles. Riverside Municipal Airport and Riverside Flight Academy are within a 1-mile radius.

Paragon purchased Citrus Landing in 2020 from Primestor Development for $13.4 million, according to CommercialEdge data. Completed in 1974, the property recently underwent a cosmetic renovation.

Paragon has recently recapitalized Village Center, a 93,336-square-foot retail asset in Fountain Valley, Calif., with a $17 million permanent loan.