Paragon is pleased to announce that PREF Laurel Bay, a subsidiary of the Paragon Real Estate Fund (the “Fund”), has acquired a fee simple interest in a 17,660-square-foot retail property in the Bankers Hill neighborhood of San Diego for $9.95 million. The property known as Laurel Bay is located just one block away from Balboa Park—home to the world-renowned San Diego Zoo.

The two ground-floor retail condominium units are 100% leased to a variety of restaurants, retail stores, and other commercial tenants and include the exclusive rights to a commercial parking garage. The multi-use development was completed in 2003 by Hammer Development and contains 150 resident-owned luxury condominiums located above the subject property.