“The acquisition of Sunset Plaza Mall in Norfolk, Nebraska, by Paragon Property Investment has consolidated an appraised $25.7 million retail development project. Sunset Plaza Mall in Norfolk, Nebraska, is the state’s 6th largest mall, and is their new flagship deal following a successful exit from the firm’s Florida-based grocery-anchored 120,000 sf plaza, Indrio Crossings, for $11.5 million in December 2021.
The Florida-based development firm secured a $10.5 million loan from City National Bank of Florida to re-finance the 240,000-square-foot blue ribbon tenant-anchored retail plaza last week. With the acquisition and plans for redevelopment, Paragon Property Investment‘s Founder and CEO, Andres Sevilla, has mobilized a notable group of National Credit A tenants to the property, including Planet Fitness, TJ Maxx, and Kohls, who together will occupy over 100,000 square-feet. Ideally situated in Northeast Nebraska, Norfolk lies at the intersection of major cities and highways, and is considered to be the commercial heart of its six surrounding counties. The open-air retail plaza lends itself to both local and passing traffic, offering a range of shopping, dining, and entertainment experiences, all of which will also be expanded and enhanced in the redevelopment.
Combining the charm and hospitality of a small town with the opportunities and experiences of a big city, Andres Sevilla announced his vision to “bring the experiential component of retail back to this community in a way that can engage and add value to the modern consumer.” The acquisition marks the firm’s aggressive expansion into the Midwest market, which is expected to represent a total investment of over $100 million by 2024, and a step forward into their long-term strategy to “acquire and revive Class A tenant-anchored commercial and multi-family properties across the East Coast, Mideast, and the Midwest for their growing portfolio,” says Carlos Cure, Paragon‘s Executive VP of Development.
Paragon Properties is a commercial real estate development and investment firm focused on acquiring income-generating properties in the industrial, office, retail, and multi-family market. The company provides an integrated solution through its high-touch investment strategy, comprehensive property management, and property disposition.”