Paragon Commercial Group Sells Rare Bay Area In-N-Out Burger Ground Lease

SAN JOSE, Calif., January 29, 2019 – Paragon Commercial Group, LLC (Paragon), one of California’s most prolific retail development firms, has completed the sale of a rare In-N-Out Burger ground lease to a private Bay Area buyer for $6.925 million. Paragon began work in 2014 to acquire the former parking lot site from a Lowe’s Home Improvement and concurrently entered into a ground lease with In-N-Out Burger for a single tenant restaurant. The restaurant is currently under construction and is expected to open in Q1 2019. “We are thrilled with the outcome on the sale of this first-class asset and we’re even more excited about the opportunities to come in 2019.  Paragon remains bullish on value-add retail opportunities throughout Northern California and we anticipate acquiring a couple hundred million in Northern California retail assets in the very near term,” said Patrick McGaughey, Paragon’s Northern California Director of Investments. The [...]

By |2019-02-28T15:54:51-04:00January 29th, 2019|In the News|0 Comments