Paragon acquires Great Barrington center
Just months after a Marshall’s opened in a space vacated by Kmart at Barrington Plaza, the center has been sold by an affiliate of Kimco Realty Corp.
The 131,000-sq.-ft. property in the upscale resort town of Great Barrington, Mass., was acquired by Paragon Realty Group for $16.1 million in a deal brokered by JLL. The center is anchored by a Price Chopper supermarket and also includes Dollar Tree, Pet Valu, Mattress Firm, and AT&T.
Paragon CEO John Nelson said the company saw the property as a prime opportunity to expand in the Northeast, where most of its holdings are concentrated.
“We believe that the existing tenant performance and rental structures, combined with leasing momentum plus 35,000 sq. ft. of remaining available space, creates a situation with fairly minimal downside risk and substantial opportunity for upside,” Nelson said.
The Westport, Conn.-based company, which owns more than 2 million sq. ft. of largely retail GLA, also owns properties in Nevada, Florida, Tennessee, and North Carolina.
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The 131,000-sq.-ft. property in the upscale resort town of Great Barrington, Mass., was acquired by Paragon Realty Group for $16.1 million in a deal brokered by JLL. The center is anchored by a Price Chopper supermarket and also includes Dollar Tree, Pet Valu, Mattress Firm, and AT&T.
Paragon CEO John Nelson said the company saw the property as a prime opportunity to expand in the Northeast, where most of its holdings are concentrated.
“We believe that the existing tenant performance and rental structures, combined with leasing momentum plus 35,000 sq. ft. of remaining available space, creates a situation with fairly minimal downside risk and substantial opportunity for upside,” Nelson said.
The Westport, Conn.-based company, which owns more than 2 million sq. ft. of largely retail GLA, also owns properties in Nevada, Florida, Tennessee, and North Carolina.
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