Los Angeles –– CBRE announced that Paragon Commercial Group LLC purchased a 25,977 square-foot vacant retail property on 2.13 acres of land in Norwalk, Calif. for redevelopment for $7.1 million.
The off-market transaction was brokered by CBRE’s Pat Wade and Alex Kozakov, who represented Paragon. The seller, RSM Properties Inc., was self-represented.
The property, located at 10710 Firestone Boulevard, is a now-vacant former Office Depot and coffee chain location, located adjacent to a Target. The property is situated near the I-605 and I-105 Freeway interchange and benefits from an on-ramp/off-ramp and prominent freeway pylon signage.
Paragon plans to redevelop the property for a best-in-class tenant, Chick-fil-A, with input from various stakeholders such as the City of Norwalk, Target, and Chick-fil-A.
“It has been a pleasure working with the City of Norwalk and Target to revitalize this vacant retail site and bring Chick-fil-A to the Norwalk community,” said Erwin Bucy, Principal of Paragon Commercial Group.
Added CBRE’s Wade, “This site presented a great development opportunity within a high-barrier-to-entry market. We sourced this property off-market using a targeted marketing campaign. It is so rare to find 2-plus-acre commercial lots with freeway signage located in infill Southern California submarkets.”
Located in proximity to major highways in the Greater Los Angeles area, the City of Norwalk has become one of the most rapidly developing and growing communities in the state. In 2019, Norwalk had a population of 105,000 people with a median age of 34.9 and a median household income of $70,667.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.