Paragon, a San Diego based real estate investment firm has recently bought the retail portion of a loop tower for $16.05 million. This 13,000-square-foot retail condo in the historic Roanoke Tower is 103 years old and features 381-key Residence Inn hotel on the upper floors. The retail space bought has a Citibank branch, 7-Eleven, T-mobile, and Roanoke Restaurant.
This purchase is Paragon’s first acquisition in the Chicago market. Perhaps the growing amount of available retail space made this deal a great buy. Chicago had 12.3 million square feet of available space this past first quarter compared to 10.8 million the year before according to CBRE.
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