The Canyon Catalyst Fund has entered into a joint venture with US-based Paragon Commercial Group.
Paragon Commercial Group’s investments will result in US$60 million to US$100 million of retail property acquisitions in urban markets throughout California.
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Founded by Mark Harrigian, Erwin Bucy and Jim Dillavou, Paragon Commercial Group specializes in developing and redeveloping retail properties across California with a focus on underutilized assets in infill and high-barrier to entry submarkets. The group primarily focuses on grocery and other community based assets as well as the redevelopment of existing centres.
The Canyon Catalyst Fund is a new joint venture between Canyon Capital Realty Advisors and the California Public Employees’ Retirement System (CalPERS).
The US$200 million fund, which will facilitate US$400 million of investment, is designed to identify early stage real estate managers with strong potential for success, access to unique investment opportunities, and cultivate the next generation of CalPERS portfolio talent.
Canyon provides direct oversight of investment sourcing, selection and deal structuring, and oversees asset management through to final realization.
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By GlobalDataBobby Turner, chairman and CEO of Canyon Capital Realty Advisors, said: "Paragon Commercial Group is an ideal partner for the Canyon Catalyst Fund, which is focused on identifying talented real estate investors and providing the necessary support to grow their capabilities. We are hopeful this new partnership will translate to unique acquisition opportunities and broaden Paragon’s commercial investment platform."
