RANCHO MIRAGE, CA—A partnership between the Canyon Catalyst Fund, the groundbreaking emerging manager fund designed to identify and cultivate emerging real estate investment managers, and Paragon Commercial Group has closed on its first retail real estate acquisition, a 158,156 square-foot shopping center known as Rancho Las Palmas.

Rancho Las Palmas is a centrally located neighborhood shopping center situated at the intersection of Bob Hope Drive and the U.S. Highway 111. The joint venture acquired the asset from Wells Fargo and plans to redevelop the site, which is currently approximately 50% vacant.

"Canyon is thrilled to partner with Paragon Commercial Group in this acquisition through our emerging manager platform," said Maria Stamolis, senior managing director at canyon capital realty advisors. "The team at Paragon Commercial Group possesses best-in-class operating capabilities and strong retail relationships, which will benefit both the Rancho Las Palmas shopping center and the City of Rancho Mirage."