Real estate developer and manager Paragon Commercial Group LLC is poised to invest $500 million in retail property acquisitions in California in the next 18 months, The Real Deal reported, citing a company release.

Alongside some of its existing institutional and private partners, the retail-focused company will spend approximately $200 million on Southern California properties and use the remainder to buy assets in Northern California, with each purchase to range from $20 million to $80 million.

Paragon will target neighborhood shopping centers that typically include a supermarket, the March 19 report added, citing Paragon co-founder and principal Jim Dillavou.