The roots of Paragano Development, LLC date back to the early 1950’s when Vincent Paragano and Sons was formed. Vincent, along with his three sons, Nazario (Larry, Sr), Emil, and Anthony, operated a general contracting company specializing in masonry, carpentry, and residential home construction primarily in the Essex and Union Counties, New Jersey.
Upon the untimely death of its patriarch, Vincent’s eldest son, Larry, Sr., took over the family business and guided the company during its prosperous growth period in the 1960’s. During this time frame, the company purchased, brought through approvals, developed, built and sold in excess of 500 homes while installing close to 10 miles of municipal roads throughout the Essex, Union, and Morris County area. At the peak of its residential construction heyday, the company, now called Paragano Building Corporation, was building 20+ homes per year to an elite clientele whom were willing to pay top dollar for a “Paragano Built” executive home.
In the late 1960’s, Larry, Sr. amended the focus of the company to include commercial development. Specifically, the company developed industrial, commercial, and multi-family residential property in Millburn Township, Essex County, New Jersey. This was the company’s first journey into commercial property management and marked the beginning of what would become the company’s main business emphasis.
In the late 1970’s and into the 1980’s, the company purchased, developed and/or renovated a number of commercial properties, some of which are still in the portfolio today. These properties include the Five Points Shopping Center, The Village Shopping Center, The Short Hills Plaza office building and the Madison Shopping Center to name a few. Simultaneous to this, Larry, Sr. was also developing a 180 lot tract of single family executive homes in Cedar Grove, Essex County, New Jersey, with the help of the third generation of Paragano builders.
The success experienced by the company during the 1960’s and 1970’s feigns in comparison to that of the mid-1980’s. By this time, the focus of the company had changed to that of a full-service commercial property management company. By this time, the company, now Paragano Enterprises, had either purchased, managed and/or renovated nearly 1,000,000 square feet of office, industrial and retail commercial space.
It was also at this time that Larry, Sr. decided that he wanted to incorporate his children in the success of his business and thus, he included his children in the ownership of several commercial properties bought during the mid 1980’s. The ensuing company formed was known as Paragano Associates and the primary properties involved in this entity were the Echo Plaza Shopping Center in Springfield, Union County, New Jersey, and the Windsor-Hights Shopping Center in East Windsor, Mercer County, New Jersey.
In 1987, Larry, Sr.’s third son, Larry, Jr., was introduced to the business having just graduated from Villanova University with a degree in Business Management. Larry, Jr. was given an intensive and all-encompassing education in the business of commercial property management; an education that included lease negotiations, physical renovations to the existing structure, renovations to office and store interiors, contractor negotiations, land approvals, variance applications and approvals, and financial forecasting of potential commercial investments with the use of computer spreadsheets.
The year 1990 proved to be a transitional one for the Paragano family business. As Larry, Sr. became more and more comfortable with his son’s handling of the family operation, and as a means of effectuating his own estate planning, he began to chart a course for the company that would all but assure a long and prosperous future for his children as well as the business. Taking advantage of his lifetime exemptions and intricate financial strategies, Larry, Sr. was able to transfer ownership of a number of his commercial properties entirely to his children and step down from his position with Paragano Associates. He named Larry, Jr., Managing General Partner of Paragano Associates and allowed this entity to become a solely third generation-owned property management company. However, although the actual ownership of the properties may have changed, the same first quality management that these properties enjoyed during Larry, Sr.’s tenure as owner are still in effect today through the work of his children. Additionally, the entire Paragano holdings, which now total over 1,200,000 square feet of office, retail, and industrial space, are managed solely by Paragano Associates.
In 1999, the entity added Assisted and Independent living to its resume with the development an management of Paragon Village, a 170 unit senior housing complex, in Mount Olive, Morris County, New Jersey. This was simultaneous to Larry Jr.’s involvement in third-party construction management wherein Paragano Construction Services built over 1,000,000 sf of office, retail, industrial and automotive space for such companies as Ford, Jaguar, Thermo Finnegan, and the like.
In 2008, the entity chose to do what is commonly referred to a a divisive reorganization amongst its members. As such, Larry Jr. chose to relocate his family and operations to the Carolinas. In doing so, the entities NJ holdings were sold off and swapped for opportunities in North and South Carolina, Georgia and Texas.
Today, Paragano Development is wholly-owned by Larry Jr and his immediate family. The company owns, manages and maintains both retail and office product in the Charleston area, Columbia, and Lumberton NC as well as developing residential sites in Texas and ownership interests in Georgia. Paragano Development has experienced significant success during its existence by emphasizing quick and courteous response to its tenants as well as conservative reinvestment of its profits back into the business. It is at this juncture that the business continues to chart a course of cautious and conservative expansion as its looks to increase its commercial property holdings.
Larry, Jr. is a former certified real estate appraiser as well as a licensed real estate salesperson in the State of New Jersey. He maintains offices in Mount Pleasant, SC and in his free time enjoys golf, travel and participating in his children’s active lifestyle.