Mark Schurgin, principal of the Festival Retail Fund andpresident of Los Angeles-based Festival Cos., says that Festivalplans to develop the pads over the next 18 to 24 months. Theexisting 56,000 sf at the 8.56-acre property is in five buildingsthat include a mix of retail and office uses.

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The Garin Ranch project was completed in phases from 2003 to2005. The property was sold in a transaction that was brokered byMichael Federle and Nicholas Bicardo of Grubb & Ellis in SanFrancisco, who represented both the buyer and the seller.

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The acquisition follows the Festival Fund's recent $40 millionpurchase of the 13,500-sf Gucci Building on Rodeo Drive in BeverlyHills. The fund, which is an investment partner of Goldman Sachs,expects to invest up to $800 million over the next three years.

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The fund is targeting ground-up and existing retail propertiesacross the US, according to Rosalind Schurgin, principal of thefund and executive vice president at the Festival Cos. She addsthat the fund is focused on adding value through projects likeGarin Ranch, where the new owners plan on "adding new tenants tocomplement those already there," she says.

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The Festival Retail Fund, which launched on Jan. 1, is managedby the Schurgins. The fund is part of a Festival Cos. organizationthat specializes in retail investment, development and managementnationally through its Festival Commercial Real Estate Services,Festival Development Inc., Landmark Commercial Group andEnvironmental Investments LLC.

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