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.
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.
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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