BEVERLY HILLS, CA-The Festival Retail Fund 1 LP has acquired theBanana Republic Building in the Golden Triangle district here for$30 million, marking the second acquisition within the GoldenTriangle this year for the fund and its sixth acquisition of 2007.The property is a two-story, 13,500-sf building at 357 N. BeverlyBlvd.

Festival fund principal and Festival Cos. president MarkSchurgin points out that the addition of the Banana RepublicBuilding to the fund's portfolio “now gives us two flagshipproperties in one of the world's most exclusive retail districts.”Lending for the purchase of the Banana Republic building wasprovided by Anglo Irish Bank.

At $2,222 per sf the deal represents one of the top prices everpaid for retail space along the North Beverly Drive corridor,according to Marcus & Millichap. A team from the Marcus &Millichap West Los Angeles office represented both the seller,Beverly Hills-based Meyer Pacific, and the Festival Fund.