Mark Schurgin, principal of the Festival Retail Fund and president of Los Angeles-based Festival Cos., says that Festival plans to develop the pads over the next 18 to 24 months. The existing 56,000 sf at the 8.56-acre property is in five buildings that include a mix of retail and office uses.
The Garin Ranch project was completed in phases from 2003 to 2005. The property was sold in a transaction that was brokered by Michael Federle and Nicholas Bicardo of Grubb & Ellis in San Francisco, who represented both the buyer and the seller.
The acquisition follows the Festival Fund's recent $40 million purchase of the 13,500-sf Gucci Building on Rodeo Drive in Beverly Hills. The fund, which is an investment partner of Goldman Sachs, expects to invest up to $800 million over the next three years.
The fund is targeting ground-up and existing retail properties across the US, according to Rosalind Schurgin, principal of the fund and executive vice president at the Festival Cos. She adds that the fund is focused on adding value through projects like Garin Ranch, where the new owners plan on "adding new tenants to complement those already there," she says.
The Festival Retail Fund, which launched on Jan. 1, is managed by the Schurgins. The fund is part of a Festival Cos. organization that specializes in retail investment, development and management nationally through its Festival Commercial Real Estate Services, Festival Development Inc., Landmark Commercial Group and Environmental Investments LLC.
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