Festival Retail Fund 1 LP invests in ground-up and existing retail properties in major metropolitan cities throughout the US. In January the fund acquired the Gucci Building on Rodeo Drive for $40 million.

The fund, which is managed by principals Mark and Rosalind Schurgin, plans to invest up to $800 million over the next two years and focuses on “identifying opportunities that present tremendous value,” Mark Schurgin says. The fund's latest Beverly Hills acquisition follows the Festival Fund's recent purchase of the Fairway Shops at Kaanapali and the Napili Plaza in West Maui for a combined $28.5 million, which were its fourth and fifth acquisitions this year.

The Shops at Kaanapali is a 35,000-sf neighborhood center that was built in 2001 and is located along Honoapiilani Highway in the middle of the Kaanapali Resort, while the 45,000-sf Napili Plaza community center was built in 1991 and is also located on Honoapiilani Highway in the city of Napilli, between Maui's Kapalua and Kaanapali resorts.

In March, the fund acquired the 56,000-sf Garin Ranch Retail Center in the San Francisco East Bay city of Brentwood for $22 million, and in July it paid $70 million for a 38,475-sf building at 240 Post St. in San Francisco in an area of high-end retailers. The Festival Cos. is a national, full-service shopping center development and third-party real estate advisory and management company that has developed and/or added value to more than 120 shopping center and retail properties nationwide over the last 25 years.