LARKSPUR, CA–(Marketwire – 05/04/10) – LRG Capital Real Estate Ventures, a subsidiary of LRG Capital Group, is pleased to announce that the LRG Capital Real Estate Partners I Fund has acquired the Fair-Anselm Plaza located at 770-771 Center Boulevard in Fairfax, California. The LRG Capital Real Estate Partners I Fund is only the second owner of the property since its development in 1960.
The multi-tenant neighborhood shopping center consists of approximately 66,100+ square feet of rentable retail and office space in four separate buildings. The complex mix includes two single tenant buildings, one of which is a former Albertsons Supermarket, and two buildings with first level retail suites and second level office space. Current tenants include the US Post Office, Iron Springs Pub and Brewery, Sunshine Bicycles and the Fairfax Health Club.
“This transaction provided us with a unique opportunity to acquire a well-located asset at a significant discount to replacement cost and presents a great opportunity to further establish Fairfax as a desirable place to live, work and socialize,” said Lawrence Goldfarb, CEO and founder of LRG Capital Group. “Its proximity to San Anselmo, California and West Marin County makes Fairfax an important hub for the people living in those communities.”
The LRG Capital Real Estate Partners I Fund primarily makes direct, intermediate term equity investments in commercial properties located in the San Francisco Bay Area and, to a lesser extent, development and rehabilitation projects for office, retail, multi-family, light industrial and mixed-use properties. The Fund is co-managed by Evan Kraus, Executive Vice President of LRG Capital Group, Lawrence Goldfarb, CEO of LRG Capital Group, Geoffrey Koblick, a commercial real estate investor and manager for over 23 years, and Richard Hall, a commercial real estate manager and investor since 1999.
While the LRG Capital Real Estate Partners I Fund owns properties throughout the greater San Francisco Bay Area, the Fair-Anselm shopping center joins the following properties owned by the Fund in Marin County, California: 851 Irwin St., San Rafael, 505 A San Marin Dr., Novato, 384 Bel Marin Keys Blvd, Novato, 220 Canal St., San Rafael and 125 E. Sir Francis Drake Blvd, Larkspur.
LRG Real Estate Ventures invests in and advises on a wide range of equity financing solutions, from joint ventures with operating and development sponsors to direct, active investments through LRG Capital Real Estate Partners, involving commercial, multi-family, retail and light-industrial real estate properties.
This release contains forward-looking statements relating to the business and financial outlook of LRG Capital Real Estate Partners I Fund that are based on our current expectations, estimates, forecasts and projections and are not guarantees of future performance. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on any such statements. A number of important factors could cause actual results to differ materially from the forward-looking statements contained in this release. Such factors include those described in the Risk Factors sections of the offering documents of LRG Capital Real Estate Partners I Fund. Forward-looking statements in this document speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.