PRG is a fully integrated real estate company focused on investing, operating and developing in high growth areas within California.
The firm was founded by principals with a distinguished track record of success in California and is based in Santa Monica, California. Strong execution skills and strict adherence to its investment standards are the foundations for PRG’s value-add approach focused on achieving superior risk-adjusted returns.
The firm’s strategy is to invest only when it both possesses a deep, nuanced understanding of the asset and submarket as well as a clear business plan utilizing PRG’s competitive operating advantages. Among these advantages is PRG’s experience in all aspects of management and value creation combined with its unparalleled relationship network, which serves as a cornerstone for the operating and investment platform.
PRG’s investment strategy is grounded in deep proprietary research as well as an extensive study of underlying fundamentals and developing trends. Focus is placed on identifying geographic areas and asset classes that provide catalytic growth potential due to public policy initiatives, positively shifting demand drivers in a given segment or overall asset class mis-pricing at opportune times in market cycles.
We are value investors, focused on appropriately assessing risk and identifying key areas for outperformance.
CONSERVATIVE UNDERWRITING PHILOSOPHY
- Investments are underwritten to account for the cyclical nature of real estate markets with a focus on mitigating downside risks and studying historical ‘peak to trough’ performance in prior recessions.
- Establish a meaningful “margin of safety” with all key assumptions including moderate amounts of financial leverage.
- Concentrate on opportunity’s transactional complexity, creative deal structuring with property owners, or where management expertise can mitigate operating risks.
PATIENT INVESTMENT PHILOSOPHY
- History of buying and selling based on disciplined investment principles.
- Generally focused on long term investment horizon.
- Strategy based on strong execution of the business plan to position the asset for strong and reliable property cash flow.
FOCUS ON INVESTMENT BASIS
- Acquire assets below intrinsic value and significantly below replacement cost.
- Strategy created to weather economic storms and defend against adverse economic conditions.
- Solid investment basis at acquisition allows for greater flexibility with multiple future exit paths.
PRG’s predecessor company, Pacifica Capital Group, acquired, transacted and/or developed approximately 10 million square feet primarily in Southern California. During the late 1990’s, Pacifica began acquiring and developing a portfolio of industrial and office properties in Southern California. Pacifica sold its industrial portfolio to First Industrial Realty Trust (NYSE: FR), which marked its entry into the Southern California market. In the fourth quarter of 2005, Pacifica sold the remainder of its office and industrial $400 million portfolio, which totaled approximately 2 million square feet.
From 2005-2008, the firm held a strong belief that much of the real estate market, particularly in Southern California, was severely overvalued. Pacifica profitably exited its most recent investments through a portfolio sale near the top of the market and chose to maintain its investment discipline and instead focus on fee-based projects while refraining from pursuing new acquisitions or developments. In doing so, the firm was able to successfully navigate through the aftermath of the real estate market’s crash.
Pacifica Capital Group invested its capital alongside both private and institutional investors. Past investment partners have included Apollo Real Estate Advisors, CS First Boston, GMAC and GE Real Estate.
From 2010 to today, PRG has remained focused on value-add investments in California. The portfolio in Southern California consists of underappreciated assets at acquisition which allows PRG to implement its strategy typically centered upon redesign and renovation followed by reintroducing the asset to the market.
PRG’s management team possesses a unique depth of knowledge and experience in the California real estate market. The Co-Founders have worked together for over 17 years.
Britten Shuford is Co-Founder and Managing Partner of PRG Investment & Management, Inc. He joined the predecessor company, Pacifica Capital Group, in 1998 which he began leading in 2005 with the late co-founder and was the co-principal of the firm. Mr. Shuford has orchestrated more than $1 billion in commercial real estate transactions in the course of his career totaling over 8 million square feet. He was tangentially involved in Pacifica’s late 1990’s acquisition cycle in Los Angeles and actively planned and executed the disposition strategy of office and industrial assets within the portfolio which concluded in Q4-2005.
Mr. Shuford was acting Managing Partner of Pacifica Colony Palms LLC, which developed, owned and operated the Colony Palms Hotel in Palm Springs. Since 2008, he has also been active in the ownership and management of other boutique hotels in California as well as expanding the PRG Hospitality Group platform.
In 2015, Real Estate Forum Magazine named Mr. Shuford to its “Top 40 Under 50” in the US List. Mr. Shuford was the youngest member ever admitted to the Los Angeles Chapter of SIOR. He earned his Bachelor’s Degree in Business Administration from Loyola Marymount University.
Mr. Shuford serves on the Board of the Riordan Scholars Program at UCLA Anderson School of Management, founded by Los Angeles Mayor Richard Riordan, which focuses on providing a pathway for underrepresented students in inner cities to excel in business and leadership. In addition, he serves on the Board of the Steven Ohren Foundation which focuses on assisting elderly individuals in need of specialized medical care and lacking financial means.
Contact Britten: email@example.com
CLIFFORD LORD, JR
Clifford Lord, Jr. is Co-Founder and Managing Partner of PRG Investment & Management, Inc. He joined the predecessor company, Pacifica Capital Group, in 1995 and was actively involved as a lead partner in the acquisitions, asset management and ultimate disposition of the firm’s 4 million square foot Southern California commercial real estate portfolio.
In 1997, Mr. Lord founded Pacifica Capital Gestion, (“PCG”), a Madrid, Spain based affiliate to invest in Spain. In 2001, PCG in partnership with Apollo Real Estate and via a complex land assemblage, entitled 200 acres of land for mixed-use development in the City of Madrid. In 2006 PCG in partnership with several municipalities and multiple landowners, assembled four additional projects in Spain totaling 1,400 acres of land zoned for retail and industrial use. These projects are currently in various stages of entitlement and/or development.
In 2003, Mr. Lord secured the exclusive franchise rights and all the existing company- owned restaurants in Spain from Kentucky Fried Chicken parent, Yum Brands, Inc. After a successful expansion of KFC in Madrid and Barcelona, Mr. Lord sold the company to a Spanish private equity company in 2007. Mr. Lord continues to serve as PCG’s Managing Director and oversees its real estate and private equity interests.
Mr. Lord is a graduate of the University of California, Santa Barbara. He attended the University of Madrid in 1977-1978 and speaks fluent Spanish.
Contact Clifford: firstname.lastname@example.org
David Dittmer is Co-Founder and Managing Partner of PRG Investment & Management, Inc. He joined the predecessor firm, Pacifica Capital Group, in 2005 and was actively involved in the development and operation of the Colony Palms Hotel in Palm Springs, California. He possesses extensive experience within the boutique hotel sector.
Under the late Steven Ohren’s leadership, Mr. Dittmer was engaged during the construction and opening phases. Shortly after the Colony Palms’ full opening in early 2008, Mr. Dittmer was appointed General Manager of the property and became employed by the hotel. Under Mr. Dittmer’s General Management leadership, Colony Palms Hotel established worldwide prominence including accolades such as Worldwide “Hot List” status by Condé Nast and comparable status by Travel + Leisure Magazine. In addition, Mr. Dittmer was instrumental in developing the Colony Palms’ yield management strategies and principles, resulting in superior performance relative to the national boutique sector. Despite a limited room count, Mr. Dittmer’s deep focus on the fundamental economics in hospitality management resulted in the Colony Palms Hotel surpassing national averages in key profitability metrics.
Since this time, Mr. Dittmer has been actively involved in all aspects of ownership and management of PRG Hospitality’s growing boutique hotel portfolio.
He graduated from UC Berkeley with a Bachelor’s degree in Legal Studies and was Valedictorian of the department. He received Highest Honors from the University and was also nominated to Phi Beta Kappa.
Contact David: email@example.com
Craig Johnson joined PRG’s predecessor company and advisory group in 1983. He has over 30 years of expertise in commercial office and industrial real estate with an emphasis on the West Los Angeles and LAX submarkets. His clients have included Hughes Aircraft, Target Stores, Xerox, Vicon, DHL, DirecTV, Ortho Mattress, Northbrook Properties, PS Business Parks, Extra Space and First Industrial.
Mr. Johnson is a past president of the AIR Commercial Real Estate Association. He was instrumental in developing the AIR lease document, which is the most commonly used commercial lease document in California.
Mr. Johnson was active in Pacifica Capital Group’s 1990s acquisition cycle and possesses significant experience in real estate investment and analysis. In addition, he has over 18 years of experience with acquisition, design, entitlement and development of self storage facilities which has resulted in 10 completed projects. With the Extra Space Mini-Storage in Santa Monica, Mr. Johnson served as the developer and secured the entitlement rights for this development which was completed in 2008.
Mr. Johnson graduated from University of California at Los Angeles with a Bachelors of Arts degree in History and Economics.
Contact Craig: firstname.lastname@example.org
Nadia Fowler is the Manager of Investor Relations. She joined the predecessor firm, Pacifica Capital Group, in 2005 and has been instrumental in various capacities at the firm since this time. Ms. Fowler has an extensive knowledge in all aspects of PRG’s core operations.
Ms. Fowler is also the Manager of Tenant Relations for PRG’s commercial portfolio, which involves interfacing with hundreds of tenants. From day to day operations, project management, lease preparation related matters and maintaining relationships with tenants, Ms. Fowler has broad experience.
Ms. Fowler is a graduate of Cleveland Chiropractic College with a Bachelor’s degree in Human Biology and a native of Los Angeles, California.
Contact Nadia: email@example.com
Jason Perry is Director of Hotel Operations and is responsible for overseeing PRG’s boutique hotel portfolio in California. Mr. Perry has worked with PRG’s affiliated companies since 2009 starting with the Colony Palms Hotel in Palm Springs, California. He has extensive experience and knowledge in operating four star boutique hotels, including winners of Conde Nast’s prestigious ‘Hot List’ and Travel + Leisure’s “It List”.
He has been instrumental in PRG’s growth, which included serving as opening General Manager at Sparrows Lodge, Holiday House and Sands Hotel & Spa. In his position of Director of Hotel Operations, Mr. Perry works closely with the General Managers at each of the properties in both executing strategic and best practice initiatives.
Mr. Perry is a native of La Quinta, California.
Contact Jason: firstname.lastname@example.org
Bobby Macias is Director of Revenue overseeing revenue management and distribution strategy for PRG’s boutique hotel portfolio. Mr. Macias manages day to day yield operations focusing on Daily pick-up analysis and strategy adjustments to maximize revpar. Mr. Macias started his hotel career in a world destination travel market, Santa Monica. Highly competitive with multiple market segments provided a steep learning curve that has translated into being highly skilled in revenue management. First starting at a Starwood property, Le Meridien Delfina of Santa Monica, then a luxury boutique property, Viceroy of Satna Monica, Mr. Macias contributed to immense growth through his roles in accounting, revenue management, and client and guest relations.
Mr. Macias is a graduate in economics from Cal State University of San Marcos where he was also a Co-MVP for the number 3 nationally ranked NAIA men’s basketball team.
Contact Bobby: email@example.com
Kevan Beall is Central Coast Regional Director and is responsible for overseeing PRG’s boutique hotel portfolio in San Luis Obispo County, CA. Mr. Beall has worked with PRG since 2018 when he started as the General Manager of Cambria Beach Lodge. His distinct experience in managing housekeeping departments, overseeing property renovations and opening new developments has been invaluable to his career. He has a true passion for boutique lifestyle hotels and creating an inspirational guest experience.
Mr. Beall earned his Bachelor’s Degree from Humboldt State University in Recreation Administration – Tourism Management and graduated Summa Cum Laude. His professional experience has taken him to positions in Chile, Argentina, Bolivia, Peru, Ecuador, and Breckenridge, CO before deciding to permanently reside on the Central Coast of California. He speaks fluent Spanish.
Contact Kevin: firstname.lastname@example.org