About Us

  • Overview
  • Management Team
  • Key Relationships


PRG is a fully integrated real estate company focused on investing, operating and developing in high growth areas within California with an emphasis on Southern California. The firm is based in Santa Monica and managed by principals with a distinguished track record of success in Southern California. PRG co-invests with institutional and private investors to identify and capitalize on opportunities for attractive 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 leasing combined with its unparalleled relationship network, which serves as the foundation for the operating and investment platform.

The firm focuses on the following areas:

• Hotels
• Business Parks/Industrial
• Creative Assets

PRG’s investment strategy is grounded in deep proprietary research and 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 mispricing at opportune times in market cycles.

Investment Philosophy

We are value investors, focused on appropriately assessing risk and identifying key areas for outperformance

Conservative Underwriting Philosophy
  • Investments underwritten to account for cyclical nature of real estate market with intense focus on “peak to trough” comparison and long term historical operating performance trends
  • Establish a meaningful “margin of safety” with all key assumptions
  • Concentrate on opportunities with favorable seller circumstances, transactional complexity or where management expertise can mitigate operating risks
Patient Investment Philosophy
  • History of buying and selling based on disciplined investment principles
  • Wait for “good buys” vs. “putting money out” philosophy
  • Strategy typically based on medium to long term execution of proven operating plans versus “flipping” plans
Focus on Investment Basis
  • Acquire assets below intrinsic value and significantly below replacement cost
  • Strategy created to provide ability to weather economic storms and defend against adverse economic conditions
  • Solid investment basis at acquisition allows for greater flexibility with multiple future exit paths

Mission and Standards

Our Mission

Invest in high quality properties in California where PRG holds a distinct competitive operating advantage, resulting in a reliable stream of income and opportunity to outperform over time with sizable capital appreciation upside.


Investment Standards

PRG only invests when both of the following exists:

  1. Possess a deep, nuanced understanding of the asset and submarket
  2. Possess a clear strategy to increase operational performance due to PRG’s competitive advantages

Our View of Southern California

It is a mega-region with a population base of over 22 million. Los Angeles County ranks as the 17th largest economy in the world and is considered one of the most urban infill regions in the US.

Southern California is a dynamic economic base comprised of a range of highly diverse yet interconnected industries. The interconnected nature of the region is evidenced as industrial buildings are converted to creative office buildings and apartments are converted to hotels. Furthermore, historically industrial areas gentrify into creative office hubs which pushes industrial demand out into previously under-appreciated industrial areas. Unlike many regions in the US, the high degree of transformation is relatively high in Southern California.

PRG believes its best opportunities for success are to operate and invest in the submarkets where it has the most experience and best understanding. Due to the highly integrated nature of seemingly diverse industries and asset classes, PRG believes a primary competitive advantage is deeply understanding the various industries and interconnected nature in Southern California.

Management Team

PRG’s management team possesses a unique depth of knowledge and experience in the Southern California real estate market. Many members of the management team have worked together for over 13 years.

Britten Shuford
Clifford W. Lord
David Dittmer
Craig Johnson

Britten Shuford

Britten Shuford

Britten Shuford

President- Managing Partner

Britten Shuford joined the predecessor company, Pacifica Capital Group, in 1998. He began leading the organization in 2005 with the late co-founder and was the co-principal of the firm. He 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 2009, Mr. Shuford co-founded Brennan Investment Group with Michael Brennan, who was the President/Chief Executive Officer of First Industrial Realty Trust (NYSE: FR), to create an opportunistic national industrial real estate platform. Between 2009-2013, Mr. Shuford was a Managing Principal of the firm which acquired over $400 million in the United States with investment partners including DLJ Capital Partners and London based Gatehouse Bank.

In 2015, Real Estate Forum Magazine named Mr. Shuford to its “Top 40 Under 50” in the US List. He was the youngest member ever elected to the Board of Directors of the AIR Commercial Real Estate Association, the largest organization of its kind in the United States. 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.

Clifford W. Lord

Clifford W. Lord

Clifford W. Lord

Managing Partner

Clifford (“Kip”) Lord 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.

As well as having multiple real estate interests in California, Mr. Lord is an owner/operator of the Alcazar Hotel in Palm Springs California.

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.


David Dittmer

David Dittmer

David Dittmer

Managing Partner

David Dittmer joined 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.

Mr. Dittmer joined PRG in August 2013 and focuses primarily on hospitality and creative assets.

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.

Craig Johnson

Craig Johnson

Craig Johnson

Senior Vice President

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.

Key Relationships

Mark J. Forbes

Executive Vice President
Division President


City National Bank is pleased to have a long standing relationship with PRG, one of the most disciplined investors in the industry. The strong associations they have built with the important industries in Southern California, including entertainment and technology, often lead to unique real estate opportunities. Based on our experience, the principals of PRG exhibit extraordinary integrity and high operational standards. Simply put, they deliver as promised.
View Letter

Steve Leonard

Founder and Chief Investment Officer
Pacifica Capital Investments, LLC

I have partnered with PRG on commercial real estate investments in Southern California over the past many years, all achieving above expectation results due to Britt’s hands-on involvement and extensive market knowledge. I look forward to many additional opportunities with PRG in the future. Britt is keenly aware of local market conditions and understands there are times to be very aggressive with new projects and also times when extreme caution is warranted.

Michael W. Brennan

Co-Founder, Former President and CEO- First Industrial (NYSE: FR)

Board of Directors- Strategic Hotels (NYSE: BEE)

Current Chairman and Co-Founder- Brennan Investment Group

I have had the distinct privilege of knowing and working with Britt Shuford for over fourteen years.

At First Industrial (NYSE: FR) between 1999 and 2008, Britt advised us on a number of acquisition and divestment projects that exceed a billion dollars in total. He was our “go-to” person in California for both transactional and strategic advice. Our close working relationship is due not only to his results, but to his knowledge of our strategy, and to his integrity he has demonstrated over the years.

Beyond that, Britt has become a friend, not only to me, but to several members of our Executive Team as well as our officers in California.

Britt is among the best people- and professionals- in our industry.