PRG’s predecessor company, Pacifica Capital Group, was founded in 1982 and acquired, transacted and/or developed approximately 10 million square feet, 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.
Steven Ohren, Co-Founder of Pacifica Capital Group, was an inspiring visionary and regarded as one of the savviest investors in Southern California commercial real estate. Sadly, Mr. Ohren passed away in 2008 shortly after the opening of the Colony Palms Hotel in Palm Springs. Mr. Ohren accurately identified the renaissance of Palm Springs very early and was instrumental in creating the vision for the hotel. The sale of Colony Palms Hotel in June 2012 represented the last asset in the Pacifica Capital Group portfolio, which was an opportune time to close the Pacifica Capital Group chapter. However, Mr. Ohren’s legacy and guiding principles will be survived by PRG’s principals who were greatly influenced by him.