Rick Caruso Comes to Pacific Palisades – Caruso is in escrow on 2.8 acres of Commercial Buildings – Pacific Palisades Real Estate
Famous Los Angeles developer Rick Caruso is apparently buying 10 retail properties on 3 parcels in downtown Pacific Palisades.
The property acquisition will give Caruso and the Palisades a significant face-lift to a portion of the affluent neighborhood.
Caruso, owner of the upscale Grove shopping center in Los Angeles and Waterside shopping center in Marina del Rey is in escrow on a 2.8-acre collection of commercial buildings on both sides of East Swarthmore Avenue and Sunset Boulevard known as Pacific Palisades village.
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Terms of the purchase are not public, but local real estate experts value the pending sale at $40 million to $50 million. A representative of Caruso Affiliated declined to comment.
Several of the commercial buildings dating from the 1950s are unoccupied, and others have short-term leases offering the new owner “the ability to execute its vision for the property” and redevelop the site, according to marketing materials from broker CBRE Group Inc.
The current owner is the Wilson Family Trust, real estate data provider CoStar Group said.
Caruso also developed the Americana at Brand shopping and residential complex in Glendale. In September, he agreed to buy 48 acres in Carlsbad, where he is expected to build a large-scale retail and entertainment center.
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