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.
View Larger Map
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.
- View every Single Family, Condo, Loft and Townhome Home for Sale in Marina del Rey – Marina del Rey Real Estate – MDR Condos
- Single Family Homes for Sale in Marina del Rey – Marina del Rey Real Estate
- Marina del Rey Latitude 33 Ocean View Penthouse for Sale – Marina del Rey Condos
- Azzurra – 13700 Marina Pointe – Marina del Rey Luxury Condos
- Warren Buffett: I’d Buy Up ‘A Couple Hundred Thousand’ Single-Family Homes – Marina del Rey Real Estate – MDR Condos
- Download My Marina del Rey Real Estate Search App
- AMLI Marina Luxury Apartments are set to Replace Bar Harbor in Marina del Rey
- Russian Billionaire Roman Abramovich’s Mega Yacht ‘Luna’ was off the Coast of Marina Del Rey Labor Day Weekend