Caruso Affiliated aims to double its holdings and revenue in five years
Caruso Affiliated, one of the region’s best-known shopping center developers, is embarking on an expansion program designed to double the size of the firm’s real estate portfolio and its revenue over the next five years.
Caruso Affiliated, which is headquartered at the Grove shopping center in Los Angeles, also owns the $400-million Americana at Brand. Other properties include the Waterside in Marina del Rey, the Promenade at Westlake and the Commons at Calabasas.
Work is set to begin shortly on a luxury apartment complex at 8500 Burton Way in Los Angeles at the intersection of La Cienega Boulevard, the company said Wednesday. The complex will include a Trader Joe’s grocery and other stores.
Caruso Affiliated also plans to develop the Miramar Beach Resort & Bungalows in Montecito, the company’s first luxury resort, and an expansion of the Americana at Brand. The company said it would bid on contracts to operate retail sales in Terminal 2 and the Tom Bradley International Terminal at Los Angeles International Airport.
Paul Kurzawa, formerly executive vice president of operations, has been appointed the first chief operating officer of the 20-year-old company, Chief Executive Rick Caruso said.
“With Paul in this new role to oversee day-to-day operations, I can fully focus on the firm’s strategic vision, including our expansion into new business lines and new developments,” Caruso said.
Caruso Affiliated is a private company and does not reveal financial data, but Caruso said annual sales per square foot at Caruso properties are 75% higher than the national industry average of $385 and that its properties are fully leased.
