Caruso, Invesco Form New Retail Venture

Santa Monica-based developer Caruso Affiliated Holdings and Invesco Realty Advisors have created a new venture to acquire $300 million of community retail centers across California.

The partnership will focus on well-located shopping centers and street-front properties that need to be upgraded with remodeled facilities and new tenants, said company Chief Executive Rick J. Caruso.

“The softening economy may offer some opportunities to make strategic acquisitions in the retail sector,” Caruso said. “Sales at traditional grocery-anchored centers remain strong, but we anticipate some weakness in the market, creating good values.”

Invesco, which advises institutional clients, will provide $100 million to finance the purchases.