Rick Caruso to buy parcels in Pacific Palisades Village
Los Angeles developer Rick Caruso is buying a parcel of 10 retail properties in the tony town center of Pacific Palisades, according to people who know about the deal.
The acquisition will give Caruso the opportunity to restyle a significant portion of the affluent neighborhood’s commercial district in his vision.
Caruso, owner of the upscale Grove shopping center in Los Angeles, 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.
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 to 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 of land in Carlsbad, where he is expected to a large-scale retail and entertainment center.
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