Caruso Targets a Host of Properties in Central Pacific Palisades for Renovation and Rebranding
- Jan 02, 2013
The Pacific Palisades neighborhood looks ready for a makeover after news recently surfaced regarding the acquisition of a large number of properties in the core of the area. Local developer Rick Caruso reportedly completed a deal for 10 retail properties in the upscale part of town, the Los Angeles Times reports. The real estate mogul is now in escrow on the aforementioned properties located over 2.8 acres on East Swarthmore Avenue and Sunset Boulevard. The Los Angeles-based developer is set to renovate the properties in accordance with his branding initiatives once the transaction is completed.
The central properties cost Caruso an estimated $40-$50 million. However, the financial terms of the transaction were not disclosed to the media and an accurate number is currently not available. Most of the properties are currently tenant-free and are 50-60 years old, making them perfect for a complete overhaul. The Times points out that even the tenants in place have clauses in their short-term contracts that stipulate that the owner has the right to modify the property and redevelop the site.
Rick Caruso is buying the properties from the Wilson Family Trust, according to industry data from the CoStar Group. Caruso has experience in developing high-end retail properties, with developments such as the Grove in downtown L.A. and the Americana at Brand retail and residential property in Glendale. The developer also owns 48 acres in Carlsbad, CA which is most likely the future location for another upscale mixed-use property by the high-rolling developer.
Image courtesy of losangeles.blockshopper.com