Big Development Possibly Coming in Pali – Caruso Aims to Revamp the Village
This just in the rumor-mill from the L.A. Times… Los Angeles developer Rick Caruso is buying 10 retail properties on three parcels in the heart of Pali.
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 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.