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.