Grove Owner Rock Caruso Has Big Plans for the Village of Pacific Palisades

Posted March 19, 2014

In Apartments, California, Commercial, development, Los Angeles, net lease, real estate, Retail

Our wealthy west side enclave of Pacific Palisades has been getting a little tired looking over the last 30 or 40 years and is in dire need of some sprucing up. So in comes successful Los Angeles developer Rick Caruso who developed the Los Angeles commercial real estate net leased oasis named the Grove in the Fairfax District, also Americana at Brand and The Commons at Calabasas.

Caruso is close to finalizing the purchase of the largest portfolio of net leased commercial real estate in the Los Angeles suburb of Pacific Palisades. His holdings will include most of the retail net leased space in Pacific Palisades’ Village at Swarthmore and Sunset Blvd. plus some space on Sunset and a parking lot zoned for apartments.

His plans are not to turn the Village into a Grove lookalike, but to reinvent the Village in a Pacific Palisades sort of vibe with a brand new, pedestrian friendly, walkable shopping district. Likely included will be a health food grocery of sorts whether it be a Whole Foods, Trader Joes or one of the new upstarts. True, there’s a newer Whole Foods in the Santa Monica Wilshire net leased retail market so this could be too close.

It will probably be new year end before we see firm details of his plans for a valuable redevelopment of the Los Angeles commercial real estate for lease market.

Net Leased Retail, NNN Property

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