Rick Caruso does Pacific Palisades

Posted December 7, 2014

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

The reimagining of Pacific Palisades’ Palisades Village has been underway for years by Rick Caruso, developer of The Grove and Americana at Brand. Now the actual work is about to begin and is expected to be completed in 2017.

Palisades is one of if not my favorite Southern California suburbs, but had become a little stale over the last 30 years or so. I figured the redo would end up looking much like the retail section of Montana Avenue in Santa Monica. I had no idea that the remake was going to be this extensive.

Caruso plans for Swarthmore to become more pedestrian friendly, reducing it from four lanes to two with wider sidewalks and change parking from parallel to angled plus a new garage to increase parking from two per thousand to four places per thousand square foot of retail and office commercial space.

He also plans a modern remake of the 1948 Bay Theater and to create new storefronts for ground floor net leased retail with second floor office all around the village. Also planned is considerable more community green space.

See the video below for more detail.

Net Lease, Net Leased Retail, NNN Property

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