Caruso Affiliated Buys Palisades Village

PACIFIC PALISADES, CA—Caruso Affiliated has purchased the Pacific Palisades Village from a consortium of trustees and private individuals. The Los Angeles-based developer plans to renovate the shopping center and add a specialty grocer, theater, restaurants and shops. The purchase price of the property is undisclosed.

“Caruso Affiliated has a highly successful track record of repositioning and developing attractive retail and mixed-use properties throughout California,” Dan Riley, SVP at CBRE, tells GlobeSt.com. “In addition, Caruso Affiliated showed a detailed understanding of how to connect their properties with the cultural fiber of the community, balancing the varied wishes from the residents and creating unique, timeless settings for locals and visitors to enjoy.” Riley represented the seller in the transaction along with his CBRE colleague SVP Philip Voorhees. Caruso represented themselves.