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Mall tycoon Rick Caruso interested in buying Glendale Galleria

http://latimesblogs.latimes.com/photos/uncategorized/2008/11/24/galleria.jpg

Shopping mall developer Rick Caruso, the man behind the Americana at Brand in Glendale and the Grove, is interested in purchasing the Glendale Galleria.

Caruso announced the joint venture with global investment firm TPG Capital on Tuesday, saying it would be tapped to buy and transform distressed properties into retail and mixed-use destinations.

Although Caruso plans to spread his new investments along the West Coast, he said he was specifically interested in adding to his 475,000 square feet of commercial and retail property in Glendale and to his other developments in the Los Angeles region.


Caruso planned to direct the new fund’s investments around major population centers throughout the West Coast, including Los Angeles, Northern California, Seattle and San Diego and Orange counties, he said.

The Glendale Galleria, a 1.5-million-square-foot mall and office tower adjacent to the Americana, could be a possibility, Caruso told the News-Press. Owners of the Galleria had fought his plans to build the Americana.

“I think that there would be some very interesting synergies with owning the Galleria along with the Americana,” he said. “It certainly needs help.”

The Galleria is owned and operated by Chicago-based General Growth Properties Inc., which filed Chapter 11 bankruptcy protection last year and is formulating a restructuring plan in court.

Read the full story here.

-- Zain Shauk, News-Press

Photo: L.A. Times file of Glendale Galleria.

 
Comments () | Archives (7)

Sweet. Now maybe the Americana can become profitable; let's see, step 1: Charge for parking at the Galleria, step 2: close the food court so that less costly food options are not available. step 3: Open stores in the galleria that no one can afford. Final step, increase rent.

I wonder if he'd be using any of the Los Angeles CRA money?

I bet no businesses in the Americana is profitable - but the money already invested is too much to even think about leaving. I don't think Caruso is making much profit in Americana himself - just look at the empty apartments for rent and the empty condos for sale - even at supposed "below cost" prices with some traffic, but not many carrying shopping bags. I agree with 'jaded' - if Caruso is successful in buying the Galleria, the huge increase in rent to Galleria tenants will dramatically change the current tenants in the Galleria.

Great!!!!! I just hope that parking will sill be free at the Galleria. Or else he will force me to go somewhere, particularly the Westfield Santa Anita, which is far more better than the Galleria since they did a remodel on it.

isn't he focusing on getting the Miramar in Santa Barbara done?

Now he will charge for parking there as well.

The Americana is a glittering abomination, reflecting the tendency of people to buy garbage that they can't afford and don't need. Keep the Galleria out of his venomous grasp.


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