Mall tycoon Rick Caruso interested in buying Glendale Galleria
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.
-- Zain Shauk, News-Press
Photo: L.A. Times file of Glendale Galleria.