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DEVELOPMENT NEWS
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Joint venture targets underperforming retail properties in O.C.

Owner of The Grove in L.A. partners with TPG Capital.

By Kristen SchottPublished: April 29, 2010 12:50 PM

The Grove in Los Angeles
A division of Caruso Affiliated, owner of The Grove in L.A., and private investment firm TPG Capital are forming a joint venture to acquire retail and mixed-use developments throughout the Western U.S. – and Orange County is a prime target.

Caruso-TPG Partners plans to invest up to $750 million of debt and equity in investments in underperforming properties.

Though Caruso-TPG Partners will not reveal specific O.C. properties at this point, a spokesperson did say the firm is "looking at several possibilities" in the region.

"We believe there will be opportunities in retail real estate in the near term for Caruso-TPG Partners as we bring a combination of capital and experience to acquiring and repositioning underperforming properties," says Rick Caruso, president and CEO of Caruso Affiliated. Caruso will serve as CEO of the new entity.

In addition to The Grove, Caruso Affiliated owns The Americana at Brand, Village at Moorpark and The Promenade at Westlake, among others.

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