LOS ANGELES AND FORT WORTH, TEXAS — Los Angeles-based Caruso Capital Partners has formed a $750 million joint venture with Fort Worth-based TPG Capital. The new venture will target underperforming retail and mixed-use centers in select markets in the western United States. Rick Caruso, president and CEO of Caruso Affiliated, the parent company of Caruso Capital, will serve as CEO of the new entity, which will be known as Caruso-TPG Partners. Stephen Rader, president of Caruso Capital, will serve as president of it.
“At Caruso, we have a proven track record and an in-house team of professionals with expertise in disciplines ranging from design and construction to leasing, marketing and property management — all the disciplines required to successfully execute this program,” said Rick Caruso in a statement. “We found an ideal partner in TPG with its global investment experience and background in real estate, giving us a competitive advantage in securing top property opportunities in this depressed market.”
This most recent announcement is the second big joint venture involving TPG. Late last year, the company, along with a group of investors, partnered with the FDIC to purchase a $4.5 billion loan portfolio from the failed Corus Bank.
— Coleman Wood