Developer Rick Caruso has signed a deal to purchase the Exxon Mobil gas station at the corner of Sunset Boulevard and Swarthmore Avenue, the Palisadian-Post confirmed last week.
The deal would be in addition to the 2.77-acre Palisades Village property, one of the largest commercial blocks in Pacific Palisades, which Caruso is in the process of purchasing.
Source: Google Earth
The Mobil station is located at the main entrance to Swarthmore when heading west on Sunset and is considered a focal point for any future commercial plans Caruso has for the area.
Saeed Kohanoff, the Mobil station’s owner, said the deal was made in the past two weeks when a letter of intent was signed by both parties.
“I’m aware of Caruso’s reputation, and I’m sure he will do something good for the community,” Kohanoff said, adding that he had no further details about the L.A. developer’s plans.
Caruso is best known for his commercial projects in L.A., which include The Grove, The Commons at Calabasas and The Americana at Brand, among others.
Kohanoff plans to relocate the Mobil gas station and convenience store to Via de la Paz and Sunset, the current site of the Shell station, which he purchased in May.
Rich Schmitt/Staff Photographer
While he already owns both properties under a limited-liability company named Pacific Palisades Land, Kohanoff said, “the deal is still contingent” on whether his plan to move the gas station is approved by city planning officials.
Kohanoff said if his plans are greenlighted, he will close the Shell station’s garage to construct a 3000-sq.-ft. convenience store at the Via de la Paz location.
Caruso’s Mobil station purchase would be in addition to the properties on the opposite side of Swarthmore that are already in the process of being acquired.
The deal is significant because it would provide Caruso with a line of properties from Bentons on Swarthmore to Pearl Dragon on Sunset.
Caruso still needs six properties, including a portion of Pearl Dragon, in order to control the triangular block between Swarthmore, Monument Street and Sunset as well as the other side of Swarthmore from Sunset to Monument.
One of these properties is the building housing Denton Jewelers on Sunset, and another is where Madison, Solis and Get Dressed are located on Swarthmore, according to public records.
Both of these parcels have at least one owner in common – The Bowinkel family, whose name appears under the title of both buildings, according to public records.
The 2.77-acre property was consilidated under 14 trust entities, operating as Pacific Palisades Properties, which placed the property on the market in October of 2012.
If the deals go through as planned, Caruso will own the largest share of commercial land in Pacific Palisades.
In January, Caruso revealed he has been pursuing property in Pacific Palisades for more than 10 years, calling it a ‘labor of love.’
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