Rick Caruso to Purchase More Land in Pacific Palisades

Developer Rick Caruso has signed a deal to purchase the Exxon Mobil gas station at the corner of Sunset Boulevard and Swarthmore Avenue, the Post confirmed today.

The deal would be in addition to the 2.77-acre property that Caruso is in the process of purchasing.

090514_Mobil

The Mobil station is at the main entrance to Swarthmore when heading west on Sunset and is considered a focal point for any future commercial plans Caruso may have 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_Rick_J_Caruso

Caruso is best known for his commercial projects in L.A., which include The Grove, The Commons in Calabasas and The Americana at Brand among others.

Kohanoff plans to relocate the Exxon Mobil gas station and convenience store to Via de la Paz and Sunset, the site of the Shell station, which he purchased in May.

The deal is significant because it provides Caruso with a contiguous line of properties from Bentons on Swarthmore to Pearl Dragon on Sunset. This is in addition to the properties on the opposite side of Swarthmore that are already in the process of being sold to Caruso.

If the deals go through as planned, Caruso will own the largest share of commercial land in Pacific Palisades.

Caruso Affiliated could not immediately be reached for comment.