Caruso Affiliated Holdings and INVESCO Realty Advisors Partner in $300 Million California Retail Acquisition Venture.Business Editors LOS ANGELES--(BUSINESS WIRE)--May 15, 2001 Program Targets Community Retail Centers in California INVESCO Realty Advisors, an investment advisor Investment Advisor 1. A person making investment recommendations in return for a flat fee or percentage of assets managed, known as a commission. 2. For mutual fund companies, it is the individual who has the day-to-day responsibility of investing and monitoring the cash and to institutional clients, and Caruso Affiliated Caruso Affiliated is a real estate development company in California, U.S.A.. It is headed by Rick Caruso. It is known particularly for building higher-end outdoor shopping centers. Holdings, one of Southern California's largest and most respected developers of retail centers, have partnered in a new venture dedicated to the acquisition of community retail centers throughout California. INVESCO's clients are providing $100 million to the venture that will allow the Caruso team to acquire $300 million of community retail centers in mature and growing markets. "This is the firm's first partnership arrangement and our first major acquisition program -- important steps that add new dimensions to the company as we continue to grow and expand," said Rick J. Caruso, chief executive officer of Caruso Affiliated Holdings. "The softening economy may offer some opportunities to make strategic acquisitions in the retail sector. Sales at traditional, grocery-anchored centers remain strong, but we anticipate some weakness in the market, creating good values. "In addition, we may consider acquiring existing street retail in popular destinations as a property type that will balance and complement the portfolio." "Caruso has an impressive record of developing retail centers that are among the most successful in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, ," noted R. Scott Dennis, a partner with INVESCO Realty Advisors. "The company has proven its ability to identify locations with significant upside potential Upside potential The amount by which analysts or investors expect the price of a security may increase. upside potential The potential price or gain that may be expected in a security or in a security average, generally stated as the dollar ." Caruso is nationally recognized for establishing a new standard for community retail centers, creating gathering places or town centers in areas that historically have had no downtown. The centers blend a daily needs component, such as supermarkets and drug stores, with entertainment, fashion and a full range of restaurants focused around distinctive public spaces. "Our team will identify existing centers in good locations that are lagging the market due to aging facilities or poor tenant mix," Caruso explained. "We'll bring to these centers our proven model for adding value -- incorporating our formula for tenant selection, design and customer satisfaction." Last year, the firm undertook the successful renovation and repositioning of an older, 80,000-square-foot community center in Calabasas, Calif., across from The Commons, which Caruso developed. "With a strategic upgrading of the design and a new lease plan, the Courtyard has attracted regional and national tenants," commented Caruso. "In less than a year, we have achieved significant growth in our net operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. ." The venture will be managed by Sandy Yavitz, vice president, leasing and acquisitions for Caruso Affiliated Holdings. The partnership and financing agreement was arranged by the Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. office of Merrill Lynch. The venture will not be involved with Caruso's new developments. INVESCO Realty Advisors provides real estate investment advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal to institutional clients. A division of INVESCO, INVESCO Realty Advisors offers products suited for investors varying in size through direct real estate investing Real estate investing involves the purchase of real estate for profit. Profits are accumulated slowly by renting out properties in a cashflow method, or are generally improved and resold for a capital gain. and REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). investment management. These products are designed with a disciplined and research-oriented approach to maximize client benefits. INVESCO Realty Advisors is part of AMVESCAP, a leading independent global investment manager, dedicated to helping people worldwide build their financial security. Operating under the AIM and INVESCO brands, AMVESCAP strives to deliver outstanding investment performance and service through a comprehensive array of retail and institutional products for clients in more than 100 countries. The company is listed on the London, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Paris and Toronto Stock Exchanges Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. with the symbol "AVZ." Caruso Affiliated Holdings owns a portfolio of more than 35 real estate projects throughout the United States, including some of the best-regarded and highest-grossing retail centers in Southern California. Caruso currently is under construction on one of Southern California's largest new developments, The Grove at Farmers Market, a 640,000-square-foot open air retail and entertainment destination in Los Angeles. Last year, the firm was selected to master plan the 23-acre town center at Playa playa or pan or flat or dry lake Flat-bottomed depression that is periodically covered by water. Playas occur in interior desert basins and adjacent to coasts in arid and semiarid regions. Vista and by the city of Glendale for creation of a 12-acre, mixed-use project in the heart of the city. Caruso is known for its community and regional retail centers that serve as vibrant gathering places, such as The Commons at Calabasas, The Promenade at Westlake and Encino Marketplace. |
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