County officials grant Rick Caruso control of three Marina del Rey properties

Ground leases on government-owned land can now transfer to his name

Los Angeles /
Aug.August 03, 2017 03:30 PM

Developer Rick Caruso has long desired to expand his footprint in Marina del Rey, and the billionaire developer may be inching closer to his dream. 

The Los Angeles County Board of Supervisors approved a staff recommendation to allow Caruso to take over the ground leases at Warehouse Restaurant, Commodore Club and Café Del Rey, located at 4499, 4519 and 4451 Admiralty Way, respectively.

The properties, owned by the County, are currently leased by property development company Commodore Club Inc., founded by the late Lloyd Taber. Commodore’s ground lease expires in July 2022. The company had requested the County’s consent to transfer its leasehold for the properties to Caruso for $2.75 million, Urbanize reported.

The properties are just a three-minute drive from Caruso’s 10-acre Waterside at Marina del Rey shopping center.

Redevelopment plans have not been specified yet, according to Urbanize. 

The County’s Department of Beaches and Harbors is now tasked with reassigning the leases to Caruso.

The developer is currently building a massive shopping complex in Palisades Village, as well as a residential tower near the Beverly Center. [Urbanize]Subrina Hudson


Related Articles

arrow_forward_ios
Renderings of The Star
The Star, a $500M office tower project, looks to light up Hollywood
The Star, a $500M office tower project, looks to light up Hollywood
The Boyd Street fire in May, 2020 (Getty)
LA fire captain sues building, vape shop owners over May 2020 explosion in downtown
LA fire captain sues building, vape shop owners over May 2020 explosion in downtown
(Getty Images)
SoCal’s “Space Beach” is ready for liftoff
SoCal’s “Space Beach” is ready for liftoff
Clockwise from top left: Kilroy Realty CEO John Kilroy, Boston Properties CEO Owen Thomas, TMG Partners CEO Michael Covarrubius and Eastdil Secured CEO Michael Van Konynenburg (Kilroy, LinkedIn via Thomas, TMG Partners, LinkedIn via Van Konynenburg, Getty)
“We gotta get people back to the office”: West Coast landlord execs press for return
“We gotta get people back to the office”: West Coast landlord execs press for return
Oxford Properties CEO Michael Turner and the campus (Oxford)
Oxford moves into LA with $134M industrial buy
Oxford moves into LA with $134M industrial buy
Post-production campus in Burbank sells for $37M
Post-production campus in Burbank sells for $37M
Post-production campus in Burbank sells for $37M
G6 Hospitality CEO Rob Palleschi and Motel 6 San Jose South, one of the largest assets in the portfolio (G6)
Blackstone’s Motel 6 portfolio gets $685M CMBS loan
Blackstone’s Motel 6 portfolio gets $685M CMBS loan
Sares-Regis Group CEO Rob Wagner and Huntington Gateway
Sares Regis inks tenant for 434K sf unfinished Orange County site
Sares Regis inks tenant for 434K sf unfinished Orange County site
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...