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CARUSO’S BUY: Caruso Affiliated, Los Angeles-based owner of The Grove and The Americana at Brand, said Thursday it has reached an agreement with San Diego Gas & Electric to buy 48 acres in Carlsbad, Calif., for an undisclosed price to develop a shopping center. The shopping center would be the first built by Caruso Affiliated outside of Southern California, although the company has stretched outside of the region by managing development of The Linq for Caesars Entertainment Corp. in Las Vegas. The agreement marks the culmination of a long search by Caruso Affiliated for properties suitable for a lifestyle center in the San Diego area. The company has also been looking for properties in Northern California. Speaking to WWD last month about the Carlsbad property, Caruso Affiliated president and chief executive officer Rick Caruso told WWD, “We are planning on building a project that is very much The Grove. Right now, we are calling it The Grove as a working name.” Caruso Affiliated expects it will take 12 to 18 months before the necessary approvals to start construction on the site are secured, and construction will take two years.
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