06/28/2010 05:12 am ET Updated May 25, 2011

Rick Caruso Eyes Glendale Galleria

Americana at Brand developer Rick Caruso on Tuesday said he would be interested in using a new joint $750-million investment fund to buy the rival Glendale Galleria.

Caruso, a billionaire who also developed the Grove in Los Angeles, announced the joint venture with global investment firm TPG Capital on Tuesday, saying it would be tapped to buy and transform distressed properties into retail and mixed-use destinations.

Although Caruso plans to spread his new investments along the West Coast, he said he was specifically interested in adding to his 475,000 square feet of commercial and retail property in Glendale and to his other developments in the Los Angeles region.