Los Angeles-based shopping center investor Rick Caruso, has formed a joint venture with TPG Capital to invest as much as $750 million in regional retail real estate. The JV intends to buy undervalued retail and mixed-use properties in well-established submarkets. The timing for the venture is right, Caruso says. "I think that over the next 12 to 18 months there will be more opportunities, notwithstanding the fact that the economy is getting stronger."

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