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He has two sons- Rick J. Caruso, a prominent builder and retail operator and owner and CEO of Caruso Affiliated, which has built and owns and operates such retail propertes as The Grove at Farmers Market and The Americana at Brand.
In 1987, Caruso founded Caruso Affiliated, a real estate development firm which develops, owns and manages properties such as The Grove at Farmers Market in Los Angeles, the Americana at Brand in Glendale, The Commons at Calabasas, The Promenade at Westlake, and the Marina Waterside.