- CASTO Announces Sale of Toledo Shopping Center Portfolio
- Wednesday, January 4, 2006
- Columbus, OH — CASTO, a real estate company headquartered in Columbus, Ohio, today announced the sale of its Toledo shopping center portfolio, which includes three retail shopping centers, to New Plan Excel Realty Trust of New York, New York. The three centers, all located in the greater Toledo area, total nearly one million square feet. Centers included in the transaction are: GREAT EASTERN, a 338,776 square foot shopping center located in southeast Toledo, just minutes from Interstate 280 in suburban Northwood, Ohio. The center is anchored by JCPenney Furniture Outlet, Value City Department Stores and Value City Furniture. SOUTHLAND, anchored by Kroger, Sears Hardware, Big Lots and Dollar Tree, is located at the northeast corner of Byrne Road and Glendale Road and totals 307,750 square feet. MIRACLE MILE is a 296,296 square foot shopping center situated at the southwest corner of Jackman and Laskey Roads. The center is currently anchored by Kroger, JCPenney Furniture Outlet and T.J. Maxx. CASTO's decision to sell these assets was predicated on its desire to focus on new investment objectives. "Our Toledo area assets have been a significant part of our real estate portfolio for over 50 years," said Don M. Casto, III, CASTO partner. "Our decision to sell these properties centered around our interest in focusing on our core region of investments, which spans from our headquarters in Columbus, Ohio to growing areas in the southeastern United States including Florida and the Carolinas." ABOUT NEW PLAN EXCEL REALTY TRUST New Plan Excel Realty Trust, one of the nation's largest real estate companies, focuses on the ownership and management of community and neighborhood shopping centers. The company operates as a self-administered and self-managed REIT, with a national portfolio of more than 460 properties (including properties held through joint ventures) located across 39 states and total assets of approximately $3.3 billion. Visit www.newplan.com to learn more information about New Plan Excel Realty Trust. ABOUT CASTO CASTO, a fully integrated real estate organization since 1926, is a recognized leader in the ownership, management, acquisition and development of commercial shopping centers and multi-family residences, office buildings and corporate parks. CASTO's growing portfolio currently includes over 20 million square feet of commercial property and nearly 5,000 residential units located primarily throughout the midwestern and southeastern United States. Casto Lifestyle Properties, an affiliate company of CASTO, is based in Sarasota, Florida and focuses on the development of mixed-use lifestyle centers. To learn more about CASTO and its properties, call (614) 228-5331 or visit www.castoinfo.com.
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