- Casto Announces Property Sales
- Monday, April 26, 2004
- Columbus, Ohio — Casto, one of the country's leading real estate organizations, announced the sale of several assets during the first quarter of 2004. Franklinton Square, a 40,748 square foot shopping center located on West Broad Street in Columbus, Ohio, was purchased by Franklinton Investors Ltd., a local Columbus real estate partnership, on February 18, 2004. Franklinton Square was developed in 1987 and its major tenants include CVS/pharmacy, Tim Hortons, Taco Bell, White Castle and National City Bank. Casto also sold three properties totaling 196,574 square feet to Maquina Realty Corporation, an Indianapolis-based real estate development company. Included in the sale to Maquina were Castleton Marketplace (150,391 square feet) and Castleton Square Pavilion (59,926 square feet) both located in Indianapolis, Indiana, and Marketview Center, an 86,257 square foot shopping center located in Champaign, Illinois. In an effort to concentrate its focus on its core portfolio of grocery-anchored community centers, power centers and lifestyle centers, Casto is beginning the disposition of some of its non-anchored neighborhood centers and some single-tenant assets that are better suited to the smaller investor. Casto will continue to grow its portfolio through new development, individual asset and portfolio acquisitions, redevelopments and 1031 exchanges. 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 19 million square feet of commercial property and nearly 7,000 residential units located primarily throughout the midwestern United States and southwest Florida.
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