- Casto Acquires Florida Shopping Center
- Wednesday, February 2, 2005
- North River Village Added to Growing Portfolio
- Columbus, Ohio — Casto, one of the country's leading owner, developer and operator of community and neighborhood shopping centers, announced that it has completed the purchase of North River Village shopping center in Ellenton, Florida. Strategically located at the northeast corner of the intersection of US Highway 301 and 60th Avenue, the property sits adjacent to Prime Outlets of Ellenton, one of Florida's premier outlet centers. Less than three miles northeast of Bradenton, the 177,128 square foot retail shopping center, originally constructed in 1989 and renovated in 1993, is anchored by Big K, Beall's Outlet and Publix grocery store. The center was purchased from Equity One, a publicly traded shopping center REIT out of North Miami Beach, Florida, on January 31, 2005. The center is currently 98.9% leased with one 1,875 square foot storeroom available. Casto Lifestyle Properties, Casto's affiliate office based in Sarasota, Florida, will be responsible for the day-to-day operations and leasing and of the center. According to partner Don M. Casto, III, "The purchase of North River Village is representative Casto's interests in strengthening our southeast portfolio. Anchored by credit tenants and a dominant grocer, we see this acquisition as a meaningful addition to our existing Florida holdings." 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 southwestern Florida.
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