- U.S. BANK CLOSES ON $46 MILLION LOAN FOR THE PIER PARK NORTH SHOPPING CENTER
- Tuesday, March 12, 2013
- Panama City Beach, FL —
U.S. Bank and a joint venture consisting of The St. Joe Company, CASTO and Strategic Retail Advisors announced today they have closed on a $46 million construction loan that will finance The Pier Park North Shopping Center, a 360,000 square foot shopping center in Panama City Beach.
The Pier Park North Shopping Center will be located across from Pier Park Lifestyle Center on U.S. Highway 98 near the intersection of State Road 79. Tenants will include Bed Bath & Beyond, Lee Nails & Spa, Mattress Firm, Mens Warehouse, PetSmart, Rooms to Go and Shoe Carnival. The new tenants will join fellow national retailers Dicks Sporting Goods, Michaels, Pier 1 Imports and Kirklands, which committed last fall to leasing space at Pier Park North.
The development of The Pier Park North Shopping Center is a positive sign for the local economy and we are excited to support the project with financing, said John Hart, market manager for U.S. Bank Commercial Real Estate in Columbus.
Pier Park North anticipates opening in spring of 2014.
CASTO is pleased to have U.S. Bank as our lender for Pier Park North, stated Brett Hutchens, partner at CASTO. We appreciate U.S. Banks commitment to funding both of our major, recent developments, Park West Village and now Pier Park North, Hutchens added.
About The St. Joe Company
The St. Joe Company is a Florida-based real estate developer and manager. The Company owns approximately 567,000 acres of land concentrated primarily in Northwest Florida and has significant residential and commercial land-use entitlements in hand or in process. The majority of land not under development is used for the growing and selling of timber or is available for sale. The Company also owns various commercial, resort and club properties. More information about the Company can be found on its website at www.joe.com.
About Strategic Retail Advisors
Founded in 2001, SRA is exclusively focused on providing real estate solutions to our clients in the retail and shopping center industry. SRA consults on behalf of retailers and developers in their efforts to open new stores, redevelop existing centers, and relocate existing facilities throughout the United States. See www.sraretail.com.
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. CASTOs growing portfolio currently includes over 23 million square feet of commercial property and nearly 4,000 residential units located primarily throughout the midwestern and southeastern United States and Puerto Rico. The Pier Park North project will be developed by a Casto affiliate based in Sarasota, Florida. CASTO currently has more than three million square feet of retail in development. To learn more about CASTO call (888) 400-0878 or visit www.castoinfo.com.
About U.S. Bank Commercial Real Estate
U.S. Bank Commercial Real Estate specializes in providing creative credit and non-credit financial solutions for real estate developers, REITs, and commercial property owners across the United States. U.S. Bank offers such services as construction/development lending, property acquisition lending, refinancing, lines of credit, and syndications. With an employee base of 400 professionals in 24 offices, U.S. Bank Commercial Real Estate builds long-term relationships designed to help American businesses grow.
About U.S. Bank
U.S. Bancorp (NYSE: USB), with $354 billion in assets as of December 31, 2012, is the parent company of U.S. Bank, the 5th largest commercial bank in the United States. The Company operates 3,084 banking offices in 25 states and 5,065 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at usbank.com.
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