- Casto Sells Northern Lights Shopping Center
- Friday, February 4, 2005
- A Paradigm Shift in Progress
- Columbus, Ohio — Casto, one of the country's leading real estate organizations, announced the sale of Northern Lights shopping center in Columbus, Ohio to DLC Management, a privately held developer and owner from Tarrytown, New York. Casto originally developed the 380,000 square foot Northern Lights Shopping Center in 1955. This center is the first of several of the original Casto properties to be offered for sale. According to partner Don M. Casto, III, "The sale of Northern Lights fits well with our strategy to reposition our portfolio by broadening our existing geographic concentration and asset type. With the anticipated sale of several other local and regional centers, we plan to remain focused on new development, individual asset and portfolio acquisitions, redevelopments and 1031 exchanges in areas such as southwestern Ohio, northern Kentucky, North and South Carolina and Florida." 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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