- Casto Expands Retail Portfolio to North Carolina
- Tuesday, August 2, 2005
- Ohio Developer Acquires University Place
- Columbus, Ohio — Casto, one of the country's leading real estate organizations, announced the recent acquisition of two components of the retail center known as University Place in Charlotte, North Carolina. The Village at University Place and The Shoppes at University Place, totaling 469,056 square feet, were purchased from Ronus Properties, based in Atlanta, Georgia. The final transaction closed on August 1, 2005. University Place is ideally located near the University of North Carolina and University Research Park in University City, Charlotte's fastest growing submarket. The center includes key tenants Best Buy, Dick's, Michaels, Office Depot, Old Navy, Pier 1, T.J. Maxx and Talbots. Adjacent to the property is a Wal-Mart and Sam's Club. According to partner Don M. Casto, III, “The purchase of University Place marks our entry into the robust Charlotte market and is representative of Casto's interests in strengthening our southeast portfolio. Concentrating on areas between Ohio and Florida, we are focused on new development, individual asset and portfolio acquisitions. University Place's strong location, demographics and tenant mix fit well with our growth strategy and North Carolina will continue to be an important region for our company's future growth plans." 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. Casto Lifestyle Properties, an affiliate company of Casto, is based in Sarasota, Florida and focuses on the development of mixed-use lifestyle centers.
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