- Casto Acquires Two Shopping Centers in North Carolina
- Tuesday, October 4, 2005
- University Commons (Burlington) and Hanes Point (Winston-Salem) Added to Growing Portfolio
- Columbus, Ohio — Casto, one of the country’s leading real estate organizations, announced the recent acquisition of two retail centers located in North Carolina. University Commons, a 236,213 square foot center located in Burlington, North Carolina, was purchased from Kimco Realty, based in New Hyde Park, New York. The final transaction closed on September 19, 2005. Hanes Point, a 361,165 square foot center located in Winston-Salem, North Carolina, was acquired on September 29, 2005 from Collett & Associates of Charlotte, North Carolina. University Commons, located at the Interstate 40/85 and Western Alamance Loop interchange, includes key tenants Best Buy, Ross, Michaels, PetsMart, Old Navy and Bed Bath & Beyond. Target is situated adjacent to the property. Hanes Point is located on Hanes Mall Blvd. at Interstate 40 and includes key tenants Target, Kohl's, Linens 'N Things, Michaels Factory Card Outlet, Shoe Carnival and Pier 1. The acquisitions of University Commons and Hanes Point follow Casto's recent entry into North Carolina when it purchased Charlotte's University Place on August 1, 2005. With the completion of these acquisitions, Casto's retail portfolio in North Carolina is now 943,103 square feet. According to partner Don M. Casto, III, “These acquisitions fit well with our strategy of strengthening our southeast portfolio through new development and individual asset and portfolio acquisitions. 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 nearly 19 million square feet of commercial property and more than 6,000 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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