- Casto forms $230 million joint venture with Investcorp
- Monday, January 30, 2006
- Columbus, OH — CASTO, one of the country’s leading real estate organizations, recently formed a $230 million joint venture with New York based Investcorp. This partnership includes eight Class A community shopping centers encompassing approximately 1.6 million square feet of retail space located in Ohio and Indiana. CASTO will continue to manage the properties under this joint venture. "The joint venture with Investcorp coincides with our strategic plan of continued growth through new development, acquisitions and strategic partnerships,” said Don M. Casto, Principal at CASTO. “This venture is specifically appealing because we have added a strong partner, while continuing to have both active ownership and management responsibilities of this core group of strong assets." The joint venture assets include: • Taylor Square, Columbus, Ohio, 546,561 s.f. • Tuttle Crossing, Columbus, Ohio, 470,000 s.f. • Western Hills Marketplace, Cincinnati, Ohio, 127,645 s.f. • Tri-County Marketplace, Cincinnati, Ohio, 74,714 s.f. • Governor’s Plaza, Cincinnati, Ohio, 339,157 s.f. • Montgomery Crossing, Cincinnati, Ohio, 89,656 s.f. • Kings Mall II, Cincinnati, Ohio, 186,909 s.f. • Coldwater Crossing, Ft. Wayne, Indiana, 501,513 s.f. These properties are 96% leased and have as tenants a number of the most prominent retailers in the United States, including Wal-Mart, Sam's Club, Best Buy, Marshalls, Sears, Kohl's, PetSmart, Linens 'n Things, and Office Max. Bradley Seiden, a Principal of Investcorp’s real estate team, said, “We are extremely excited about the creation of and growth potential for our new joint venture with CASTO, which is one of the premier retail real estate firms in the U.S. This eight-property recapitalization in Ohio and Indiana represents both the initiation of this partnership and a continued major commitment by Investcorp to the retail asset class, a sector in which we and our investors have enjoyed tremendous success over the years.” ABOUT INVESTCORP Investcorp’s New York-based team of real estate professionals focuses on high-quality existing commercial, hotel and residential properties with strong cash flow and attractive potential for medium-term capital gains as well as a growing number of opportunistic investments. The team oversees a portfolio with a current value of more than $1.5 billion in selected urban and suburban markets in the U.S. Investcorp has concentrated its property investments in sector-specific real estate portfolios including office, retail, hotel, industrial, and residential properties. In addition to investing in real estate, Investcorp focuses on corporate investments, asset management and technology investments. Since it was established in 1982, the firm has completed transactions with an aggregate value of approximately $28 billion. Additional information on Investcorp may be found at www.investcorp.com. ABOUT CASTO 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 20 million square feet of commercial property and nearly 7,000 residential units located primarily throughout the Midwestern and southeastern United States. CASTO Lifestyle Properties, an affiliate company of CASTO, is based in Sarasota, Florida and focuses on the development of mixed-use lifestyle centers. To learn more about CASTO and its properties call (614) 228-5331 or visit www.castoinfo.com.
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