Press Room
- CASTO Enters Puerto Rican Market
- Tuesday, May 27, 2008
- Article from The Columbus Dispatch by Mike Pramik
- Columbus, OH — Columbus developer Casto said today it is entering the Puerto Rican commercial real-estate market in a $400 million venture with a current investment partner.
Casto Caribbean, a new Casto affiliate, has joined Commercial Centers Management of Puerto Rico in the purchase of 1.7 million square feet of retail and office space in the U.S. territory. The investment includes an office building in San Juan and nine retail properties located around Puerto Rico.
In the mid-'90s, Casto worked with Commercial Centers President Vadim Nikitine on Winter Park Village in Florida, Casto’s first lifestyle center development. The partners now own eight lifestyle centers and have three mixed-use properties under development.
Casto Partner Don M. Casto III said his company has been seeking to enter the “remarkably vibrant” Puerto Rican retail market for some time.
Although Casto is a 50-50 partner in the investment, Commercial Centers Management will operate and lease the properties. The investment increases Casto’s portfolio to more than 23 million square feet of commercial property in more than 100 shopping centers. It also manages more than 4,000 apartments.
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