- CASTO Expands Retail Portfolio to Carolinas
- Monday, December 5, 2005
- Developer Acquires One Million Square Feet of Shopping Center Real Estate in Area
- Columbus, Ohio — CASTO, one of the country’s leading real estate organizations, recently acquired three retail centers in North Carolina including University Place in Charlotte, University Commons in Burlington, and Hanes Point in Winston-Salem. With the completion of these acquisitions, CASTO’s retail portfolio in North Carolina nears one million square feet. As part of this expansion, CASTO has developed a team dedicated to creating additional market share for CASTO in the Carolina markets. Development and real estate veterans, Dixon Fleming and Diane Coulson have joined CASTO to lead the company’s expansion in this area. They will both operate out of the company’s Charlotte office at 8929 J.M. Keynes Dr. Suite 315, Charlotte, NC 28262, 704-549-4811. "“The North Carolina market, and these acquisitions specifically, are key to strengthening our southeast portfolio. All three of these centers have strong locations, demographics and tenant mixes that fit well with our growth strategy," said partner Don M. Casto, III. “We also are very excited about the expertise and market knowledge Dixon and Diane bring to our team.”" About University Place 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 at Charlotte 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. About University Commons 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. 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. About Hanes Point 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. 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 Carolinas Team With over 20 years of experience in the development industry, Dixon Fleming will lead CASTO’s operations in the Carolinas as partner. Prior to joining the company he was chairman and CEO of Factory Store of America, a NYSE traded real estate investment trust. He founded the company in 1987 and when he left in 1997 it was the largest owner and operator of factory outlet shopping centers in the world. He has bought or developed over 40 shopping centers throughout the US. He was recognized as Entrepreneur of the Year by INC. Magazine and Ernst and Young in 1995. He is also the former CEO of Carolina Pottery and a former partner at Core Point Capital, a private equity firm based in Charlotte. Diane Coulson joins CASTO as vice president of leasing and asset management and will be responsible for assisting CASTO with its current base of new properties in the Carolinas and in the acquisition of new development projects. Her background includes extensive experience in commercial real estate leasing, most recently with Tanger Outlet of Greensboro, North Carolina, where she was for nine years, and Factory Stores of America, based in Cary, North Carolina. 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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