Quick Links

OUR MARKETSRETAIL PROPERTIESACQUISITIONSPRESS ROOM
PEOPLEHISTORYAPARTMENTS CONTACT US
A fully integrated real estate firm, we provide expert and innovative solutions and maintain the highest standards of client service.
We build excitement.
MEDIA INQUIRIES
Please direct all media inquiries to:
614.744.2013 (office)
614.229.4378

Press Room

Casto Expands Portfolio to Puerto Rico Via Partnership with Commercial Centers Management, Inc.
Wednesday, May 7, 2008
$400 Million Joint Venture Includes Ten Properties
Columbus, Ohio — Casto Caribbean, a new affiliate of Columbus-based CASTO, and joint venture partner, Vadim Nikitine, President of Puerto Rico-based Commercial Centers Management, Inc., today announced a $400 million investment in 1.7 million square feet of retail and office space in Puerto Rico. The investment consists of nine retail properties spread throughout the commonwealth and one high-rise office building with a parking garage, located in the financial district of downtown San Juan. The venture makes Casto Caribbean among the top five retail commercial property owners in Puerto Rico today. “We are pleased to be expanding our existing successful relationship with both Commercial Centers Management and JPMorgan Asset Management,” states Don M. Casto III, Partner at CASTO. “Entry into the Puerto Rico market, which is remarkably vibrant and has high barriers to entry, has been a strategic goal of CASTO for some time. It is a source of great pleasure to be able to work with two exceptional organizations for whom we have developed a high degree of respect in order to accomplish this goal.” CASTO will own 50% of Casto Caribbean. The joint venture assets, which are valued close to $400 million, include: Santa Rosa Mall, Bayamon — 456,180 square feet Centro del Sur, Ponce — 243,220 square feet Plaza Caparra, Guaynabo — 161,868 square feet 65th Infanteria, Puerto Rico — 142,869 square feet Villa Blanca Mall, Caguas — 138,274 square feet Reparto Metropolitano, Rio Piedras — 126,462 square feet Eastern Plaza, Fajardo — 71,177 square feet Mountain View, Carolina — 42,078 square feet El Monte Town Center, Ponce — 78,724 square feet Plaza Scotiabank, Hato Rey — 222,470 square feet Commercial Centers Management, Inc., will continue to operate and lease the properties on a day-to-day basis. This venture is one of many between CASTO and Vadim Nikitine, who partnered on CASTO’s first lifestyle project, Winter Park Village in Winter Park, Florida. Since then, they have expanded the portfolio to include eight lifestyle centers totaling 2 million square feet and have three mixed-use properties currently under development for an additional 2 million square feet. Columbus-based PACE Financial Group provided financial advisory services which included refinancing and obtaining first mortgage loans on all ten properties and included two international banks, Banco Popular and First Bank Puerto Rico. PACE also worked closely with institutional investors advised by JPMorgan Asset Management who offered innovative financing for this acquisition. ABOUT PACE FINANCIAL GROUP Pace Financial Group began operations July 1, 2001 and offers a full range of commercial real estate financial services. Principally operating as a mortgage banking company, Pace provides a variety of funding options as well as a full service commercial mortgage loan servicing operation. Financing options include first and second mortgage debt, equity investments, mezzanine financing and brokerage services. Pace recently expanded its focus to include the brokerage of interim, construction and other short-term financing. Pace has relationships with several institutional investors including life insurance companies, pension funds, banks, agency and CMBS capital sources. For more information, please visit www.pacefg.com. ABOUT JPMORGAN ASSET MANAGEMENT JPMorgan Asset Management is a global asset management leader providing world-class investment solutions to institutions, individuals and financial intermediaries. The firm is responsible for close to $1.2 trillion in assets under management (based on assets under management for the Asset Management division of JPMorgan Chase & Co. as of December 31, 2007), including $56.2 billion in real estate managed by JPMorgan Asset Management - Real Estate & Infrastructure, as of December 31, 2007. With a 38-year history of successful investing and a staff of approximately 345 professionals, JPMorgan Asset Management - Real Estate & Infrastructure identifies, analyzes, negotiates, acquires, develops, redevelops, renovates, operates, maintains, finances and sells assets, on behalf of its clients. JPMorgan Asset Management's broad investment capabilities and framework for analyzing opportunities in today's complex real estate and infrastructure markets provide critical insights for its institutional clients in both the public and private markets. ABOUT COMMERCIAL CENTERS MANAGEMENT, INC. Commercial Centers Management, Inc. (CCM) is a commercial real estate management company dedicated to providing acquisition, development, leasing and asset management services in Puerto Rico and the southeastern United States, since 1977. With a portfolio that includes over two million square feet of commercial space, CCM is one the largest management companies in Puerto Rico and has the exclusive representation of Chain links, a leading retail real estate advisor in the US. For more information, please visit www.CCMPR.com. ABOUT CASTO CASTO, a fully integrated real estate organization based in Columbus, Ohio 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 23 million square feet of commercial property in 100+ shopping centers and more than 4,000 residential units in14 apartment communities located primarily throughout the midwestern and southeastern United States and Puerto Rico. CASTO currently has more than five million square feet of retail in development. CASTO also has offices in Sarasota, Florida, Raleigh, North Carolina and Charlotte, North Carolina which specialize in real estate development, brokerage and management primarily in Florida and the Carolinas. To learn more about CASTO, visit www.castoinfo.com.

# # #

[ « return to list ]