- Casto Announces Sale of Pittsburgh Shopping Center Portfolio
- Thursday, April 21, 2005
- Columbus, Ohio — Casto, a real estate company based in Columbus, Ohio, today announced the sale of its Pittsburgh shopping center portfolio, which includes five (5) retail shopping centers, to Oakmont Malls, LLC, a joint venture of Zamias Services, Inc. and PWG Capital, an investment group formed by principals of Pearson Partners and Stephen Walsh, headquartered in New York, New York. The five centers, all located in the greater Pittsburgh area, total over 1.8 million square feet. Centers included in the transaction are: Great Southern, located in Bridgeville, a 364,195 square foot center anchored by T.J. Maxx and Office Max; Miracle Mile, a 320,029 square foot center located in Monroeville and anchored by Marshalls, DSW and Old Navy; Northern Lights, a 609,405 square foot Giant Eagle-anchored center located in Baden; Raceway Plaza, located in Bridgeville and anchored by Wal-Mart; and Southland/Four Seasons, anchored by Office Max and Tuesday Morning, a 367,395 square foot center located in Pleasant Hills. Casto's decision to sell these assets was predicated on its desire to focus on various new investment objectives. According to Don M. Casto, III, partner of Casto, "Our decision to sell centered around our interest in focusing on our core region of investments, which currently span from our headquarters here in Columbus, Ohio to our newer Casto Lifestyle Properties located in Sarasota, Florida. Our Pittsburgh area assets have been a significant part of our real estate investments for over 50 years, but we just felt that our current organization was better served to concentrate on our strategy of growth and development in our key markets." According to Pearson Partners principal, Paul Pearson, "The portfolio fit well with our venture's investment objectives. We are aggressively seeking assets in the northeast, including the Pittsburgh area. It is a healthy market and offers our venture many strong redevelopment opportunities." 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 19 million square feet of commercial property and nearly 7,000 residential units located primarily throughout the midwestern United States and southwest Florida. Zamias Services, Inc. is a full-service real estate development company. Founded in 1957 by George D. Zamias, the company is involved in the acquisition, development, management and leasing of commercial retail property throughout the United States. Since its inception, the company has developed over 30 million square feet of retail space and is currently developing an additional six million square feet of retail properties. PWG Capital was formed in 2001 by the principals of Pearson Partners and Stephen Walsh and Walsh and has since acquired over four million square feet of retail space throughout the United States. PWG seeks investment opportunities in retail, office, industrial, residential and development properties.
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