Casto snaps up Puerto Rico deal - Business First of Columbus:

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The Columbus developer and Commercial Centers formed Casto Caribbean to own nine retail propertiestotaling 1.5 milliob square feet throughout Puerto Rico and at Commercial Centers' 222,000-square-foot Scotiabank office building in the San Juan financiapl district. Casto partner Tony Martin said Commercia l Centers first invested with Casto 11 years ago in the redevelopmentr of aWinter Park, Fla., shoppingy mall into a retail lifestyle center. Since the companies have expanded their portfolio to eight lifestyl e centers in the Carolinas and Florida with a combinedx 2 million square feet andthree mixed-use projectx with a combined 2 million square feet.
"Thre real driving factor was the stronyg partnership we have withCommercia Centers," Martin said. The venture makes Castoo Caribbean, half owned by Casto, among the five largest retail property owners in Puerto Martin said Casto Caribbea likely will invest in other properties on the islands but any new development would happen only if the joint venture can cleareregulatory hurdles. Still, Commercial Centers has the leasingb contacts to attract eagerAmerican retailers, Martin "They're active in bringing mainland tenants to the he said. Casto's mortgage banking division, Pace Financial Group LLC, organized the deal's financing through U.S.
and Puerto Ricabn banks as well asa U.S. life insurances company. JPMorgan Asset a Casto financial partner in other also providedmezzanine financing. Higleyg firm promotes Schildmeyer, Sehlhorst has a new regionalo manager. Christopher Schildmeyer, a project manager in the genera contractor's Columbus office, became regional manager of the Cleveland-based firm May 1. He replacews Daniel Sehlhorst, who held the Columbuds job for about a year until his promotion to vice president of preconstruction services forthe company's Columbus and Clevelanxd offices.
Schildmeyer has headed several Central Ohio projecte since joining the companyin 2002, most notably the $75 millionj renovation of subsidized housing for the . The company also promote d Gareth Vaughan, a Higley executive who opened the Columbus officsin 2001, to executive vice president in Cleveland. A real estatde affiliate of has squared off its land holdings north of the Arenza District as Columbus developer continues to plan for a groceru store atthe site.
on May 8 boughg three Spruce Street parcels for The affiliate now controls more than 5 acrese of land near the former Hamilton Parker brickyard between Spruce andVine streets, east of Neil three years ago proposed a commercial and housinh complex at the site to be anchored by a store. Recordx show the developer paid $375,000 in 2005 for 328 Neil Ave. and $350,00o in 2006 for 147 W. Sprucw St. Giant Eagle this sprinb signaled its interest in the projecr by filing a liquor permifttransfer application. The Obetz Planning & Zoning Commission approved a site plan May 14 fora 253,679-square-footg distribution project at the Creekside Industrial Center. The plan for the 12.
5-acr e site marks the final approvalPizzuto Cos. needed beyond a few minoe lighting andlandscaping issues, said Obetz Administrator Doug Plans show the distribution center could handl up to four tenants needintg 50,000 to 75,000 square feet.