Business Specialties Investments
CASTO Invests $400M in Puerto Rican Portfolio
May 14, 2008

Columbus-based CASTO has invested $400 million in 1.7 million square feet of retail and office space in Puerto Rico. The properties were owned by Vadim Nikitine, president of Puerto Rico-based Commercial Centers Management Inc. Nikitine and Casto will now split ownership of the assets.

The partnership--dubbed CASTO Caribbean--acquired nine retail properties located throughout Puerto Rico, along with a high-rise office tower in Downtown San Juan. The acquisition places CASTO Caribbean among the top five retail owners in Puerto Rico. CASTO and Commercial Centers Management will split ownership of the properties equally, and Commercial Centers will continue to operate and lease the assets.

This venture is the latest in a series of partnerships between the two firms, beginning with the development Winter Park Village in Winter Park, Fla. Since that project, the partnership has expanded their holdings to eight lifestyle centers totaling 2 million square feet, as well as three mixed-use developments that are currently under development. PACE Financial Group provided financial advisory on the deal, working with institutional investors advised by JP Morgan Asset Management.

 
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vegas LA Developer Partners with Vegas Officials for Museum, Hotel Redevelopment
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CBRE Investors Snaps Up 1MSF Suburban Dallas Office
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Pair of Senior Housing Deals Total $122M
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$8.9B Penn Gaming Merger Crumbles
July 03, 2008
By Barbra Murray, Contributing Editor After spending the last few months attaining all the requisite approvals from various gaming commissions and boards, Penn National Gaming has put the kibosh on its proposed $8.9 billion merger with PNG Acquisition Company Inc.,...

Colonial Properties Trust Sells 5 Apartment Communities for $82M
July 03, 2008
By Gail Kalinoski, Contributing Editor Colonial Properties Trust, a multi-family-focused REIT, is continuing its plan to dispose of older assets by selling five apartment communities in two transactions for a total of $81.8 million. The buyer or buyers were not...

H&R Sells 11 in Canada
July 03, 2008
By Thomas Peretti, Contributing Correspondent -- H&R Real Estate Investment Trust has announced the completion of the sale of eleven retail properties. The firm netted approximately $72 million from the transaction. The company expects approximately a $9 million return on...

LA Developer Partners with Vegas Officials for Museum, Hotel Redevelopment
July 03, 2008
By Tonie Auer, Southwest Correspondent -- Less than a year after entering the Las Vegas market with the acquisition of the Lady Luck Hotel and Casino, Los Angeles-based CIM Group won a deal with the city to develop land adjacent...

Lightstone Acquires Interests in 20 Outlet Centers in $456M Deal
July 02, 2008
By Barbra Murray, Contributing Editor Lightstone Value Plus REIT will soon have a stake in 20 factory outlet centers, now that it has signed on purchase from 22.54 to 25 percent interests in the properties from affiliates of Arbor Mortgage...

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