Property Types Office
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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With rumors circulating of a sale price around $100 per square foot, the sale of the 66-story American International Group headquarters in Lower Manhattan likely set the bar for the biggest sale in the area market thus far in 2009.
Despite Office Market Slump, 1M-SF Connecticut Office Campus Trades in $72M Deal
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Tokyo is Priciest Market as Climate Favors Office Tenants Worldwide: CBRE
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Tenants have the edge in most of the world’s major office markets, concludes an analysis by CB Richard Ellis Inc. Class A rents are sliding dramatically and vacancy is ticking upwards in nearly every region, according to the study published last week.
 
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