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Caster Enterprises Takes Site for $6M

SAN DIEGO-The company has plans to demolish the existing retail site and develop a storage facility in its place. The site will also include ground-level retail.

By Daniel D. Williams | Updated on January 05, 2005

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SAN DIEGO-With all the activity taking place as part of Downtown’s revitalization, including the rush on converting space for condominiums, at least one company is banking there will be an increased need for storage space. Locally based Caster Enterprises, a division of Caster Cos., has acquired a retail site with plans to develop a six-story storage facility on the parcel. Caster Enterprises recently paid $5.7 million for a 45,000-sf parcel at 2235 Pacific Highway. The space is located at the corner of Ivy Street Downtown.According to a broker who worked on the deal, Caster Enterprises plans to redevelop the space. “Currently, there is a 50-year-old structure on the site,” says Bill Shrader of Burnham Real Estate Oncor International. In this deal, Shrader represented the buyer while Greg Wagner of Capital Growth Properties represented the seller, the Max Firstenberg Weinstock Family LLC. Shrader tells Globest.com that Caster Enterprises “will begin demolition of the site in the first half of 2005 and is expected to deliver a finished product in the first half of 2006.”Shrader says that early plans for the site include 19,0000 sf of retail on the ground floor with six stories of storage space. Currently, there are early talks for the retail space with an office supply company among those in negotiation. “There will be parking space as will as delivery space on site,” Shrader tells Globest.com.Caster Enterprises, a third-generation family owned business, specializes in the acquisition, development and management of A-1 Self-Storage and other commercial properties throughout California, with properties stretching from San Diego to San Jose. The company currently counts 3.9 million sf in its real estate portfolio.

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