Investcorp, Casto Form $230M JV

COLUMBUS, OH-New York City-based Investcorp has acquired a 95% interest in eight retail centers owned by local developer Casto. The assets are valued at $230 million and total 1.6 million sf. The centers are located here and in the metropolitan Cincinnati area.

The properties are 96% leased and have such tenants as Best Buy, OfficeMax, Marshalls and Wal-Mart as anchors. Casto will continue to lease and manage the assets.

Investcorp executives were interested in the deal because of Casto’s expertise in Ohio markets, says Bradley Seiden, an Investcorp principal. “A lot of it is them,” he says of the reasons his company got involved in the deal. “Casto is the preeminent, Midwest, Ohio-based retail owner.”