(Ian Ritter is national online editor for GlobeSt.com/RETAIL.)

SARASOTA, FL-Casto Lifestyle Properties is joint venturing with JPMorgan Asset Management on five Florida mixed-use centers. The Casto-developed assets, of which Morgan's Strategic Property Fund will acquire a 50% share, are worth $300 million, according to the parties.

Three of the centers are in Sarasota: the 170,000-sf Main Street at Lakewood Ranch, the 27,000-sf St. Armand's Circle, and the 60,000-sf Whole Foods Market Centre, which also has 95 luxury condos attached. Winter Park (FL) Village contains 350,000 sf of retail, 114,000 sf of office and 60,000 sf of residential. The deal also includes Lakeside Village, a 500,000-sf development in Lakeland.

The deal could lead to other transactions between the two firms, says locally-based Casto Lifestyle's management. This first transaction allows the firm to pursue further developments and transactions.