We have developed a three year value enhancement plan that will consider all opportunities for each center from re-leasing to redevelopment, reconfiguring space and construction services
Richmond, VA (Vocus) September 3, 2009
CASTO, one of the country's leading real estate organizations, announced today a new partnership with institutional investors advised by J.P. Morgan Asset Management. With this assignment, CASTO will provide property management and leasing services to two properties in the Richmond area.
Harbour Pointe Village, a 123,000 square foot shopping center located in Midlothian, Virginia on Hull Street is anchored by a 57,000 square foot Ukrop's. Other retailers include Hallmark, Journey Yoga, Blockbuster and Parcel Plus. Currently 90% occupied, small-shop opportunities remain available.
The second property known as Stony Point Shopping Center is a 78,000 square foot retail center in Richmond, located on Huguenot Road (State Route 147). Stony Point is anchored by a 40,000 square foot Ukrop's with additional shops that include Belle Kuisine, Fandango Beads, Snap Fitness, Einstein Bagels, Precision One Salon & Spa and Hallmark.
"We have developed a three year value enhancement plan that will consider all opportunities for each center from re-leasing to redevelopment, reconfiguring space and construction services," said Dixon Fleming, Partner at CASTO.
About J.P. Morgan Asset Management
J.P. Morgan Asset Management is a global asset management leader providing world-class investment solutions to institutions, individuals and financial intermediaries. The firm is responsible for approximately $1.1 trillion in assets under management (based on assets under management for the Asset Management division of JPMorgan Chase & Co. as of June 30 2009), including approximately $42.7 billion in real estate and infrastructure assets managed by J.P. Morgan Asset Management - Global Real Assets. With a 39-year history of successful investing and a staff of approximately 375 professionals, J.P. Morgan Asset Management - Global Real Assets identifies, analyzes, negotiates, acquires, develops, redevelops, renovates, operates, maintains, finances and sells assets, on behalf of its clients. J.P. Morgan Asset Management's broad investment capabilities and framework for analyzing opportunities in today's complex real estate and infrastructure markets provide critical insights for its institutional clients in both the public and private markets.
CASTO, a fully integrated real estate organization since 1926, is a recognized leader in the ownership, management, acquisition and development of commercial shopping centers and multi-family residences, office buildings and corporate parks. CASTO's growing portfolio currently includes over 23 million square feet of commercial property and nearly 4,000 residential units located primarily throughout the Midwestern and southeastern United States and Puerto Rico. CASTO currently has more than three million square feet of retail in development. To learn more about CASTO call (888) 400-0878 or visit http://www.castoinfo.com .
Sarah C. Benson