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NORWOOD, OH-A joint venture between Casto Lifestyle Properties and investors advised by JPMorgan Asset Management-Real Estate recently bought Rookwood, one large retail property and an office complex for a reported $220 million. The retail portion is made up of 593,514 sf, and the office complex contains 166,153 sf, both adjacent to the I-71 interchange.

The venture bought the property from Jeffrey R. Anderson Real Estate Inc., Casto’s partner on a few other projects, such as Deerfield Towne Center, which Casto also purchased from Anderson. Tony Martin, a partner with Casto Lifestyle, says the Rookwood property is one of the premier lifestyle projects in the Midwest. “Our company likes mixed-use lifestyle centers. We think with the retail tenant mix and office tower, it’s a unique property,” Martin tells GlobeSt.com. He says he cannot discuss the purchase price, but a source close to the company said the reported figure is not far from accurate. Anderson will remain involved with the property in a management and leasing capacity.

The retail center is made up of the older and larger Rookwood Pavilion and newer Rookwood Commons, and includes tenants such as Old Navy, Wild Oats, DSW, TJ Maxx, Bed Bath & Beyond and Stein Mart. “The property is extremely well occupied, north of 95%,” says Martin. “We think it’s a very strong market, close to Downtown, and is one of the better close-in suburban markets.” He refused to discuss average lease rates at the retail center. The retail and office properties are both across the street from Anderson’s planned Rookwood Exchange, which had to be dropped after the state supreme court ruled that local homes couldn’t be taken through eminent domain.

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