Riverbirch Corner, the mall that has largely anchored West Sanford since the late 1980s fall into disrepair has been sold in recent years, after a document on file at the Lee County Courthouse.
The deed shows that CASTO-CCM Sanford took possession of the mall on November 17 from Riverbirch Realty LLC.
CASTO, an Ohio-based real estate holding company that also has offices in North Carolina and Florida, appears to own dozens of shopping centers in Ohio, Alabama, Florida, Georgia, Indiana, North Carolina, and South Carolina — many anchored by major retailers like Kroger, Target, Kohl’s, Stein Mart and others.
CASTO’s properties in North Carolina include Stone Creek Village in Cary, Shops in Wakefield Park in Raleigh, Park West Village in Morrisville, Adams Farm Shopping Center and the Shopping on Battlefield North in Greensboro and others in Winston-Salem, Durham, Charlotte, Jacksonville and Burlington.
“We are thrilled to be a part of Lee County and the positive growth of this wonderful community,” said Shannon Dixon, executive vice president of CASTO Southeast Realty Services, in a press release. “Located in the geographic center of the state, it truly is the heart of North Carolina, and we couldn’t be more thrilled to embody the county’s motto, ‘Committed Today for a Better Tomorrow.'”
Riverbirch Realty, a subsidiary of New York-based Namdar Realty Group and Mason Asset Management, has owned the property since 2017 and faced local civil penalties due to lack of maintenance of the property only in 2019, as well as a number of companies Conclude or go to other places. Many of the center’s 25+ retail suites are vacant. A Article from Reuters from 2018 reported that Namdar and Mason “invest as little as possible in many of their properties; The aim is to hold the assets, not to restructure them.”
CASTO has not announced or submitted any future plans for the mall to the city. Adcock Real Estate’s Steve Malloy and Tim Dubois supported the transaction.
CASTO, a fully integrated real estate company since 1926, is a recognized leader in the ownership, management, acquisition and development of apartment buildings, commercial shopping centers and office buildings. CASTO’s portfolio currently includes over 6,200 multi-family homes and over 26 million square feet of commercial properties throughout the Midwest and Southeast United States.