The Pier Park North Shopping Center Receives $46 Million Loan

by Nate Hunter

Panama City Beach, Fla. — The 360,000-square-foot center will open in spring 2014.

Panama City Beach, Fla. — A joint venture of The St. Joe Co., CASTO and Strategic Retail Advisors has received a $46 million construction loan from U.S. Bank to finance The Pier Park North Shopping Center. The 360,000-square-foot center will be located in Panama City Beach across from the Pier Park Lifestyle Center at the intersection of U.S. Highway 98 and State Road 79. Dick’s Sporting Goods, Michaels, Pier 1 Imports and Kirkland’s committed last fall to anchor the center. Additional tenants will include Bed Bath & Beyond, Mattress Firm, Men’s Warehouse, PetSmart, Rooms to Go and Shoe Carnival. The Pier Park North Shopping Center will open in spring 2014. A CASTO-affiliate, based in Sarasota, Fla., will develop the center.

The St. Joe Co. is a Florida-based real estate developer and manager. Founded in 2001, Strategic Retail Advisors is provides real estate solution to clients in the retail sector. CASTO’s portfolio includes more than 23 million square feet of commercial real estate and nearly 4,000 residential units primarily concentrated in the midwestern and southeastern United States.

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