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The Daily Transcript: Capstone Advisors Sells Pair of Retail Centers For $20.6 Million

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Carlsbad, Calif. – September 6th, 2023 – Carlsbad-based Capstone Advisors has sold a pair of shopping plazas for a combined $20.6 million and plans to redeploy the money into additional retail shopping centers.

Capstone sold My Florist Plaza, a 21,756-square-foot-square center in Phoenix, and The Shops at Wellesley, a 42,318-square-foot retail center in Richmond, Va.

“Capstone Advisors has owned these retail centers for 10 years and sold them in alignment with our business plan at acquisition,” Alex Zikakis, president of Capstone Advisors, said in a statement. “While these properties were incredibly stable assets in exceptional communities, we are refocusing our portfolio on owning larger assets, while continuing to acquire additional retail properties that align with our growth plans.” Read the Full Release.

Capstone Advisors Sells Two Properties In Its Portfolio — My Florist Plaza And The Shops At Wellesley

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Carlsbad, Calif. – August 29th, 2023 – Both Properties Sold After a Decade of Ownership to Refocus Portfolio on Larger Assets. California-based Capstone Advisors sells My Florist Plaza, located in Phoenix, Arizona and The Shops at Wellesley in Richmond, Virginia with plans to redeploy capital into additional retail shopping centers.

My Florist Plaza, located at the intersection of 7th Ave. and McDowell Road in Phoenix, Arizona, is a 21,756-square-foot-square- center sold to L&B Realty Advisors, LLP for $10,500,500. The center was sold fully occupied, including corporate leases with Habit Burger, Potbelly Sandwich Shop, NYPD Pizza, and T-Mobile. The property is near several historic neighborhoods with 370,000 residents within a 5-mile radius.

The Shops at Wellesley, located at 3416-3470 Lauderdale Drive in Richmond, Virginia was sold to Liberty Investment Partners, LLC for $10.1 million. The 42,318 square-foot retail center was also fully occupied at the time of the sale, including 20 tenants with 4.1 years of weighted average lease terms remaining. The tenant roster is largely e-commerce-resistant users, with 23 of the gross leasable area (GLA) represented by medical tenants. Read the Full Release.

Carlsbad Chamber of Commerce: New Restaurant Tenants Add Flavor To The Island At Carlsbad

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The Island at Carlsbad adds Savory Grill, Allen’s NY Pizza, and The Breakfast Mug to the shopping center roster, increasing offerings for customers.

Capstone Advisors, a diversified real estate investment, development and advisory firm, has a 27-year track record of creating strategic retail environments that enhance the customer experience and lead to long-term tenant success. The restaurant additions will join other shopping center staples, including, J-Box, Croutons, El Cubano, Ocean Day Spa and Studio Barre Carlsbad, among others. Allen’s NY Pizza has recently made its debut, while Savory Grill is eagerly anticipated to open its doors in late Summer 2023. Additionally, The Breakfast Mug is scheduled to launch in the upcoming months. Other changes to The Island include the addition of new electric car chargers. Located off Van Allen Way, the new Tesla Superchargers help Tesla drivers stay charged anywhere.  

During the summer months, The Island at Carlsbad, located at 5814 Van Allen Way, Carlsbad, CA 92008, hosts live music events every Wednesday until Aug. 30 for Carlsbad residents to enjoy. Shopping center visitors and locals will also be able to donate blood at one of three planned blood drives on Aug. 8, Oct. 10 and Dec. 19.  

“Shopping centers are often a community gathering place and therefore we consider it our responsibility to ensure we’re choosing tenants that meet the needs of those in the community,” said Alex Zikakis, president of Capstone Advisors. “The mix of new tenants, electric chargers and events at The Island provide Carlsbad residents more robust offerings and hopefully, more opportunities to connect with one another.” Read full feature.

SD Metro: New Restaurant Tenants Add Flavor to The Island at Carlsbad

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The Island at Carlsbad adds Savory Grill, Allen’s NY Pizza, and The Breakfast Mug to the shopping center roster, increasing offerings for customers. Capstone Advisors, a diversified real estate investment, development and advisory firm, has a 27-year track record of creating strategic retail environments that enhance the customer experience and lead to long-term tenant success.

The restaurant additions will join other shopping center staples, including, J-Box, Croutons, El Cubano, Ocean Day Spa and Studio Barre Carlsbad, among others. Allen’s NY Pizza has recently made its debut, while Savory Grill is anticipated to open its doors in late summer 2023. Additionally, The Breakfast Mug is scheduled to launch in the upcoming months.

During the summer months, The Island at Carlsbad, located at 5814 Van Allen Way, Carlsbad, hosts live music events every Wednesday until Aug. 30 for Carlsbad residents to enjoy. Read full feature.