Phoenix, AZ – January 17th, 2024 – Southern California-based real estate firm purchases Arizona retail and entertainment property and flex industrial building. Further expanding its extensive retail and industrial portfolios, Capstone Advisors, a diversified real estate investment, development and advisory firm headquartered in Carlsbad, California, has acquired an urban core retail and entertainment property in Tempe and a flex industrial building in Phoenix. 

Conveniently located in the heart of Tempe’s Mill Avenue District near Arizona State University, at 420 and 501 S. Mill Ave., the retail and entertainment property consists of two buildings totaling 38,896 square feet and was purchased for $22.2 million. A popular nightlife hub in the metropolitan Phoenix area, the two buildings were fully occupied at the time of sale by retail, entertainment and dining tenants, including – Starbucks, Spinelli’s Pizza, Lotions & Potions, Bang Bang, Crispy Cones, Varsity Tavern, Rodeo Ranch and Low Key Piano Bar. “These two iconic buildings are located at the most dynamic intersection of the booming Tempe downtown market. The intersection of 5th Ave. and Mill Ave. has the highest pedestrian traffic in the city of Phoenix, and the entire area is in the midst of outstanding residential high-rise growth” said Alex Zikakis, president of Capstone Advisors. ‘Generational real estate’ is an overused term, but in this case, exactly sums up this acquisition.” Read the Full Release.