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.