In the News

La Quinta, CA – June 12th, 2024 – Province West and Capstone Advisors are pleased to announce the closing by Toll Brothers of Griffin Estates, a new community consisting of 37 half-acre lots located in La Quinta, California.

Located south of Avenue 54 and east of Madison Street in a unique equestrian-themed community within the existing 239-acre Griffin Ranch Specific Plan, Griffin Estates has been entitled for 37 lots with a minimum lot size of 20,000 square feet. Along with the many amenities La Quinta has to offer its residents, Griffin Estates will also offer ample walking and multi-use trails that connect to the adjacent PGA West golf course and the Griffin Club, a 10,000-square-foot ranch clubhouse. Read Full Feature

Henrico, VA – May 15th, 2024 –Grocery store openings tend to be a bit staid, with ribbon cuttings, lots of suits, and perhaps some free swag or specials. But at the May 10 debut of Lotte Plaza Market at 7801 W. Broad St., once the scissors sliced through the red ribbon, it was game on as excited customers propelled their metal carts toward the doors — evidence that this was a place people had been yearning for. The former Stein Mart store has been converted into a 45,000-square-foot Asian grocer, a shopping wonderland complete with a food court, forthcoming French-Korean bakery, seafood and meat counters, and home goods section.

“We know that Henrico County is one of the most diverse areas in Central Virginia, and we thought that it’s time for Lotte to come to this market and serve the community here,” says Arvin Lee, current president and second-generation owner.  Read Full Feature

San Diego, CA – April 15th, 2024 – SAN DIEGO BUSINESS JOURNAL LEADERS of INFLUENCE in COMMERCIAL REAL ESTATE 2024: Alex Zikakis & Jay Matthes Read the Full Release.

Phoenix & Tempe, AZ – January 19th, 2024 – Two well-located Tempe retail properties have been sold for a total of $22.2 million. JLL represented the seller and procured the buyer, Capstone Advisors. JLL also helped finance the sale.

Built in 1998, the two properties total 38,896 square feet combined and consist of 100-percent-occupied high-street retail. Located on the northwest and southeast corners of Mill Avenue and 5th Street in the heart of the Mill Avenue Corridor, these iconic properties benefit from the over 70,000 students attending the nearby main campus of Arizona State University, as well as the thousands of annual visitors drawn by live sporting and entertainment events taking place in downtown Tempe each year. Read the Full Release.

Phoenix & Tempe, AZ – January 23rd, 2024 – Capstone Advisors has purchased an urban core retail and entertainment property in Tempe and a flex industrial building in Phoenix. The names of the sellers were not released.

Located at 420 and 501 S. Mill Ave. in Tempe, the retail and entertainment property consists of two buildings totaling 38,896 square feet. Capstone paid $22.2 million for the asset. At the time of sale, the property was fully occupied. Current tenants include Starbucks Coffee, Spinelli’s Pizza, Lotions & Potions, Bang Bang, Crispy Cones, Varsity Tavern, Rodeo Ranch and Low Key Piano Bar. Read the Full Release.

Phoenix, AZ – January 18th, 2024 – California-based real estate firm Capstone Advisors announced Jan. 18 it has acquired a 38,896-square-foot retail and entertainment property in Tempe’s Mill Avenue District for $22.2 million. 

The Tempe property, composed of two buildings at 420 and 501 S. Mill Ave., was already occupied at the time of sale, touting many retail, entertainment and dining tenants including Spinelli’s Pizza, Varsity Tavern and Low Key Piano Bar, a press release explained. “These two iconic buildings are located at the most dynamic intersection of the booming Tempe downtown market. The intersection of Fifth Avenue and Mill Avenue has the highest pedestrian traffic in the city of Phoenix, and the entire area is in the midst of outstanding residential high-rise growth” Alex Zikakis, president of Capstone Advisors, stated in the release. Zikakis added this acquisition can be summed up as “generational real estate.” Read the Full Release.

Phoenix, AZ – January 19th, 2024 – Capstone Advisors recently closed on two acquisitions in deals totaling $28 mil. One of the properties is an urban core retail and entertainment property in Tempe while the other is a flex industrial building in Phoenix.

The retail and entertainment property, located at 420 and 501 S. Mill Ave, in the heart of Tempe’s Mill Avenue District near Arizona State University, was purchased for $22.2 mil. It consists of two buildings totaling 38.9k sf ($571/sf) of space. 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. Read the Full Release.

Phoenix, AZ – January 21st, 2024 – JLL Capital Markets announced today that it closed the $22.2 million sale and financing of two properties — 420 and 501 South Mill Avenue located in Tempe. JLL represented the seller and procured the buyer, Capstone Advisors.

Built in 1998, the two properties total 38,896 square feet combined and consist of 100-percent-occupied high-street retail. Located on the northwest and southeast corners of Mill Avenue and 5th Street in the heart of the Mill Avenue Corridor, these iconic properties benefit from the over 70,000 students attending the nearby main campus of Arizona State University, as well as the thousands of annual visitors drawn by live sporting and entertainment events taking place in downtown Tempe each year. Read the Full Release.

Phoenix, AZ – January 16th, 2024 – Capstone Advisors has acquired 420 S. Mill Ave and 501 S. Mill Ave. in Tempe for $22.2M. Century Drive Investments LLC was the seller. Read the Full Release.

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.