In the News

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.

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.

As the founder and CEO of Capstone Advisors, a diverse real estate investment and development company based in Carlsbad, CA, Alex Zikakis oversees the firm’s investments in commercial properties and residential land acquisitions, land entitlement, commercial property development and operations, asset management and institutional investment strategies. Under Zikakis’ direction, Capstone Advisors has been an equity investor in more than $3 billion of home building and residential development ventures, it has purchased and operated five million square feet of commercial properties, and it has overseen third-party asset management services for millions of square feet of retail, industrial and office properties. 

While everyone was working from home during the pandemic, Zikakis took the opportunity to remodel the company’s corporate offices to create more open spaces where the team could gather once it was safe to return. As the pandemic eased, Zikakis embraced new ideas by obtaining employee feedback for an ideal hybrid schedule and allowed each department to determine its own hybrid schedule. Zikakis’ management style is rooted in his confidence of his team. Leading by example and remaining relatively hands-off, Zikakis aims to let his employees flourish in their own arena with his support, guidance and expertise always within reach. “Alex is a forward-thinker, always seeking to provide tools that allow his team to be both effective and efficient in their work,” says one employee. “He has continuously adapted to change in the real estate market, while remaining true to his character and the values with which he founded Capstone Advisors.” Read full feature.

Northern Nevada Business Weekly – Capstone Advisors first residential project in Northern Nevada is a master-planned community on just over 112 acres in Lemmon Valley. The real estate investment and development company head-quartered at Carlsbad, Calif., purchased the bulk of its land holdings in 2017 and constructed the fully leased 11,000-square-foot SkyVista Village on Vista Knoll Parkway adjacent to Walmart, said Mark Hayden, Vice President of Development for Capstone Advisors.

The ‘Highlands’ master-planned community will extend from where Vista Knoll currently ends and consist of four separate villages, Hayden told NNBW during a recent interview. There will be three single-family residential communities consisting of 219 homes along with a 288-unit multifamily apartment complex. The development also includes a 1.7-acre commercial pad site that faces Lemmon Drive. Read full feature.

A 20-year veteran in accounting and finance, Esther Amano has had a monumental impact on Capstone Advisors where she is controller. She brings strong technical skills and a genuine care for the company’s accounting staff to her job, as well as a focus on treating investors and tenants with care.

During her tenure with a large commercial development firm, her analyses were relied upon by equity partners and lenders. She oversaw a portfolio exceeding 1 million square feet. Her experience spans all facets of commercial real estate including Big 4 CPA firm, private commercial real estate development and commercial loan underwriting. With a dynamic approach, dedicated to high-quality, end-user deliverables, she oversees the firm’s treasury management, financial reporting, investor administration, compliance and lender draws. She was a committee member for Boy Scouts of America, treasurer for the Kensington Preschool Parent Auxiliary and is an accountant for the San Diego Canoe Kayak team. Read full feature.