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.