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3/19/15
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Carlsbad-based Capstone Advisors recently closed on two retail investment buys totaling $11 mil in the San Diego area. The centers are located in Carlsbad and Poway.
In one of the deals, Capstone Advisors paid $4.55 mil for Sabre Springs Plaza, a 15k sf retail center located at the intersection of Poway Rd and Springbrook Dr in the Sabre Springs community of San Diego. The center is a core-plus class asset anchored by 7-Eleven.
According to Capstone president and CEO Alex Zikakis, the property has operational and market inefficiencies that plan to correct, which should enable the company to significantly improve the performance of the center. Capstone Advisors intends to employ a capital improvement plan focused on landscaping, parking lot and lighting maintenance, as well as a complete exterior paint update.
Pat Toomey and Kyle Mathews of Colliers International represented the seller in the deal. Financing was provided by La Jolla-based Silvergate Bank.
Capstone Advisors also acquired Poway Valley Center, a 25.8k sf retail shopping center located at the corner of Poway Rd and Community Rd in the heart of Poway. Purchased for $6.25 mil, the property’s signage on Poway Rd and its location within the sub-market creates an attractive environment for merchants, restaurateurs and convenience-oriented businesses seeking a prominent Poway retail location while avoiding traditionally high occupancy costs of the immediately adjacent anchored shopping centers.
“Utilizing our long-standing relationships with the local brokerage community, we sourced Poway Valley Center in an off-market transaction that highlights our ongoing acquisition strategy of targeting well located retail shopping centers on the West Coast” said Jon Mendis, director of acquisitions for Capstone Advisors.
Capstone Advisors plans to enhance the property’s appeal by implementing renovations to upgrade the store fronts, improve traffic flow and expand the landscape, as well as improve the parking lot, lighting and exterior paint.
John Jennings and Rob Ippolito of Cushman and Wakefield represented both Capstone Advisors and the seller in the off-market transaction.
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