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9/01/15
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Capstone Advisors has purchased a 30.4k sf in San Diego’s Carmel Mountain Ranch area for $12.7 mil ($418/sf). The center, located at 10155-10195 Rancho Carmel Dr, on the northeast corner of Ted Williams Pkwy and Rancho Carmel Dr, was sold by American Assets Trust.
Built in 1993 and consisting of three buildings, the property is 96 percent leased with tenants including USE Credit Union, Starbucks, and Oggi’s Pizza and Brewing. Capstone, based in Carlsbad, plans to enhance the property by upgrading tenant signage and developing the landscape.
In the deal, American Assets Trust was represented by Philip Voorhees of CB Richard Ellis. Capstone Advisors repped itself. Aaron Hill and Justin Wessel of Cushman & Wakefield will handle leasing for the retail center on behalf of the new owner.
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