Capstone Advisors, a real estate investment, development and advisory firm headquartered in Carlsbad, Calif., announced that it has completed three retail center acquisitions in three states. The centers, located in California, Arizona and Virginia, were acquired in separate transactions totaling $16 million. The company has now acquired seven shopping centers over the past 28 months.

“We are aggressively growing our portfolio with quality ‘value add’ and ‘core plus’ retail, office and industrial assets with a keen focus on Southern California, Phoenix, as well as other U.S. markets that meet our acquisition criteria,” said Alex Zikakis, president and CEO of Capstone Advisors. “These three acquisitions were completed in the last 30 days. We are very well capitalized and able to move quickly on new opportunities. We have a strong appetite for transactions in the $5 million to $30 million price range.”

The retail assets acquired by Capstone Advisors include Hurley Plaza, a 22,000-square-foot retail center located at the intersection of West McDowell Road and North 7th Avenue near downtown Phoenix. The center is a core-plus asset that is fully leased to a stable mix of tenants including Habit Burger Grill, Potbelly Sandwich Shop, Ziegler’s New York Pizza Dept. and T-Mobile, as well as other complementary local businesses. The complex was completely renovated in 2011/2012 and is located in the historic Encanto and Willo neighborhoods near the hip “Art’s District’ of Phoenix’s dense city core. Capstone Advisors plans to hold the infill property for long-term investment. Prior to this acquisition, Capstone had been invested solely in multifamily complexes in Scottsdale and Chandler.

Capstone Advisors also acquired 73-930 El Paseo, a street front retail property located on the very upscale El Paseo, Palm Desert’s equivalent to Rodeo Drive. The 4,840-square-foot building has been occupied by Draper & Damon’s since 1993. Capstone Advisors plans to completely renovate the property, including a new façade and store front, as well as roof and mechanical systems upgrades. The refurbished property will then be re-leased.

In the third acquisition, Capstone Advisors purchased The Shops at Wellesley in Richmond, Virginia. This core-plus, multi-tenant center is located in the thriving Short Pump area of suburban Richmond and serves the affluent Wellesley neighborhood. Built in 1991, the 42,250-square-foot center has enjoyed consistently high occupancy. Current tenants in the center include Minnieland, a day care center with more than 100 East Coast locations, as well as Wellesley Animal Hospital, Vinnie’s Italian Grill and other neighborhood-serving businesses. Capstone Advisors intends to hold the center for long-term investment.

Capstone Advisors is a diversified real estate investment, development and advisory firm with a proven track record of having acquired approximately 4.5 million square feet of commercial properties throughout the U.S. across multiple real estate cycles and product types. Since 1996, Capstone has served as operating partner, advisor, capital provider, joint venture partner and developer for some of the most well regarded financial institutions in the world. The company is also one of the most respected for-sale residential investors in the western United States. Capstone Advisors is headquartered in Carlsbad, California. Its website is www.capstoneadvisors.com.

For more information, Zikakis can be reached at (760) 804-6900 ext. #102.

The strip center at 7366 N Oracle Road in Oro Valley was sold for $1.4 million ($140 PSF) to AM Oracle Building, LLC. The 10,032-square-feet property was occupied by two tenants when it sold, New Balance Shoes and Good Threads by Goodwill, with an additional 3,000 square-feet still available.

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[mepr-show rules=”58038″]New Balance had occupied the space for about seven years, and is one of two locations in Tucson for New Balance Shoes. A Boston-based arch support company that started in the early 1900’s, selling supports to police officers and waiters. Today, New Balance has grown to become a leading global athletic products company meeting the needs of the everyday athlete. The New Balance family of brands includes New Balance, Dunham, PF Flyers, Aravon, Warrior and Brine.

Good Threads, the first Goodwill boutique in the area, moved in last April, for complete story on Good Threads see https://realestatedaily-news.com/first-goodwill-good-threads-boutique-now-open-on-oracle/.

The property was lender owned at time of sale, having been returned in December 2010 to IPTV-B-L6-157, LLC a private lender out of Dallas, TX.

Greg Furrier, Principal and Rob Tomlinson Retail Specialists with Cushman & Wakefield / Picor handled the transaction.

For more information, Furrier and Tomlinson should be contacted at (520) 748-7100.[/mepr-show]

[ismember]Sale date: 8/29/2013. Buyer, AM Oracle, LLC, Alan Miklofsky is also owner of New Balance Shoes and the Shoe House at 6030 N Oracle. He did not want his name to appear, or the fact that he is also a tenant in the article.[/ismember]

Canadian-based, Murray Hill Development Ltd. (aka: MHA Group) of Edmonton, Alberta (Eric Wiedman, principal) purchased the Desert Harbor Apartments at 8885 West Thunderbird Road in Peoria for $26.7 million ($101,000 per unit), through an affiliate, Desert Harbor, LLC.

The 264-unit apartment complex in approximately 250,000-square-feet was built in 2000 on 14.87 acres near Luke Air Force Base, Boswell Hospital, Cardinal Stadium, Arrowhead shopping, and Rio Vista Community Parkway.

Established in the 1960s, Murray Hill Developments Ltd. and its affiliates are actively involved in Real Estate activities in Western Canada and the United States. The company owns and manages quality apartment communities in Alberta, British Columbia and California. Murray Hill Developments Ltd. developed Edmonton’s Brentwood Village, the first condominium property in Canada (registered December 20, 1967).

This is the buyer’s second acquisition in the Phoenix market and also owns the Condominiums at 6515 West McDowell Road in Phoenix. The company is interested in finding other multifamily investment properties in Arizona.

NorthMarq Capital in Phoenix handled financing of the transaction.

The seller of Desert Harbor was Archstone Desert Harbor, LLC an affiliate of Equity Residential Trust of Chicago (NYSE: EQR).

Brad Goff and David Lord with Apartment Realty Advisors of Arizona of Phoenix represented the seller. Rue Bax, Alon Shnitzer, John Kobierowski, Eddie Chang and Doug Lazovick of Orion Investment Real Estate in Scottsdale represented the investor.

For more information, Wiedman can be reached at (780) 488-0288. The contact for EQR is Cydney White, in Chicago at (312) 928-1301. Donahue at NorthMarq can be readhed at (602) 508-2211. Goff and Lord should be contacted at (602) 252-4232. Bax, Shnitzer, Kobeirowski, Chang and Lazovick can be reached at (480) 634-6934.

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[ismember]Sale Date: 8/27/2013. Exact sale price: $26,682,000. Per the affidavit, the sale price included $79,200 worth personal property.[/ismember]