Capstone Advisors Pays $16M for Office, Retail Assets

Real estate investment development and advisory firm Capstone Advisors has recently moved for the acquisition of two different assets in the San Diego market. The company now owns an office building in La Jolla and a retail property near the University of San Diego. Capstone paid a total of $16.4 million for the two assets. The Carlsbad-based entity has recently made a number of commercial real estate acquisitions throughout San Diego and the Southwest.

Capstone Advisors has  invested a total of $16.4 million in two separate transactions for a La Jolla office building and a retail property near the University of San Diego.

In La Jolla, the Carlsbad-based  firm acquired 7817 Ivanhoe, a three-story, 34,000-square-foot property located two blocks from Prospect Street, the main commercial corridor through La Jolla Village and La Jolla Cove. The tenant roster includes GovX, Keller Williams, Rancho Financial and Chicago Title. Vacancy in the building is only two percent, reflecting the area’s strong demand for office space.

Capstone plans a series of improvements that include exterior painting, lighting, landscaping, an overhaul of the common areas, building system upgrades and interior suite work. A Colliers International team arranged the transaction on behalf of both parties. Financing was provided by Silvergate Bank.

In a separate transaction, Capstone paid $6.4 million for Presidio Trolley Plaza, a new 48,000-square-foot infill retail center located at 5261-5401 Londa Vista Road near the University of  San Diego. The  center’ s market includes the campus’ 9,000 students, staff and faculty members. Capstone Advisors represented itself  while Voit Real Estate Services represented the undisclosed seller.  Silvergate Bank provided financing for the transaction.

Built in 1965, the property was initially designed for light industrial use. Its current retail/flex configuration offers a variety of suite sizes. Tenants include  Ballast Point, the micro-brewer. The company’s concept store, Home Brew Mart, has been a fixture at Presidio Trolley Plaza since 1992. Before Capstone became the owner, Ballast Point had expressed interest in expanding into the adjacent suite.

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