Capstone Advisors Pays $16M for Office, Retail Assets
- Apr 14, 2014
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.
Image courtesy of ralstonrealestate.com