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Capstone Advisors is continuing to expand its Phoenix retail portfolio. The firm has exited out of a shopping center in San Diego and purchased its fifth retail property in Phoenix. Capstone purchased 18,037 square feet of shop space at the 250,000-square-foot Tuscano Town Center in Phoenix. The property is 100% leased to 12 tenants, and is an ideal fit for Capstone’s Phoenix business plan.

“We are focused on two primary product types in Phoenix, retail and multi-tenant flex-industrial. This is our fifth current project in that market,” Alex Zikakis, president and founder of Capstone Advisors, tells GlobeSt.com. “We generally either buy value-add assets or core-plus assets and our recent acquisition is a solid core-plus asset. The center is 100% occupied, was built by a top regional developer, is very well managed by the developer in partnership with an institutional owner, has a strong tenant mix and is anchored by one of the greatest retailers in the U.S., Walmart. We are confident Walmart will continue to do very well in this location and will continue to drive a strong supply of customers to our tenants.”

The market is the major opportunity here. The shopping center is located in one of Phoenix’s fastest-growing submarkets. “This shopping center is located near the final segment of the Loop 202 freeway that will be completed within the next few months,” adds Zikakis. “This major infrastructure investment is already causing extremely strong household and job growth in the immediate area. While this isn’t a particularly large acquisition for us, we believe it will deliver excellent cash-on-cash returns with solid income growth. We expect to hold this asset for 10 or more years.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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