Carlsbad-based investment firm Capstone Advisors has purchased a three-building retail center in San Diego’s Carmel Mountain Ranch neighborhood for $12.7 million, the company announced.
The seller of the 30,421-square-foot property, at 10155-10195 Rancho Carmel Drive, was American Assets Trust Inc. of San Diego. The seller was represented by Philip Voorhees of CBRE Group Inc, and Capstone represented itself.
The buyer has tapped Aaron Hill and Justin Wessel, of Cushman & Wakefield Inc., to manage future leasing at the center.
Capstone officials said the property was built in 1993 and is 96 percent leased, with tenants including USE Credit Union, Starbucks Coffee and Oggi’s Pizza & Brewing Co. Capstone plans upgrades to elements including signs and landscaping.
Led by President Alex Zikakis and founded in 1996, Capstone Advisors is a diversified real estate investment, development and advisory firm involved in a variety of commercial property types.