The Ahwatukee strip mall anchored by Target has been sold to a California real estate investment and development company.
Carlsbad-based Capstone Advisors announced last week that it had acquired the Ahwatukee Foothills Towne Center on the northwest corner of Ray Road and 48th Street for an undisclosed sum.
The 41,425-square-foot site is the fourth Valley property acquired by the company, which has extensive property holdings in California.
“The center is a great complement to our existing portfolio in Phoenix. The property is located in one of the strongest retail corridors in the Phoenix Valley and has an excellent tenant mix that thrives due to the location, layout and excellent anchors – Target and Hobby Lobby,” said Capstone President/CEO Alex Zikakis.
Capstone said the strip mall is currently 96 percent occupied with one vacancy and noted the number of national tenants, including Big 5, AT&T Wireless, Nothing Bundt Cakes, Supercuts and Massage Envy.
“Capstone intends to perform a variety of property improvements,” the company said in a release. “These improvements, in addition to diligent leasing efforts and best-in-class property management, Capstone will continue to position Ahwatukee Foothills Towne Center as one of the preeminent shopping centers in the Ahwatukee submarket.”
The seller was represented by Ryan Schubert and Michael Hackett of Cushman and Wakefield. Capstone represented itself. Financing was provided by La Jolla, California-based Silvergate Bank.
On its website, Capstone boasts of serving as “advisor and asset manager for institutional investors in hundreds of complex real estate investment and development projects” and said it has purchased approximately 5 million square feet of multi-tenant retail, office and industrial properties.
It is the equity investor in over $2 billion of residential development projects with more than 30,000 units and has managed “a wide variety of distressed retail, office and land development projects,” according to its website.
Entitled land for the development of several million square feet of commercial properties and over 30,000 residential units.