Capitalizing on its continued strength in adding value to well-located retail properties, Carlsbad-based Capstone Advisors has acquired a property in its own backyard with the purchase of The Island @ Carlsbad.
The 39,992 square-foot retail center, purchased from Berdan Holdings, LLC for $11.8 million, plays to some of Capstone’s biggest strengths and provides an opportunity to strengthen both current and potential leasing.
Located on the busy southwest corner of College Boulevard and Faraday Avenue at 5806 – 5814 Van Allen Way, the property sits on the most heavily traveled intersection in the Carlsbad Research Center. The Center is one of San Diego County’s premier master-planned office and industrial developments, and includes regional employers such as Thermo Fisher, Genoptix Inc., TaylorMade, SKLZ, Callaway, Abbott, Isis Pharmaceuticals and Capstone Advisors.
Capstone Advisors, a real estate investment and development company, plans to improve the property’s overall curb appeal by repainting, upgrading landscaping, instituting a new and comprehensive signage and graphics program, and making improvements to the food court’s seating area. Following the unveiling of a similar successful retail renovation in San Diego in October, Capstone Advisors hopes to create a contemporary space that can be an asset for the surrounding community.
“We saw an excellent opportunity in the purchase of this property given our success taking well-located acquisitions and transforming them through physical improvements,” said Alex Zikakis, president and founder of Capstone Advisors. “We believe this type of renovation, paired with a new marketing program also provided by Capstone management, will positively impact existing
businesses and help attract new businesses to the center. We look forward to adding The Island to our list of successfully reimagined retail properties.”
The property is currently 71 percent leased and consists of one freestanding restaurant, two multi-tenant “food court” buildings and one two-story commercial building. Notable tenants include Hacienda de Vega Mexican Restaurant and Cantina, Cabrillo Credit Union, Carlsbad Dental Associates and Express Employment Professionals.