For its latest buy, Carlsbad-based Capstone Advisors has looked in its own backyard. The company purchased The Island @ Carlsbad, a 40k SF retail center at 5806-5814 Van Allen Way from Berdan Holdings for $11.8M.
The 71% leased property in Carlsbad Research Center is a clear value-add play for Capstone, which will invest in the property's "curb appeal" and tap into hungry lunchtime employees from such nearby employers as Genoptix, TaylorMade, Thermo Fisher and Isis Pharmaceuticals (as well as Capstone's own people), officials state in a release.
"We believe this type of renovation, paired with a new marketing program...will positively impact existing businesses and help attract new business to the center," says Capstone's Alex Zikakis. Madison Partners' Ron Jacobson brokered the deal for Berdan Holdings.
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