Carlsbad-based Capstone Advisors recently purchased Heritage Court, a neighborhood retail Center in Indio, for $4.75 million.
The purchase marked the commercial real estate investment firm’s third retail acquisition of the past year in the Coachella Valley area of Riverside County, and its fourth in Southern California acquired from a lender in the past 18 months, according to a Capstone statement.
The half-vacant Heritage Court, built in 2006 with 41,438 square feet of completed space, was acquired from a financial institution that took control after foreclosing on the previous owner in the first half of 2012.
Capstone President and CEO Alex Zikakis said the purchase was consistent with the company’s efforts to acquire attractive real estate impacted by the economic downturn, at significant discounts to replacement costs.
La Jolla-based Silvergate Bank provided financing for the transaction.
— SDBJ Staff Report