Investment and development firm Capstone Advisors of Carlsbad has completed three retail property acquisitions in three states, at a total cost of $16 million.

It has now acquired seven shopping centers over the past 28 months, the company said.

The latest acquisitions were the 42,250-square-foot The Shops at Wellesley in Richmond, Va.; the 22,000-square-foot Hurley Plaza in Phoenix; and a 4,840-square-foot retail building in Palm Desert’s upscale El Paseo district.

Capstone officials said the company plans to hold its latest acquisitions for the long term, with a complete renovation planned for the Palm Desert property.

Capstone has acquired approximately 4.5 million square feet of U.S. commercial properties since its founding in 1996. President and CEO Alex Zikakis said the company has a “strong appetite” for transactions in the range of $5 million to $30 million.

— SDBJ Staff Report