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Carlsbad Firm Buys Arizona Commercial Property for $10.2 Million

Carlsbad-based Capstone Advisors has acquired a seven-building office and industrial property in Tempe, Ariz., for $10.2 million, the company announced.

A statement from Capstone said the company plans to renovate and rebrand the property, currently known as DeMuro Corporate Square, which was purchased from University Corporate Square Associates. The 88,837-square-foot property, with office and “flex” industrial space currently 92 percent leased, is at 1505-1575 W. University Ave., near the Arizona State University campus.

Tenants include Sportique Apparel Co., Splinter Creative, Prime Controls and Southern California Sound Image.

Planned renovations include converting tenant suites to include open ceilings, polished concrete floors, new exteriors and landscaping, and other sustainability and creative elements. A redesign and rebranding will be conducted in conjunction with McCulley Design Lab of Solana Beach.

The seller in the deal was represented by Steven Gonzalez of brokerage firm Lee & Associates, and Capstone represented itself. The acquisition was financed with a $7.15 million loan from Aetna Life Insurance Co., arranged by Bill Chiles and Scott Peterson of CBRE Group Inc.

Led by founder and President Alex Zikakis, Capstone Advisors was started in 1996. It develops and invests in a variety of residential and commercial property segments.

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