La JOLLA, CA—Capstone Properties and the village of La Jolla say they have added a newly-polished gem to the community's property inventory with the completed renovation of The Ivanhoe – La Jolla's newest class A office building.
Capstone Advisors, a real estate investment and development company headquartered in Carlsbad, purchased the 33,417 square-foot office building in 2014. The three-story building, located at 7817 Ivanhoe Ave., sits over three levels of subterranean parking with four parking spaces per 1,000 square feet which is a rarity in parking-constrained La Jolla.
Since its purchase, the property has undergone a $1.5 million transformation including a fully renovated lobby, completely rebuilt restrooms, upgraded hallways, parking garage and exterior hardscape improvements, new exterior lighting and paint, and new drought-resistant landscaping.
“It is very rewarding to successfully revitalize an important property in any community, much less in a prestigious location like La Jolla. We are very happy The Ivanhoe's transformation has been so well received by the tenants and the community,” said Alex Zikakis, president and founder of Capstone Advisors. “In a market with some of the highest commercial office values in the country, we saw The Ivanhoe as an excellent opportunity to acquire a well-located, irreplaceable asset, and dramatically improve it through extensive renovation.”
San Diego city council president Sherri Lightner and community leaders recently joined Capstone Advisors' leadership team to highlight the renovation.
“The residents of La Jolla have always been actively engaged in their community, and maintaining the community character has always been a part of that,” said Lightner. “I appreciate that Capstone Advisors engaged with the community on the redesign of this space. It creates a win-win for everyone involved.” Pascal Aubry-Dumand of Cushman & Wakefield handles leasing for The Ivanhoe.
Capstone Advisors is a diversified real estate investment and development company with a proven track record of having acquired close to five million square feet of commercial properties throughout the US across multiple real estate cycles and product types.
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