Capstone plans new development at Sky Vista in North Valleys
January 23, 2017
Capitalizing on a period of tremendous growth in the northern Reno area — complemented by nearby investments from Tesla, Amazon and Apple, among others — Capstone Advisors has completed the acquisition of 98 acres of commercial and residential at Sky Vista in North Valleys.
Capstone is a diversified real estate investment, development and advisory firm based in Carlsbad, Calif.
Sky Vista consists of a 1.91-acre pad site immediately adjacent to an existing Walmart Supercenter and a nearly 96-acre parcel of adjacent land entitled and planned for residential, retail and industrial development. The project enjoys a high visibility location and easy access to U.S. Highway 395.
Capstone intends to a 10,000-square-foot retail building on the out-parcel adjacent to Walmart and hold the balance of the land for future development.
"Sky Vista is a strategically located multi-use land parcel that complements our existing portfolio of income-producing assets," said Alex Zikakis, president and CEO of Capstone Advisors. "We are bullish on the future of Reno and the clustering effect that follows dominant and cutting-edge technology companies such as Tesla and Switch."
Sky Vista is surrounded by new commercial and residential development activity, including Amazon's 1.2 million square-foot state-of-the-art distribution facility, and other major manufacturing and distribution facilities owned by well-known companies such as Petco and Urban Outfitters. The project is also located near the Reno-Stead Airport, chosen by the FAA as a UAV Drone Test Facility, and is expected to be a significant economic driver in the region as the drone industry continues to emerge.
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Capstone represented itself in the purchase. The seller was not disclosed.
Capstone Advisors has a track record of having acquired close to 5 million square feet of commercial properties throughout the U.S. across multiple real estate cycles and product types. Since 1996, Capstone has served as operating partner, advisor, capital provider, joint venture partner and developer for some of the most well regarded financial institutions in the world. The company has invested and developed a wide variety of commercial property types as well as been an active investor in residential land development, home building and resort development.
The website is CapstoneAdvisors.com.