Investments

1700 Palm Beach Lakes Boulevard
West Palm Beach, FL

Details

1700 Palm Beach Lakes is an 11-story office building that includes three levels of parking and seven levels of office space. It was constructed in 1988 and it is currently 89.4% occupied. The Property’s occupancy will decrease to 61.1% when the largest tenant vacates in March 2020.
The building is currently leased to nine tenants across a variety of different industries & service sectors. The four largest current tenants are: The Internal Revenue Service (vacating), Valley National Bank, Uniters North America, and Comcast.
The business plan includes ~$1.5 million in capital expenditure upgrades to the building including: renovations to the front entrance & lobby, new outdoor seating, redesigned and re-programmed common area spaces, the installation of energy efficient HVAC & lighting systems and the repair of the chillers.
Capstone has also budgeted ~$2.4 million for tenant improvements and leasing commissions over the hold period. A majority of these funds will be dedicated towards the re-leasing of the IRS space.

401, 411 & 433 HACKENSACK AVENUE
HACKENSACK, NJ 07601

Details

Capstone acquired a 73% leased class-A office building from LNR Partners.
The buildings total ~650,000 SF and are located at 401,411 & 433 Hackensack Avenue in Hackensack, NJ.
Continental Plaza comprises some of the most desirable office space in its market due to the excellent proximity to shopping, restaurants, and transportation.
The complex underwent $16MM in renovations including: new HVAC/Mechanical systems, refreshed lobbies and corridors, new amenity spaces including a health & wellness center, conference center, coffee bar, and more.
The property was sold in December 2019 at a substantial gain.

50 Tice Boulevard, Woodcliff Lake NJ

Details

Capstone acquired a 53% leased class-A office building from Mack-Cali Corporation.
The building totals 250,000 SF and is located at 50 Tice Boulevard Woodcliff Lake, NJ, prominently situated at the corner of Chestnut Ridge Road and Tice Boulevard.
Woodcliff Lake is known as a hub for corporate office centers; The surrounding area is populated by high income earners and is constantly growing.
Building Renovations Include:
- Complete systems upgrade including $1.5M of new HVAC equipment and all new LED lighting.
- Redesigned common spaces, a new executive conference room, fitness center, and café.
- Reimagined interior design including new carpet, wallpaper, front lobby entrance, etc.
- Complete landscaping overhaul, new front entrance, new trees, better visibility.

1 ENGLE STREET
ENGLEWOOD, NJ

Details

Strong Historical Occupancy, Over 95% since 2003. Currently 100% occupied.
Long-Term Occupancy, 11 of 14 tenants have occupied their space for over 13.0 years. PNC has occupied for over 90 years.
Capital Upgrades, LED Lighting in Common Areas, Security Cameras, 3 New HVAC Units, Renovated 4,000 SF of office space.
Superior Location, in downtown Englewood, NJ.

3275-3285 VETS HIGHWAY
RONKONKOMA, NY

Details

Capstone acquired a series of five buildings located in Ronkonkoma, Long Island NY, together known as Veterans Memorial Highway Office Park.
The property is currently stabilized at >90% occupancy, with a diverse host of tenants.
Numerous capital improvement projects have been completed during Capstone’s time as owners.
In addition to the five properties located on the site, Capstone also has the potential to release and sell an additional parcel of land that is approximately .5 acres located on the property

155 CHESTNUT RIDGE ROAD
MONTVALE, NJ

Details

Capstone acquired a 100% leased class-A institutionally owner office building from TIAA-CREF.
The building is a 105,000 SF class-A building located on Chestnut Ridge Road in Montvale, NJ.
Capstone was able to reduce operating expenses by over 15% through hands on management and operating efficiencies.

135 CHESTNUT RIDGE ROAD
MONTVALE, NJ

Details

Capstone acquired 135 Chestnut Ridge Road from the Mack-Cali Corporation, at the same time as 50 Tice.
Located directly next to 155 Chestnut, 135 Chestnut is conveniently located on one of the main roadways of Montvale and right next to the Garden State Parkway.
The building is undergoing an extensive renovation including a complete overhaul of landscaping, HVAC/utility systems, and interior tenant spaces.
Capstone forecasts that the property should be stabilized by the end of 2020.

330 & 350 MOTOR PARKWAY
HAUPPAUGH, NY

Details

Capstone acquired the first mortgage secured by a two suburban office buildings located in Hauppauge, NY.
Capstone obtained the deed to the property within six months of acquiring the note.
330-350 Motor Parkway is a portfolio of two three-story Class-B office buildings, built in 1971.
These office properties are located within the robust Hauppauge Office Market in a highly visible and accessible location directly off the Long Island Expressway / I-495.
The building was renovated as follows: existing HVAC energy management systems were upgraded. Existing vacant space, common areas, and lobbies were redesigned.
The properties were sold in 2018.

465 COLUMBUS AVE
VALHALLA, NY

Details

Capstone acquired a note secured by a 105,000 SF suburban office building located in Valhalla NY.
The property is a three-story steel frame suburban Class-B office building located near I-287 intersection.
Capstone obtained the deed to the property within six weeks of acquiring the note.
The property was 65.6% occupied at the time of acquisition with 340 available parking spaces.
The property underwent an extensive renovation in 2007-2008 with newly built features such as lobby, elevators, and partial renovated bathrooms and upper lobbies.
The building was renovated as follow:
- HVAC energy management systems were upgraded
- Vacant space, common areas, and lobbies were redesigned.

611 ROUTE 46 WEST
HASBROUCK HEIGHTS, NJ

Details

Capstone acquired a defaulted $13.735M loan from Prudential Insurance and obtained title to the property via a deed in lieu of foreclosure.
During the first quarter 2010, Capstone completed the renovation of the ground floor lobby, installed a vending room, and hired a café operator. Capstone renovated the 2ndfloor positioning it for multi-tenant occupancy including a model office suite.
The property was 62% leased at the time of the note purchase. Under Capstone’s ownership, repositioning and leasing efforts, the property is currently 98.5% leased.
Further upgrades were made to the building’s HVAC system, including floor sensors for an energy management system. A 24/7 proxy-card access system and other lobby improvements have been well received by the tenants.

EDGEWATER MARKETPLACE
EDGEWATER, NJ

Details

Capstone acquired three separate ground leases comprised of an 88,461 SF shopping center located at 715 & 725 River Road, Edgewater, NJ.
The property is anchored by Trader Joe’s and has a diverse mix of retail tenants
Occupancy was 84% at the time of acquisition; Capstone increased the occupancy to 100% within 3.5 years.

PLAZA 44
POUGHKEEPSIE, NY

Details

Capstone acquired a 96% leased grocery-anchored community shopping center that was developed and owned by Kimco since the 1970s.
The 167,686 SF shopping center is located at 15 Burnett Boulevard in Poughkeepsie, NY.
The top three tenants, Stop & Shop, Big Lots, and Dollar Tree comprise 68.7% of the total gross leasable area (“GLA”) and 69.8% of the base rental income, and 80% of the total center will be occupied by tenants that have been in occupancy for more than 10 years

BOARDMAN PLAZA
BOARDMAN, OHIO

Details

Capstone acquired a discounted note that was secured by a 550,383 SF of big box retail located in Boardman, Ohio.
The big box center was acquired in 2007 for $30.8M; the borrower subsequently defaulted on their loan.
Tenants in the center include Save-A-Lot, Ollies Michael’s, Burlington Coat, Planet Fitness, US Postal Service and numerous other big box tenants.
Capstone recapitalized the center in a 50/50 partnership with the prior owner and secured new first mortgage financing.

COLUMBIA PLAZA
ALBANY, NY

Details

Capstone acquired a discounted note secured by a 138,000 SF grocery anchored retail center anchored by Price Chopper and Peebles.
Capstone recapitalized the center, implemented a $1.25M capital improvement program and increased occupancy to 90% from 70%.

CARLISLE CROSSING
PENNSYLVANIA

Details

Capstone acquired a note secured by a mortgage on a 154,000 square foot destination retail center.
A deed was obtained through judicial foreclosure and the asset was sold 30 months after it was acquired.

Sixty LES, NYC, NY

Details

Forum Place, West Palm Beach, FL

Details

CROWNE PLAZA HOTEL
TULSA, OK

Details

Capstone acquired a non-performing note secured by the 453 room Crowne Plaza Hotel in Tulsa, Oklahoma.
The Note was acquired at a significant discount and sold shortly after purchase.