About Capstone Properties
Development – Acquisitions – Joint Ventures – Consultation
Capstone Properties (“Capstone”) is a developer and owner of commercial real estate properties. The principals of Capstone, Steve Bovell and Joe Settle, have worked together as partners in the real estate development business continuously since 1990.
The company originally focused on retail development and has worked with a number of major retailers, including Lowe’s, Kmart, Kroger, Food Lion, Walgreens, CVS, and Tractor Supply. In 2000, the company diversified by developing and acquiring small to medium sized (15,000 to 60,000 sf) medical office buildings, including the development of the largest off-campus medical office complex in the Memphis, Tennessee regional medical market. This development included some of the premier specialty groups in the area.
While Capstone has over the years sold most of its retail portfolio, it has viewed medical office development and acquisition as a long term investment that requires above all tenant stability. This objective, along with the physician tenants’ objectives of equity appreciation and participation in the real estate it occupies, led Capstone to develop a joint venture structure which provides for tenant ownership in each medical office development or acquisition. Although others may provide for physician ownership, Capstone considers its approach unique and proprietary.
This same structure has been applied in other development and acquisition strategies.
Capstone is also involved in general office development and acquisitions, sale-leaseback transactions, tax-free exchanges, corporate real estate strategies, real estate structuring and financing.
Capstone, through an affiliated company, Wolf River Management LLC, can provide property management, construction supervision and tenant coordination.
Capstone also serves as a preferred developer and consultant for certain private real estate funds which provide financing for credit oriented development and acquisitions.
The principals of Capstone are –
Steve A. Bovell – Steve is primarily involved in site selection, site acquisition, due diligence, governmental compliance, construction supervision, major tenant lease negotiations and documentation and loan negotiations and documentation. Prior to his full time involvement in development, he formerly served as a senior partner in the commercial real estate and banking section of a Chattanooga-based law firm. In that capacity he served as lead counsel for developers of major real estate projects (strip shopping centers, regional malls and office and mixed-use developments) and local counsel for regional and national lenders in connection with loans, foreclosures and workouts.
Joseph E. Settle III – Joe is responsible for project cost and income projections, financing, equity investment, joint venture structuring, project sales and related documentation. He holds a graduate degree in tax law from New York University and formerly served as senior partner in the tax and business entities section of a Chattanooga-based law firm. In that capacity he was responsible for the negotiation, structuring and tax and equity planning for major commercial real estate projects.