Reprinted from the La Jolla Light

Realtors match tenants, landlords

Flocke & Avoyer is a commercial real estate "matchmaker," finding just the right tenant for just the right retail space.

"Our goal is to really maximize asset value for our clients (landlords), not just getting higher rents for them, but getting them good tenants who will stay, matching the tenant with the space," stated real estate firm principal Steve Avoyer.

A case in point, according to Avoyer, is Bruegger's Bagels (formerly Home Federal Bank) on the corner of Fay Avenue and Pearl Street. Bringing in Bruegger's turned out to be just the piece to complete the retail puzzle on that corner, noted Avoyer.

"The synergy between Bruegger's and Froglander's Yogurt and Starbuck's Coffee quite nicely sets off that whole corner with umbrellas at tables in an outdoor patio," he stated. "People patronize all three of those businesses. Having Bruegger's there helps the center and the other tenants."

Since being founded in late 1985, Flocke & Avoyer claims to have become the county's largest-volume, locally based commercial real estate brokerage concentrating solely on the marketing of retail properties. The company specializes in shopping center leasing and sales, tenant representation, site acquisition and retail center development consulting services.

During 12 years in business, Flocke & Avoyer has:

• Been the exclusive marketing agent for more than 100 shopping centers ranging from 5,000 to 625,000 square feet.
• Consistently ranked among the top of San Diego's retail-sector brokerages in benchmarks like transaction volume, quality of inventory, number of large, anchored centers under exclusive contract, etc.
• Has consummated transactions with virtually every large discounter, supermarket, drug store, soft-goods, theater and home improvement chain active in Southern California.

Flocke & Avoyer cut their collective teeth at Coldwell Banker in the early '70s, before striking out on their own. The business pair to date have chalked up more than $1 billion worth of retail property lease and sales transactions.

Retail vacancies these days in La Jolla and University City are very low, and for good reasons: among them the continuing strong economy and the region's ideal coastal location.

"There is virtually no vacancy factor in downtown La Jolla along Prospect and Girard," noted Avoyer, "where there's a pattern of tourism and lots of people always walking down the street.

"However, it's a little more difficult to discern such a pattern in Bird Rock or the Shores areas, where there's not really a true retailing nucleus like downtown La Jolla has with Vons and Saks."

Rents in downtown La Jolla are significantly higher than most anywhere else in San Diego County. Avoyer said retail rents on Prospect and Girard in the Village range from $2.50 to $5 per square foot, compared to East County, for example, where retail rents are presently running in the $1.25 to $1.30 per square foot range.

"Rents triple and quadruple because of prime location are pretty astounding in real estate," noted Avoyer.

Downtown La Jolla's business mix is a unique blend of demographics, a high amount of discretionary income and a heavy tourist trade.

La Jolla benefits not only from its location but from its name.

"La Jolla does have quite an international name," notes Avoyer. "The reality is, you talk to people in other parts of the country about California - and they've heard of La Jolla. A good example is Saks Fifth Avenue, which benefits from the international reputation of downtown La Jolla.

"It's a great name, a clean community, and it really does have one of the most unique streetscapes in San Diego, arguably in the Western United States."