FOR IMMEDIATE RELEASE

Date: AUGUST, 2004

For more information contact: Bill Thaxton - (619) 280-2600

VONS, UNION BANK AND WELLS FARGO BANK SIGNS LEASES
AT TORREY HILLS CENTER

San Diego, CA 92130 - Sorrento Hills Marketplace, L.P. has leased approximately 42,930 square feet in the Torrey Hills Center located at SEC Carmel Mountain Road and E. Ocean Air Drive, San Diego, CA 92130 for 25 years to The Vons Companies, Inc., doing business as Vons for a grocery store. Union Bank has ground leased approximately 30,000 square feet for 15 years and Wells Fargo Bank has ground leased approximately 30,000 square feet for 15 years in the project. The total lease consideration for all three transactions is $22,832,678.40.

Steve Avoyer and Bill Thaxton of Flocke & Avoyer Commercial Real Estate represented the Lessor, John Tworoger and Sam Hall, in all three transactions. Union Bank was represented by John Still of Flocke & Avoyer Commercial Real Estate and Wells Fargo Bank was represented by Ron Pepper of Retail Insite.