FOR IMMEDIATE RELEASE

Date: AUGUST 2005

NEWS FROM: Flocke & Avoyer
CONTACT: Bonnie Kutch or Stacy Keck, 619-299-1010, info@kutchco.com
FOR MORE INFORMATION: William R. Thaxton, (619) 280-2600

TORREY HILLS CENTER 100 PERCENT LEASED

SAN DIEGO -- (August 2005) --Torrey Hills Marketplace, LLC has leased the remaining four available spaces in Torrey Hills Center, a new 86,582-square-foot retail shopping center nearing construction completion at 4639-4653 Carmel Mountain Road, San Diego, Calif., 92130. Gary Levitt is president of Seabreeze Properties, managing member of Torrey Hills Marketplace. The property was recently purchased from Sorrento Hills Marketplace, LP for $36,750,000.

The four leases include a 10-year lease with Little Italy Restaurant Group #5, Inc. for a 2,559-square-foot upscale Italian restaurant, with a total lease consideration of $1,267,318; a five-year lease with California-based Zigzagzog, Inc. for a 1,039-square-foot I Sold It On Ebay Store, with a total lease consideration of $253,978; a five-year lease with Dennis and Judith Carroll, and Thaddeus and Connie Rossin, for a 950-square-foot Carvel Ice Cream store, with a total lease consideration of $237,304; and a 10-year lease with Joey’s Smokin’ B-B-Q, Inc., for a 1,421-square-foot gourmet barbeque restaurant, with a total lease consideration of $781,928.

Torrey Hills Marketplace, LLC was represented by Bill Thaxton and Steve Avoyer of Flocke & Avoyer Commercial Real Estate; Joey’s Smokin’ B-B-Q, Inc. was represented by Mike Puccio of LDG Commercial Real Estate; Dennis and Judith Carroll, and Thaddeus and Connie Rossin were represented by Jeff Drew of Retail Insite; Zigzagzog, Inc. was represented by Blair Ruffner and Mike Clark of Grubb & Ellis|BRE Commercial Real Estate; and Little Italy Restaurant Group #5, Inc., was represented by Jon Horning of Flocke & Avoyer Commercial Real Estate.

The center will be anchored by an upscale Vons grocery store, which is scheduled to open on August 25. Other tenants include Union Bank, Wells Fargo Bank, Hollywood Video, Starbucks Coffee, Pick Up Stix, Daphne’s Greek Café, Subway, and Windermere Exclusive Properties. Lease consideration for the shopping center totals $36,990,000.