FOR IMMEDIATE RELEASE
Contact: Stephen
E. Avoyer
(619) 280-2600
August 6, 2004
Shopping Center Land Purchased for 130,000 Square Foot Project
at Torrey Hills Center Which Will Include a Medical Building,
Grocery Store, Banks, Shopping, and Dining Options
SAN DIEGO, CA – Sorrento Hills Marketplace, LP announced
they have just closed escrow on a 14-acre (approx) parcel in
the Torrey Hills Community just south of Route 56 and east of
Interstate 5. They purchased the property from Vons Grocery
Co. for $9,000,000. Groundbreaking will be immediate. The project,
located at the southeast corner of Carmel Mountain Road and
East Ocean Air Drive will include an attractive 45,000 square
foot medical building and 85,000 square feet of upscale retail
buildings. Signed leases include a 42,930 square foot, state
of the art Vons grocery store, a Union Bank branch, and a Wells
Fargo branch.
The shopping center
will feature an expansive public plaza, with a water fountain,
for outdoor dining and will be a gathering place for the Torrey
Hills community and the surrounding office park employees as
well as Sorrento Valley employees. It will offer a wide variety
of services, shopping, and dining options.
-more-
Torrey Hills Center – 2
The project is designed in a rich craftsman architectural style with stone details and canvas awnings. This pedestrian friendly center will also include a clock tower and a grassy outdoor play area.
The project is being developed by Sorrento Hills Market Place, LP whose principals include John Tworoger and Sam Hall. Project architects are Bill Sharon (Director of Retail Design), Mark Bolen (Project Architect), and Grant Evans (Job Captain), of Smith Consulting Architects. The project Community Liaison Coordinator is Carol Hoffman at Government Solutions. Lusardi Construction Company is the General Contractor and Wells Fargo Bank is providing the construction financing. Steve Avoyer and Bill Thaxton of Flocke & Avoyer Commercial Real Estate are the exclusive leasing agents for the project.