FOR IMMEDIATE RELEASE
Date: JUNE 24, 2005
For more information contact: Bonnie Kutch or Stacy Keck, (619) 299-1010, info@kutchco.com
TORREY HILLS MARKETPLACE, LLC PURCHASES $36,750,000 TORREY HILLS CENTER IN SAN DIEGO
SAN DIEGO -- (June 24, 2005) – Torrey Hills Marketplace, LLC has purchased Torrey Hills Center, a new 86,582-square-foot retail shopping center nearing construction completion at 4639-4653 Carmel Mountain Road, San Diego, 92130.
Gary Levitt is president of Sea Breeze Properties, managing member of Torrey Hills Marketplace. The property was sold by John Tworoger and Sam Hall of Sorrento Hills Marketplace, LP, for $36,750,000.
The seller was represented by Steve Avoyer and Bill Thaxton of Flocke & Avoyer Commercial Real Estate. The buyer was represented by Bruce Schiff, CCIM, and Phil Lyons, CCIM, of Grubb & Ellis|BRE Commercial.
Designed by Smith Consulting Architects, based in San Diego, Torrey Hills Center features a California craftsman theme, with lavish stone exterior treatments and custom lantern lighting. A large public plaza will accommodate outdoor dining.
Bill Sharon is principal-in-charge for Smith Consulting Architects, and Mark Bolen is serving as senior project architect. Lusardi Construction Company is the general contractor. Construction completion is slated for this August.
The center will be anchored by an upscale Vons grocery store. Other tenants include Union Bank, Wells Fargo Bank, Hollywood Video, Starbucks Coffee, Pick Up Stix, Daphne’s Greek Cafe, Subway, and Windermere Exclusive Properties. Lease consideration for the shopping center totals $34,450,000 to date.
As the exclusive marketing agent for more than 100 shopping centers in Southern California totaling more than 11 million square feet of retail space, Flocke & Avoyer Commercial Real Estate is one of San Diego County’s largest retail brokerage firms. Founded in 1985 by co-principals Steve Avoyer and Jim Flocke, the company has completed more than $2.7 billion in total lease and sales considerations. The company’s retail expertise includes shopping center leasing and sales, tenant representation, site acquisition, and consulting services for retail center developments. Flocke & Avoyer operates from its company headquarters at 3131 Camino Del Rio North, Suite 190, San Diego, CA, 92108. More information can be found at www.flockeavoyer.com.
Grubb & Ellis|BRE Commercial is one of Southern California’s leading privately-held commercial real estate brokerage firms. Based in San Diego and a leader in market coverage, Grubb & Ellis|BRE Commercial represents approximately 30 million square feet of industrial, office and retail properties throughout the region. With corporate office locations in Carlsbad, UTC, downtown San Diego, Otay Mesa and Temecula, the Grubb & Ellis|BRE Commercial team consists of approximately 150 commercial real estate professionals and personnel. The company maintains extensive expertise in all phases of commercial real estate transactions including leasing, investment sales, property management, market research analysis, and financial analysis. For more information about Grubb & Ellis|BRE Commercial, please visit www.brecommercial.com.