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SAN DIEGO-A new local retail complex has recently become 100% leased, speaking to the need for more retail product in the area. Torrey Hills Center, an 86,582-sf shopping center, has completed lease deals for its four remaining units of space.The parcel was acquired in June by Torrey Hills Marketplace LLC in a 1031 exchange from Sorrento Hills Marketplace LP for $37 million. Bill Thaxton, senior vice president with locally based Flocke & Avoyer Commercial, tells Globest.com that the seller also participated in a 1031 tax-deferred exchange and purchased an office building in Austin, TX. Torrey Hills Center is located on 4639-4653 Carmel Mountain Rd. Prior to its construction, there were no other shopping centers south of the 56 freeway serving the area, putting its shops and restaurants in high demand. "Torrey Hills residents had to leave their community to shop in Carmel Valley at either the Vons-anchored Piazza Carmel or the Ralph's-anchored Del Mar Highlands Town Center. Both of these existing centers are heavily impacted by traffic," Thaxton tells Globest.com. Class A office buildings and business parks surround the parcel, which was 94% preleased when it opened last August. Recent lease deals range from five to 10 years with total considerations of $200,000 to $1 million. New tenants include an Italian Restaurant, an I Sold it on Ebay Store, a Carvel Ice Cream store and a Joey's Smokin B-B-Q. Thaxton says the center serves an affluent and business community, which is reflected in Torrey Hills' restaurant tenants. The Italian restaurant will hold wine tastings and include a martini bar and Joey's Smokin B-B-Q will offer gourmet meats.

The shopping center had been master-planned for 20 years as a retail shopping center and took six years to complete. It was designed by locally based Smith Consulting Architects and features a California craftsman theme.