SAN DIEGO, CA—Flocke & Avoyer Commercial Real Estate closed a complex transaction on behalf of Gatlin Development Company and its affiliates involving the sale of a San Diego-area nine-property retail portfolio for $183.25 million. The properties were acquired by Angelo Gordon Real Estate, Inc. and its partner and managing member, Citivest Commercial. The seller, hired Flocke & Avoyer to exclusively market the retail portfolio.

The portfolio, built from 1995-2004, has a combined net rentable area of approx. 523,123 SF of retail space and are generally regarded as the dominant centers within their respective trade areas.

“The sale of this irreplaceable San Diego retail portfolio further validates the tremendous and continuing interest in prime San Diego real estate from the global investment community,” said Steve Avoyer, president of Flocke & Avoyer. “Frank Gatlin, founder of Gatlin Development, built all of these noteworthy centers using his long term successful relationship with Walmart as a start and then combining his uncanny ability to source deals and solve problems to get the centers entitled and operational. The portfolio represents some of the best retail real estate the County has to offer and we feel honored that Frank put his trust in us to market and sell them.”