Torrey Hills Center: $27.55M refinancing secured for premier San Diego retail asset

ORANGE COUNTY, Calif., May. 8, 2025 – JLL Capital Markets announced today that it has secured a $27.55 million loan for Torrey Hills Center, an 86,467-square-foot grocery-anchored neighborhood retail center in San Diego, California.

JLL worked on behalf of the borrower, a national real estate investment and management firm, in arranging the 10-year, fixed-rate loan through a correspondent insurance company.

Torrey Hills Center, located at 4639-4653 Carmel Mountain Rd., is strategically positioned in the affluent Carmel Valley neighborhood. Built in 2005, the property is 98.4% leased to 26 tenants, anchored by Vons Market and featuring a diverse mix of national and regional retailers including OrangeTheory Fitness, Starbucks, Wells Fargo and JetSet Pilates.

The center benefits from its prime location at the intersection of Carmel Mountain Rd. and E Ocean Air Dr., just one mile from I-5 and I-805, serving the upscale communities of Torrey Hills and Carmel Valley. The surrounding demographics are exceptional, with an average household income of $246,656 within a one-mile radius.

San Diego's retail market is experiencing one of its strongest periods in years, with spaces leasing in record time and landlords reporting increased pricing power. The Del Mar / Solana Beach / Rancho Santa Fe submarket, where Torrey Hills Center is located, boasts a low 4.9% vacancy rate and average market rents of $58 per square foot NNN, among the highest in San Diego.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Director Greg Brown, Managing Director John Marshall, Director Spencer Seibring and Associate Allie Black.

"The successful refinancing of Torrey Hills Center demonstrates the strong lender appetite for well-located, grocery-anchored retail assets in affluent submarkets," said Brown. "The process we ran surfaced multiple excellent options, and we ultimately locked rate below the stated floor coupon with a fantastic lender."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.