Del Mar Plaza Sells.

DEL MAR, Calif.--(BUSINESS WIRE)--Nov. 4, 1998--The sale of the Del Mar Plaza was announced today by Ivan Gayler and David Winkler, principals in Del Mar Plaza Ltd.

The buyer is an affiliate of Clarion Partners, a pension fund advisor based in Seattle. The sale price was not disclosed.

"After 15 years we have succeeded in bringing the Plaza to maturity. It is now time for us to pursue charitable and other interests," said Gayler, who is founding president of an environmental foundation active in preserving cloud forests and cultural diversity in Ecuador.

Del Mar Plaza is a landmark retail center located in the heart of Del Mar, at the intersection of 15th Street and Camino Del Mar. Winkler and Gayler acquired the property in 1983. After an arduous approval process, they won a vote of the residents of Del Mar in 1987 to build this multi-level center.

The Plaza celebrated its grand opening in April 1989 when the Temptations appeared at the first of a number of public events including charitable fund-raisers, performances and weddings.

The project successfully combines environmentally contextual public space and a traditional market place. This contributes to the owners' desire to create an historic place which engenders community in the built environment. Winkler noted that when he and Gayler conceived of the Plaza, "We wanted to prove that the term 'environmentally responsible development' is not an oxymoron."

Gayler and Winkler achieved their goal, as evidenced by the Del Mar Plaza receiving several major design awards, including the 1991 Urban Land Institute Award for Excellence for Small Scale Commercial Retail development in North America; the 1991 International Design Award for the best shopping center under 150,000 square feet in the world from the International Council of Shopping Centers; the 1990 award for the Best Retail Center from the Commercial Industrial Council of the Building Industry Association of San Diego County; a Gold Nugget Award of Merit in 1990 and a 1989 Orchid Award from the AIA. A model of the Del Mar Plaza was on display in the Smithsonian at the National Building Museum in Washington, D.C.

Major Plaza tenants include a trio of popular restaurants -- Pacifica Del Mar, Il Fornaio and Epazote, as well as a number of successful retailers including Peaches en Regalia, Garys, Loghman Jewelers, Esmeralda Books & Coffee and Farmers Market. Banana Republic is scheduled to open in December.

Del Mar Partnership Inc. was responsible for the development, management, marketing and leasing of the Plaza. The company, which was founded in 1979 by David J. Winkler and Ivan C. Gayler, specializes in the development and operation of commercial real estate. Del Mar Partnership's affiliates' holdings include office buildings, biomedical facilities, medical offices and shopping centers valued over $180 million. These affiliates plan to acquire approximately $60 million in additional assets during the next six months.