Regency Centers Buys Grocery-Anchored Retail Plaza in Orange County
By Nick Trombola October 19, 2023 12:14 pm
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Retail investment firm Regency Centers has purchased a leasehold interest in a long-term ground lease in Orange, Calif.
The Jacksonville, Fla.-based company acquired the 103,639-square-foot property, known as Nohl Plaza, for $25.3 million from sellers Nohl Plaza LLC, managed by CV Holdings. Institutional Property Advisors (IPA), a division of Marcus & Millichap (MMI) Capital Corporation, brokered and announced the sale.
Supermarket chain Vons anchors the plaza. Other tenants include Starbucks, Del Taco, Bank of America (BAC), the Tartan Room restaurant, and Union 76 gas station. The plaza was built on more than 10 acres between 1966 and 1979.
“Having purchased the property in 1989, the sale of this generational asset was emotional for the sellers, but they are thrilled with the exceptional price and Regency Centers, the buyer,” IPA’s Tom Lagos said in a statement.
Nohl Plaza is at 1140-1628 E. Lincoln Avenue in Orange, about five miles east of Anaheim city center.
Lagos, along with IPA’s Patrick Toomey, Jose Carrazana, and Marcus & Millichap’s Joe Linkogle represented the seller.
“This sale represents a trend we’re seeing where demand for high-quality retail properties on the West Coast is sustaining strong values despite rising interest rates,” Toomey said. “This trend, also known as a scarcity premium, will hold until supply meets demand.”
Marcus & Millichap also announced last week that it had secured nearly $22 million in financing for The Kaleidoscope Center, a 243,000-square-foot shopping mall in Orange County.
Nick Trombola can be reached at NTrombola@commercialobserver.com.
