​

Institutional Property Advisors (IPA), a division of Marcus & Millichap, recently closed the sale of a long-term ground lease for Nohl Plaza, a 103,639-square-foot shopping center anchored by Vons in Orange. The property was sold to Regency Centers for $25.3 million at a mid-5% cap rate.

According to IPA executive director Tom Lagos, the sellers were emotional about parting with this generational asset that they had owned since 1989. However, they are pleased with the exceptional price and buyer selection from Regency Centers.

The buyer saw potential in upgrading the property and optimizing its tenant mix using their unique approach to operating grocer-anchored shopping centers in order to enhance customer experience. IPA’s Patrick Toomey and Jose Carrazana as well as Joe Linkogle from Marcus & Millichap represented Nohl Plaza LLC as seller while also procuring Regency Centers as buyer for this deal.

This transaction marks Regency’s twelfth acquisition within Orange County alone.