California + Orange County + Retail | May 31, 2023

Institutional Property Advisors is marketing the sale of Nohl Plaza, a Vons-anchored shopping center in Orange, California

IPA Lists Vons-Anchored Retail in Orange for Sale

Institutional Property Advisors (IPA), a division of Marcus & Millichap, is marketing the sale of Nohl Plaza, a 103,639-square-foot Vons-anchored shopping center in Orange. The price is open bid.

“Nohl Plaza is a well-established, 98% occupied shopping center with a balanced tenant roster that provides essential daily needs and services to an affluent customer base,” said Tom Lagos, IPA executive director. “A patient investor will have the opportunity to unlock the trapped value from the under-market Vons lease when it expires in 13 years.”

Lagos, IPA’s Patrick Toomey and Marcus & Millichap’s Jose Carrazana and Joe Linkogle are representing seller Nohl Plaza LLC. “On the market for the first time since 1990, Nohl Plaza is subject to leasehold interest in an 80-year ground lease with favorable terms,” added Toomey.

The center’s tenant roster includes Bank of America, Starbucks, Del Taco, local restaurant Tartan Room and a Union 76 gas station.

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IPA's LagosIPA's Toomey

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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