Regency Acquires Ground Lease on Orange Retail

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

“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,” said Tom Lagos, IPA executive director. “Regency saw an opportunity to upgrade the property, fine-tune the tenant mix and utilize its unique approach to operating grocer-anchored shopping centers to enhance the customer experience.”  

Lagos, IPA’s Patrick Toomey and Jose Carrazana, and Joe Linkogle, SVP with Marcus & Millichap, represented the seller, Nohl Plaza LLC, and procured the buyer. The Nohl Plaza deal brings Regency’s Orange County holdings to a dozen. 

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