Institutional Property Advisors Exclusively Offers Grocery-Anchored Shopping Center for Sale in Orange County
May 31, 2023
ORANGE, Calif., May 31, 2023 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the exclusive listing for sale of Nohl Plaza, a 103,639-square-foot Vons-anchored shopping center in Orange, California. 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, increasing the property’s value 2.5 times.” Lagos, IPA’s Patrick Toomey, Jose Carrazana, and Joe Linkogle of Marcus & Millichap are representing the 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 property’s location at the intersection of Tustin Boulevard and Lincoln Avenue sees over 52,000 vehicles per day and adjacent California State Route 55 records traffic counts of more than 222,000 vehicles per day. The population and average annual household income within a one-mile radius are 19,300 and $135,500, respectively.
“This prosperous customer base records over 1.3 million annual visits and contributes to the outstanding sales volume of the Vons store at this location,” said Linkogle.
Built in 1966-1979 on 10.24 acres, the shopping center is occupied by a tenant roster that includes Bank of America, Starbucks, Del Taco, favorite local restaurant Tartan Room, and a Union 76 gas station.
“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, increasing the property’s value 2.5 times.” Lagos, IPA’s Patrick Toomey, Jose Carrazana, and Joe Linkogle of Marcus & Millichap are representing the 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 property’s location at the intersection of Tustin Boulevard and Lincoln Avenue sees over 52,000 vehicles per day and adjacent California State Route 55 records traffic counts of more than 222,000 vehicles per day. The population and average annual household income within a one-mile radius are 19,300 and $135,500, respectively.
“This prosperous customer base records over 1.3 million annual visits and contributes to the outstanding sales volume of the Vons store at this location,” said Linkogle.
Built in 1966-1979 on 10.24 acres, the shopping center is occupied by a tenant roster that includes Bank of America, Starbucks, Del Taco, favorite local restaurant Tartan Room, and a Union 76 gas station.
# # #
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.