Institutional Property Advisors (IPA), a division of Marcus & Millichap, is offering the sale of Nohl Plaza, a 103,639-square-foot Vons-anchored shopping center in Orange. The price is open bid.
Tom Lagos, IPA executive director commented: “Nohl Plaza is an established and fully occupied shopping center with an array of tenants providing essential daily needs and services to the local affluent customer base. A patient investor will have the opportunity to unlock trapped value from its undermarket Vons lease when it expires in 13 years.” Lagos along with IPA’s Patrick Toomey and Marcus & Millichap’s Jose Carrazana and Joe Linkogle are representing seller Nohl Plaza LLC on this market debut since 1990 which comes subject to leasehold interest in an 80 year ground lease with favorable terms according to Toomey.
The tenant roster includes Bank of America, Starbucks Coffee Company , Del Taco restaurant chain , Tartan Room eatery as well as Union 76 gas station .
IPA offers investors a chance at purchasing Nohl Plaza – a 98% occupied retail space anchored by Vons supermarket located in Orange for open bid price – for first time since 1990 subject to favorable 80 year ground lease terms . With balanced tenant roster that provides essential daily needs services catering towards affluent clientele , patient investor has potential opportunity at unlocking trapped value from below market rate Vons rent upon expiration after 13 years .
