Regency Centers today announced the acquisition of Nohl Plaza in Orange County, California.
Nohl Plaza has been a destination for the community since its development in 1966, and Regency looks forward to enhancing the merchandising and shopping experience through its local and active asset management program,” said Barry Argalas, Managing Director of Transactions.
Nohl Plaza is a 105,000-square foot neighborhood center that is 95% leased and anchored by Vons. The center has six owned outparcels including Starbucks, Del Taco, and Union 76. Its 37,000-square feet of inline retail consists of a well tenured roster benefiting from over 1.3 million visits a year. The trade area provides dense population and strong income levels while offering efficient management due to its proximity to Regency’s existing Southern California portfolio.
With this acquisition, Regency now owns twelve retail centers in Orange County, which totals over 1.5-million square feet of high quality, grocery-anchored destinations,” said John Mehigan, head of Regency’s acquisitions and developments in the West. “Nohl Plaza is an ideal property for Regency, and we see a great future by investing in the physical structure of the property and upgrading the tenant mix. These types of acquisition/redevelopment deals have become one of our core strengths as a company.