For Immediate Release:
Tarzana, CA (October 17, 2022) — Agora Realty & Management (Agora) has announced the acquisition of a 75,000-square-foot medical office building, Tarzana Medical Plaza, located at 5525 Etiwanda Ave. in the city of Tarzana, in San Fernando Valley.
The three-story building is 90 percent occupied, with tenants that include Providence Healthcare Systems, Cedars-Sinai Medical Care, and Unilab Corporation. Agora acquired the building for $30 million in an off-market deal. For Agora, this acquisition is a value-add opportunity wherein Agora will complete an interior and exterior renovation. The interior renovation will include upgraded elevator cabs, modern corridor finishes, lighting upgrades, expanded and renovated lobby areas with enhanced wayfinding. The team will also add solar panels to reduce operating costs.
“The building is strategically located next to the new Providence Cedars-Sinai Tarzana healthcare campus set to open April of 2023, with access directly into the hospital,” noted Cary Lefton, CEO, Agora Realty. “This current acquisition falls in line with Agora’s strategic objective to continue building its commercial portfolio by supplementing its grocery-anchored shopping centers with healthcare co-tenancy.”
All told, Agora’s portfolio encompasses more than 2 million square feet of retail space in the Western U.S. with several new, ground-up developments in various phases of development totaling over 330,000 square feet of space in Nevada.
Agora Realty & Management, Inc. is a leading West Coast full-service real estate development firm headquartered in Calabasas, California. Founded in 1986, the company has an impressive track record for its comprehensive in-house expertise, team-centric culture, strong partnerships and exceptional ability to bring together the right people with the right properties. Real estate holdings and projects include shopping centers, business parks, mixed-use retail, office buildings and residential condominiums, as well as both single- and multi-family dwellings. Agora owns a 2 million-square-foot real estate portfolio that includes a mix of properties in Hawaii, Nevada, and California. For more information, www.agoraproperty.com.
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Jessica Spaulding
President, The Spaulding Agency
Tel: 949-233-8575
www.spaulding-agency.com
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