|
7/07/21
|
Agora Realty has created a joint venture with a family office to launch a new fund specifically targeting properties located within Qualified Opportunity Zones (QOZ). The $50 mil fund will focus on properties in NV, HI, AZ, CO and CA. The joint venture is seeking investments in retail, industrial and multifamily asset classes.
The fund’s first acquisition is a one-acre parcel at W. Cary Ave and Revere St in North Las Vegas. The joint venture will build an 8k sf retail building that will include five restaurants and two retail service-oriented tenants. The property is already 75% pre-leased to local small restaurant operators and professional services with completion set for first quarter of 2022. The fund is in escrow for a second acquisition of a 48k sf building in Mesa, AZ.
“Agora has a long-standing track record of successfully investing in census tracts that are in redevelopment zones of densely populated cities. We’ve seen first-hand how investment in urban infill areas can revitalize commercial districts, create opportunity for new startup companies, and add value to those that work and live in the areas where we invest,” said Agora Realty CEO Cary Lefton.
Agora’s current portfolio of properties includes assets within QOZs including: Plaza Del Valle in Panorama City, CA; Cal Fiesta Plaza in North Las Vegas; and Zocalito in Panorama City, CA.
A QOZ is an economically distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment. Qualified Opportunity Zones is a bi-partisan effort created by Congress through the 2017 Tax Cuts and Jobs Act to spur economic development and job creation in distressed and low-income communities.
|
|
Return to the Archive page
|
|
|
|
|