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10/18/22
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Agora Realty & Management purchased Tarzana Medical Plaza, a 75k sf medical office building in the San Fernando Valley community of Tarzana. for $30 mil ($400/sf) in an off-market deal. The property is located at 5525 Etiwanda Ave, east of reseda Blvd on the south side of the 101 Fwy in the southwestern part of the Valley.
The three-story building is 90% occupied, with tenants that include Providence Healthcare Systems, Cedars-Sinai Medical Care, and Unilab Corporation. The property is viewed as a value-add opportunity by Agora, who plans to complete an interior and exterior renovations. The interior work 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.”
Agora’s portfolio encompasses more than 2 msf of retail space in the Western U.S. with several new, ground-up developments in various phases of development totaling over 330k sf of space in Nevada.
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