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3/01/19
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Agora Realty & Management has acquired Office Depot Plaza, a 33.7k sf shopping center in Thousand Oaks, for $14.44 mil ($429/sf). The property is located at 11-25 E. Hillcrest, north of the 101 Fwy and just east of Moorpark Rd.
Major tenants located within the 96% occupied center include: Office Depot, Bank of the West, AT&T, Habit Restaurant and Wescom Credit Union. The property benefits from strong traffic counts of over 76,000 people within a three-mile radius, above average household income, a parking ratio exceeding 5.5/1000, credit tenancy and below market rents.
“This asset is a high-quality urban infill location with strong visibility and great value-add opportunity. We have a proactive upgrade planned and will aggressively market the vacant space as well as enhance property management,” said Agora CEO Cary J. Lefton. “This asset is indicative of the type of retail we like to acquire in that it is well located but needs repositioning to really enhance its tenancy and overall tenant and customer experience.”
To that end, Agora Realty will remodel the parking lot with new asphalt and striping, install new LED parking lot lights and upgrade the center’s landscaping. Since 1986 Agora Realty has acquired income-producing real estate assets throughout the Western US including California, Hawaii, Nevada, Washington and Colorado.
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