Calabasas-based Agora Realty & Management has acquired a 75,000-square-foot medical office building in Tarzana for $30 million in an off-market deal.
The three-story Tarzana Medical Plaza, located at 5525 Etiwanda Ave., is 90% occupied, with tenants that include Providence Healthcare Systems, Cedars-Sinai Medical Care and Unilab Corp.
As a value-add opportunity for Agora, the firm will complete interior and exterior changes to the property. The interior renovation will include upgraded elevator cabs, modern corridor finishes, lighting upgrades and expanded and renovated lobby areas with enhanced wayfinding. Solar panels will be added 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,” Cary Lefton, chief executive officer of Agora Realty, said in a statement. “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.”
In total, 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.