Agora Targets Retail, Industrial and Multifamily QOZ

Agora Realty recently formed a joint venture with a family office to launch a new fund specifically targeting properties located within Qualified Opportunity Zones (QOZ). The $50 million fund will focus on properties in Nevada, Hawaii, Arizona, Colorado and California. The joint venture is seeking investments in retail, industrial and multifamily asset classes.

The fund’s first acquisition is a 1-acre parcel at W. Cary Avenue and Revere Street in North Las Vegas. The joint venture will build an 8,000-square-foot retail building that will include five restaurants and two retail service-oriented tenants. The property is already 75 percent pre-leased with completion set for first quarter 2022. The fund is in escrow for a second acquisition of a 48,000-square-foot building in Mesa.

“Agora has a longstanding track record of successfully investing in census tracts that are in redevelopment zones of densely populated cities. We’ve seen firsthand 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 Cary Lefton, Agora Realty CEO.