Agora Purchases Tarzana Medical Office Building for $30M

Agora Realty & Management has acquired Tarzana Medical Plaza, a 75,000-square-foot medical office building in a $30 million, off-market transaction. The property, located at 5525 Etiwanda Ave. in Tarzana, CA is 90% occupied with tenants that include Providence Healthcare Systems and Unilab.

“The building is strategically located next to the Providence Cesars-Sinai Tarzana healthcare campus set to open in April of 2023, with access directly into the hospital,” said Cary Lefton, CEO of Agora. “This acquisition falls in line with our strategic objective to continue building a commercial portfolio by supplementing grocery-anchored shopping centers with healthcare co-tenancy.”

Agora considers this a value-add opportunity, and plans a complete interior and exterior renovation of the three-story building. The improvements will include upgraded elevator cabs, modern corridor finishes, lighting upgrades and an expanded lobby. Solar panels will also be added to reduce operating costs.