September 8, 2019— Agora Realty has announced that it has acquired a 16,200-square-foot property located at 248 Hampshire Road in Thousand Oaks, CA. The vacant property had been home to a Chase Bank. Agora has already secured a new tenant and now plans to redevelop the site for a single tenant Medical Office.
Agora acquired the asset for $6.4 million. The firm acquired the property because of the strong local demographics, with a median income of more than $101,000 in a one-mile radius. Moreover the submarket has a low vacancy rate, and a 6:1,000 parking ratio.
“This is our second acquisition in Thousand Oaks this year. It’s a great market. In particular, this property benefits from high visibility which is why it made an effective bank location and now will be a fantastic location for a medical use,” said Aaron Lefton, president of acquisitions and leasing, Agora Realty.
Agora plans to remodel the building including an enhancement of the parking lot with new asphalt and striping, new LED parking lot lights, along with a full remodel of the interior.
Since 1986 Agora Realty has acquired income-producing real estate assets throughout the Western US including California, Hawaii, Nevada, Washington and Colorado. Agora Realty continues to seek real estate investments in California, Nevada, Hawaii and Texas. Acquisition targets range in size from $1 million to $150 million and are predominately retail and multi-family, however Agora will look at other assets classes on an individual basis.