A nearly fully occupied retail center has recently been placed on the market in Agoura Hills. The property, also known as Agoura Gateway Center, is up for sale with an asking price of $34 million, or about $287 per square foot, according to a marketing brochure from May Realty Advisors, which is listing the property on behalf of its owner, an entity linked to La Habra-based Best Agoura Design Center LLC, according to public property records.
The property is located at 28501-28509 Canwood St. and consists of three buildings spanning 118,229 square feet. The property sits on 6.7 acres and also offers 289 parking spaces.
The shopping center is home to seven tenants, which include Ethan Allen, Pacific Patio, Relief Mart, Video and Auto Center, Hardcore Fitness, Sit ‘N Sleep, Knauer Piano, Global Lighting and RX Fitness, according to the marketing brochure. Overall, the space is 88 percent occupied and has a net operating income of just over $2.2 million. All tenants have recently extended their leases as well.
The property sits off Interstate 101 and sees approximately 170,000 vehicles per day. The city is surrounded by a number of affluent cities, including Calabasas, Westlake Village and Malibu. Those living within a five-mile radius boast an average annual household income of more than $160,000.
“The Center benefits from the strong roadway system, which provides customers from Ventura to the north, Malibu to the west, and the San Fernando Valley to the South. The Center reaches clients from over a 20-mile radius. The demographics within a 10-mile radius are enviable. A large percentage of the residents have relocated to the area, a more relaxed living experience, excellent public schools, and many parks and areas to ride horses,” the marketing brochure states.
