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AGOURA HILLS, CA-Adler Realty Investments Inc. has kicked off construction of a 130,000-sf development called the Agoura Design Center that will be one of the largest furniture centers in the area and has landed Ethan Allen as its first tenant. Adler is developing the seven-acre complex at a site on the frontage road just off the 101 Freeway between Kanan and Chesebro roads. Adler president Michael Adler says the idea behind the project is to bring in retailers offering “high-end furnishings for the entire home.” In addition to Ethan Allen, other tenants will include Lane Home Furnishings, Drexel Heritage, Stickley and Treasures. Adler expects to complete construction of the complex about the middle of 2006. May Realty Advisors of Los Angeles, which specializes in assisting furniture retailers and developers in finding and developing locations throughout California, is marketing the property on behalf of Adler. President Matthew May says that the new design center will tap into a market created by the affluence of the Conejo Valley areas it serves, where the average annual income exceeds $100,000. Leading national furniture chains are eager to reach customers in the Los Angeles and Ventura County markets that the design center will serve, he says. The design center is the second major investment and development project launched in recent weeks by Adler, which recently acquired four multi-tenant office buildings in Long Beach and Bakersfield from Los Angeles-based Arden Realty Inc. for $56 million. As reported on GlobeSt.com, Adler plans an aggressive marketing push for the former Arden properties, which are 75% occupied. Adler, which invests in both value-added and stabilized properties, is shopping throughout the western United States for other acquisitions and redevelopment, the company president says.

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