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Friday, Jul 12, 2024

The Address Settles in Agoura Hills

By MICHAEL AUSHENKER Staff Reporter The Address Realty has a new address. The residential real estate brokerage has repositioned its corporate headquarters in Agoura Hills at 4149 Liberty Canyon Road. At the new offices, broker Troy Palmquist gave the Business Journal a preview tour of the new facility. The Address also has outposts in Malibu, Newport Beach and Temecula, as well as its original Oxnard location. “We are a luxury real estate company (that deals in residential),” Palmquist said. The new address for The Address represents the culmination to date of the budding partnership between founder and Santa Monica resident Palmquist and local developer Zac Eglit, who crossed paths relatively recently. “Zac and I met through a title rep in May 2017,” said Palmquist, who had been working out of The Address’ storefront in Oxnard. In April 2018, Eglit, who heads BDR Development, had lunched with Palmquist at Hugo’s in Agoura Hills at a time when “we were in the process of rebranding our company,” Eglit recalled. “Almost within a couple of hours, Troy and I were exchanging multiple phone calls.” Eglit took a shine to Palmquist, who had flipped some 4,000 homes along Oxnard’s Silver Strand. “We realized it made sense to join forces,” said Eglit, who purchased Address Reality in August 2018. “He had built a rocket, but he didn’t have the rocket fuel.” Indeed, as far as expansion goes, the company — which currently employs more than 50 agents — has embarked on a rocket ride, according to Eglit and Palmquist. In addition to Conejo Valley, The Address still maintains a forwarding office in Channel Islands. In February 2019, its Newport Beach branch opened, followed by another storefront on Pacific Coast Highway in Malibu six months later. By the end of this quarter, Eglit plans to open an office in the Belmont Shores section of Long Beach, with Palm Springs, San Diego and Scottsdale, Ariz. to follow by late 2020. “We focus where we have opportunities,” Eglit said. Added Palmquist: “To see everything come together, I don’t think I could do it on my own this fast.” Prior to The Address moving into Agoura Hills, Eglit was working his business formula, which was to acquire and rehab existing buildings. Six years ago, he purchased the three buildings on Liberty Canyon Road for $28 million. In the past two years, building A has gone through “a major remodel,” Eglit said, while building B will house the sales team and building C will be devoted to escrow but also houses a few tenants including a doctor and an online travel company.

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