Younan Properties Continues Aggressive Expansion into Northwest Chicago
ARLINGTON HEIGHTS, IL (January 9, 2006) On the heels of its acquisition in December 2005 of Embassy Plaza in Schaumburg, Ill., Woodland Hills, Calif.-based Younan Properties, Inc. (YPI), one of the fastest-growing, privately held real estate investment groups in the country, has added One North Arlington in Arlington Heights, Ill. to its portfolio of Class A office properties in Chicago's northwest suburbs.
Younan Properties purchased the seven-story, 158,879-square-foot office building at 1500 West Shure Dr. in Arlington Heights from Kennedy Associates, headquartered in Seattle. Younan Properties represented itself in the transaction. James J. Postweiler, managing director-capital markets for Jones Lang LaSalle of Chicago, represented the seller.
We have made steady progress leasing our existing buildings in Chicago's northwest office market and we will continue to buy new buildings as long as this positive trend continues, said Zaya S. Younan, chairman & CEO of Younan Properties, Inc. The Chicago office market is recovering from the 2001 recession due to the recent positive absorption in the market, which supports this outlook. We also see the beginning of significant flow of funds in the Chicago market and strength in manufacturing and office employment.
Built in 1986, One North Arlington is a seven-story office building located at the intersection of Route 53 and Dundee Road in Chicago's northwest suburban office submarket. It is currently 96% occupied by major tenants that include State Farm Automobile Insurance Company and AMCOL International, both of which have leased space in the building since it was built. The property offers easy access to Interstates 90 and 290, and is located only 19 miles from O'Hare International Airport and 26 miles from downtown Chicago.
Younan Properties' professionalism and exceptional attention to detail was a major factor in the successful completion of this transaction, observed Postweiler. Zaya Younan and his team are aggressive deal makers who work to overcome issues as they arise. It was refreshing to have both a client like Kennedy Associates and a buyer like Younan Properties maintain the focus on achieving a sale that was good for both parties.
One North Arlington is Younan Properties' third major acquisition in suburban Chicago. The closing brings the firm's holdings in Northwest Chicago to 420,000 square feet of Class A office space nearly halfway to its goal of acquiring at least one million square feet in 2006. Along with Embassy Plaza, a 140,196-square-foot seven-story Class A office building, Younan Properties' owns Prairie Stone Commons, a 110,000-square-foot Class A office complex in Chicago.
Known for its detailed, hands-on approach to improving operational efficiencies while maintaining top building standards for tenants, Younan Properties' management team has more than four decades of experience in developing and managing commercial real estate in high growth markets throughout the United States. Headed by Zaya S. Younan, Younan Properties has accumulated more than $600 million in real estate holdings since its inception in 2002. The company's national portfolio currently includes 20 Class A office properties totaling more than 4.6 million square feet.