Younan Properties Announces $3 Million Sale of Parkway Medical Plaza in Houston, TX
HOUSTON, TX (August 9, 2005) In a strategic move to improve the quality of its commercial investments, Woodland Hills, CA-based Younan Properties, Inc. (YPI), one of the fastest-growing, privately held real estate investment groups in the country, has announced the sale of the Parkway Medical Plaza in Houston, TX. Representing itself in the $3 million transaction, Younan Properties, Inc. sold the seven-story Class B property to the Pomeroy Family Trust based in Southern California. Sky Pulford from ReMax International represented the buyer in acquiring the 56,000-square-foot medical building located at 150 W. Parker Road.
Headed by Zaya S. Younan, Younan Properties has accumulated $400 million in real estate holdings since its inception in 2002. The company's national portfolio currently includes 20 Class A office properties totaling four million square feet. Younan Properties acquired Parkway Medical Plaza in 2003 and realized a 20 percent return on investment over its two years of ownership.
Our sale of Parkway Medical Plaza is part of our strategic repositioning process to improve the quality of our assets and the submarkets in which they are located, said Zaya S. Younan, chairman and CEO of Younan Properties, Inc. While laying the groundwork for our initial public offering planned for the end of this year, the sale will help us focus on more institutional quality assets in high-growth markets throughout the United States.
Built in 1972, Parkway Medical Plaza is approximately 70 percent leased to medical doctors.
Our firm is extremely selective in the markets where we would like to own properties, Younan observed. We will continue this strategy as we turn around substantial profits from the sale of Parkway Medical Plaza and future Class B office product sales.