Younan Properties Successfully Closes Sale of Younan West Loop South, Houston
Los Angeles, June 26, 2012 - Younan Properties, Inc., a full-service, national real estate owner and property manager of Class A office buildings in Houston, Los Angeles, Chicago, Dallas and Phoenix, announced that it completed the sale of Younan West Loop South in the Houston Galleria to ROC Bridge Partners, LLC of Salt Lake City.
According to Zaya Younan, Chairman and CEO, "We were approached by to ROC Bridge with a very attractive, unsolicited offer to acquire Younan West Loop South in Houston. This is a high quality, Class A asset in a strong submarket that has performed well throughout the recession. This asset was sold above its purchase price and traded at an impressive 6.0 cap rate, which is indicative of the building's quality and performance. As a result, we were able to deliver an attractive return to the Passco Younan Opportunity Fund investors and joint venture partner, Passco Companies, LLC. The nature of this transaction underscores our ability to successfully leverage opportunities and create positive value for our investors and partners."
Gary L. Smith, Senior Vice President, Asset Management and Manager of Passco Companies commented, "Younan's 1700 West Loop South was one of two office assets that Younan Properties acquired with Passco in Houston at the height of the real estate market. Because of its experience and reputation as a skilled owner and operator, Younan delivered an above market performance with returns that exceeded those of many other peers, particularly in light of a deep recession where companies saw their investments decline by nearly half during the same timeframe."
Younan Properties was represented by Darrell Betts of Avison Young in the transaction. "The quality of Younan's assets in highly desirable markets create significant demand from investors. Younan's ability to handle complicated transactions seamlessly, adds value to the process and makes its properties attractive to other buyers," Betts added.
Younan West Loop South is a Class A office high-rise attached to the Marriott Hotel in the upscale West Loop shopping district with Galleria shopping and numerous restaurants. The 272,113 square foot office building houses a diverse roster of professional tenants and offers secured parking, after-hours security card access, on-site security, management, and engineering. Tenants and their guests have 24-hour access to the Marriott Hotel.
About Younan Properties
Younan Properties, Inc., is a privately held real estate investment and management company, specializing in acquiring and managing Class A office properties in strong growth markets throughout the United States including Dallas, Houston, Chicago, Los Angeles and Phoenix. Known for its detailed, hands-on approach to improving operational efficiencies, while maintaining top building standards for tenants, Younan's current portfolio consists of 20 office properties in five top metro markets. Younan is a fully-integrated real estate investment company with in-house expertise and resources in leasing, asset and property management, marketing, acquisitions, redevelopment, facility engineering and financing. For more information, visit www.younanproperties.com
Contact: Denise Davis