Retail Promenade to be Renamed 7 Thousand Shea

pdf

 

Phoenix, September 12, 2013 ---Younan Properties, Inc., a full-service, national real estate owner and property manager of Class A buildings in Dallas, Houston, Los Angeles, Chicago and Phoenix, announced that it successfully completed the financing of its latest Class A acquisition in Scottsdale. The new 5-year, fixed rate loan was funded on September 6 by ReadyCap Commercial, LLC of Irvine, CA. Currently named Scottsdale Promenade, the 137,522 square foot retail lifestyle center will be rebranded as 7 Thousand Shea.

According to Zaya Younan, Chairman and CEO, "The financing of the shopping center takes advantage of the current favorable rate environment and reflects the overall improvement in the Phoenix market in general and the strong, underlying fundamentals of Scottsdale in particular. The new loan provides us additional resources to complete ongoing capital improvements, as well as funding for new leasing and tenant improvement costs to stabilize the property. We are excited to re-introduce 7 Thousand Shea to the community and solidify its retail position within the Scottsdale market."

"Since acquiring the shopping center in early April, several new tenants have been signed, increasing occupancy from 60% to 70%. I am confident that once the renovations are completed, 7 Thousand Shea will outperform the market in occupancy," Younan added.

According to ReadyCap Commercial's Joel Covington, VP CRE Lending - Greater Los Angeles, "Younan Properties understands the growth opportunities and market fundamentals of Scottsdale and greater Phoenix. The team is particularly adept at stabilizing assets quickly and repositioning them for solid growth. We anticipate a long and mutually beneficial relationship with Younan well into the future."

The name change to 7 Thousand Shea will take effect upon completion and installation of new monument signage. As part of the overall repositioning program, the property is undergoing significant capital improvements and upgrades including the reconfiguration of the main parking lot to improve traffic flow and visibility, new landscaping, painting and lighting upgrades.

The Class-A retail lifestyle center is located in Scottsdale, an affluent enclave of Phoenix where lease rates typically run more than 40% higher than those in Phoenix. Situated near the intersection of major thoroughfares East Shea Boulevard and North Scottsdale Road, the center is strategically positioned within Scottsdale’s renowned retail trade area, minutes north of Downtown Phoenix.

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 15 office properties including one retail center 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
This email address is being protected from spambots. You need JavaScript enabled to view it.
818.703.9600

lgm 04 18 16 260 webYounan Properties invests and provides asset management services for Class A office properties, retail centers, golf courses and luxury resorts on behalf of private, corporate and institutional investors. Today, the company has assembled a fully scalable, international platform with a valuation of more than $1 Billion.

In 2015, the Company made its first investment in France through La Grande Maison Younan Collection, which acquires luxury resort properties. Château du Petit Chêne Hotel & Golf Course is located in Mazières-en-Gâtine. Recent luxury hotel acquisitions include Logis Saint Martin in Saint Maixent l’Ecole, and Chateau Germond in Germond-Rouvre.

Château du Petit Chêne Hotel & Golf Course

castle image2

Tenant Spotlight

lfds logo
Lakeside Square, Dallas

Loewinsohn Flegle Deary Simon LLP, headquartered in Lakeside Square in Dallas, Texas, is a law firm focused on trials, arbitrations, and business conflict resolution. LFDS has decades of experience handling high-stakes business disputes, employment litigation and counseling, business restructuring, and general counsel services.  

Read More ...