Younan Properties Acquires Scottsdale Promenade
Younan Properties Acquires Scottsdale Promenade;
Class A Office Investor/Owner Broadens Portfolio With Retail
Phoenix, April 4, 2013 --- Younan Properties, Inc., a fully integrated, national real estate owner and manager of Class A office buildings in five major U.S. office markets announced that it has broadened its portfolio to include retail centers with the acquisition of Scottsdale Promenade in Scottsdale, AZ in an all-cash transaction.
A 137,522 square foot Class-A retail lifestyle center located in the affluent enclave of Scottsdale, the Promenade is situated near the intersection of major thoroughfares East Shea Boulevard and North Scottsdale Road. It is strategically positioned within Scottsdale’s renowned retail trade area and is minutes north of Downtown Phoenix.
Zaya Younan, Chairman and CEO of Younan Properties commented on the transaction. “This was a unique opportunity to expand our footprint in the recovering Phoenix market by acquiring an institutional quality asset with significant upside potential. Because of our resources, reputation as an experienced owner/operator and our ability to close deals quickly, we are able to take advantage of these opportunities and grow our portfolio. Younan added, "We feel this is a particularly good time to expand our portfolio into the lifestyle retail sector and we are prepared to execute several more transactions before year end."
Jordan Cortez, Managing Director at Rockwood Real Estate Advisors represented the seller, CW Capital. "It is good to see Younan Properties re-enter the market and resume its acquisition activity. There were numerous buyers interested in acquiring this asset, but the seller chose Younan because it wanted a reliable, experienced buyer with an established reputation for closing," he said. "This was a smooth transaction and an on-time closing without any surprises. Sellers always prefer this type of buyer," he added.
Younan Properties has an aggressive leasing and occupancy growth plan to bring the Promenade to market and retained Cassidy Turley. According to Ryan Leavitt, Associate Vice President- Retail Group, having Younan Properties as the new owner will add value immediately. "Younan Properties has a well established reputation as a Class A office owner in major US markets including Phoenix. They understand the lifestyle and amenity desires of Scottsdale residents and they deliver results quickly through an experienced team that is supported by a solid infrastructure and strong financials."
The Scottsdale Promenade features five, two-story buildings and one, single-story building. Various levels of well-positioned retail space blend seamlessly with flowing fountains and immaculate landscaping. An established second floor plaza, located above an expansive structured parking garage, provides easy access to a significant portion of the Property’s retail tenants that include upscale and fast casual dining along with boutique retailers.
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 and selected retail centers 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 is a full-service 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.
Media: Denise Davis
Leasing: Ryan Leavitt