Dallas, TX/Woodland Hills, Calif. January 16, 2004 Younan Properties, LLC, one of the fastest growing commercial real estate investment firms in the U.S., has purchased The Meridian Center a 220,000 SF, class A office building from AEGON (NYSE: AEG) USA Realty Advisors, Inc. for approximately $12.6 million. Built in 1985, the 10-story office building is located at 2711 LBJ Freeway in Dallas, Texas. At the time of sale, the property was 45% leased with the following major tenants: Morgan Stanley, KB Home and Detroit Diesel Corporation.
This is another major acquisition in the Dallas market for us and a key milestone in establishing a critical mass in a fast changing Dallas market, said Zaya Younan, chairman and CEO of Younan Properties. We are continuing to work hard to not only stabilize our Dallas properties but also to locate prime assets in this under-discovered market. Our strength is adding value to our existing properties that may, at the time of the acquisition, be under performing in their markets, which is our goal for The Meridian Center.
According to YPI's current analysis of the Dallas office market, a significant turnaround is expected as early as the first or second quarter of 2004. The buyer, Younan Properties, was represented by Darrell Betts and Scot Farber of Grubb & Ellis' Southwest region. The seller, AEGON USA Realty one of the top five commercial real estate lenders in the United States represented itself.
Working with YPI is a privilege due to the fact that the firm's unique hands-on approach to managing real estate and in-depth market knowledge has made the transaction process extremely smooth for all parties involved, said Farber. Younan Properties continues to be one of the most active buyers in the Dallas Metroplex.