Sherman Oaks, Calif. December 15, 2004 Younan Properties Inc. (YPI), one of the fastest growing privately held commercial real estate investment firms in the United States, has sold Younan Plaza for $6 million. Younan Plaza is a 30,000 SF, Class A office building located in the dynamic Ventura Blvd. sub-market at 15456 Ventura Blvd. in Sherman Oaks, Calif. Less than 19 months ago, Younan Properties purchased this 5-story building from Fossildon, LLC for $4.4 million.
Utilizing our strong operational and continuous improvement capability, we were able to increase occupancy from 50% to 90% and reduce operating expenses from $8.68/SF to $5.40/SF in the short holding period, said Zaya S. Younan, chairman & CEO of Younan Properties. This disposition is part of our plan to sell our non-core small office properties and replace them with larger Class A buildings in growing metropolitan office submarkets. We are on track to complete the re-positioning of our portfolio and results have exceeded our expectations.
The seller, Younan Properties, represented itself. The buyer is a third-party private investor who also represented themselves.