HOUSTON, TX (August 16, 2005) As part of its ongoing strategy to improve the quality of its assets and increase its Class A office portfolio, Woodland Hills, CA-based Younan Properties, Inc. (YPI), one of the fastest-growing, privately held real estate investment groups in the country, has announced the sale of Energy Corridor Plaza located at 810 Highway 6 South in Houston, TX.
The $4 million transaction, in which Younan Properties represented itself, is the firm's third recent sale of a Class B office property in the Houston market. Younan Properties delivered a 35% return on investment in less than two years of holding.
Represented by David Greenberg of the Greenberg & Company, Houston-based Enfield Properties purchased the two-story, 70,000-square-foot office property located off the Katy Freeway near the Energy Corridor in suburban Houston. The property is 70% occupied with tenants that include Round Realty, Associates Mortgage and Grasso Production Management Inc.
Headed by Zaya S. Younan, Younan Properties has accumulated $550 million in real estate holdings since its inception in 2002. The company's national portfolio currently includes 20 Class A office properties totaling 4.6 million square feet.
We were able to increase the value of this asset in a very difficult market and also deliver a great return to our investors, said Zaya S. Younan, chairman and CEO of Younan Properties, Inc. We will continue our strategy of selling our smaller, non-core assets and replacing them with Class A high-rises.
In addition to this sale, Younan Properties recently completed the $3 million sale of Parkway Medical Plaza, a 56,000-square-foot medical building located at 150 W. Parker Road in Houston, TX.