MAITLAND, Fla. (July 26, 2005) Younan Properties, Inc. (YPI), one of the fastest-growing, privately held real estate investment groups in the country based in Woodland Hills, Calif., announced today the acquisition of Southpoint Executive Center from New York-based Prudential. Southpoint Executive Center is a 136,000-square-foot, institutional quality, class A office building located at 151 Southhall Lane in Maitland, Florida. Brian Hennessey, vice president of acquisitions for Younan Properties, represented the company in the acquisition. Ron Rogg with CB Richard Ellis represented the seller.
Younan Properties, under the direction of Zaya S. Younan, has accumulated $400 million in real estate holdings since its inception in 2002. The company's national portfolio currently includes 20, class A office properties totaling four million square feet. The acquisition of Southpoint Executive Center marks the first investment for Younan Properties in Florida.
In a rapidly growing office market such as Maitland, Southpoint Executive Center is a key asset for Younan Properties, said Zaya S. Younan, chairman and CEO of Younan Properties, Inc. The acquisition of Southpoint Executive Center is part of our greater investment plan which centers around acquiring one million square feet of office product in Florida over the next six months.
Built in 1990 and located on a 9.5-acre lot, Southpoint Executive Center consists of a four-story class A office building, with amenities including a restaurant and gym. Already featuring class A finishes, YPI will further improve all common areas to attract quality tenants to the property. The building is 85 percent occupied with noteworthy tenants including: Ford Motor Credit, Sprint and Voit Brokerage Co. Southpoint Executive Center is located within the 180-acre master-planned development Maitland Center, which includes 5.5 million square feet of office space.
Southpoint Executive Center benefits from a premier location within the Orlando submarket, which is experiencing rapid growth in both population and jobs. According to Younan, Florida is currently ranked the number one state in the nation for job growth, with Orlando as the third best market in Florida for job growth. In addition, unemployment rates in Florida are among the lowest in the nation, with rates below four percent.
With strong demographics and the potential for significant growth, we believe in the long-term future of Florida for office investments, added Younan.