LOS ANGELES, August 18, 2009 —Younan Properties, Inc., one of the nation's leading privately-held real estate investment and asset management firms continued its acquisition of California properties with the announcement that it is purchasing WarnerView Corporate Center in Woodland Hills, Calif., a property previously in the Younan portfolio.
Younan represented itself in the transaction. The three-story office building is located at 5959 Topanga Canyon Blvd. in Woodland Hills, Calif. Younan Properties first bought the building in 2004 and sold it less than 12 months later to Value Home Loan.
Zaya S. Younan, Chairman and Chief Executive Officer of Younan Properties commented on the purchase. "Although it is unusual for us to re-acquire a property we previously owned, this is an exceptional opportunity to acquire a property at a price well below the true market value. The significant expansion in the CAP rate does not correlate to the deteriorating fundamentals, but more relates to the anxiety, fear and an oversold market."
The 62,000-square foot Class "A" office building was built in 1981 and is 93% leased to a desirable roster of professional tenants. More than $1.5 million was spent replacing the HVAC system, installing a new roof and making upgrades to the elevator and common areas.
Headquartered in Los Angeles, Younan Properties specializes in acquiring Class A office properties in high-growth U.S. markets. Known for its detailed, hands-on approach to improving operational efficiencies while maintaining top building standards for tenants, Younan is recognized for turning around undervalued assets and maximizing the value of stabilized assets. Younan has accumulated nearly 12 million square feet of Class A office buildings in California, Texas, Illinois and Arizona.
Contact Younan at www.younanproperties.com.