Younan Properties Announces Successful Refinance of Lakeside Square
Company Secures New Loan on Dallas Office Building
Los Angeles, July 31, 2012 - Younan Properties, Inc., a full-service, national real estate owner and property manager of Class A office buildings in Dallas, Houston, Los Angeles, Chicago and Phoenix, announced that it successfully completed the refinancing of Lakeside Square in the Park Central district of Dallas. The new 10-year, fixed rate CMBS loan was closed on July 23.
According to Zaya Younan, Chairman and CEO, "The refinance of Lakeside Square takes advantage of the current favorable rate environment and reflects the market value of this Class "A" asset. The Central Expressway submarket where Park Central is located continues to show steady improvement with more than 100,000 square feet of positive absorption in the first six months of 2012. Overall, demand for Class "A" buildings continues to grow in Dallas/Fort Worth with more than 330,000 square feet of positive absorption in the second quarter. The new financing provides us additional resources for leasing and tenant improvement and positions this building as the premier office building in Park Central."
The company recently announced to tenants that it is initiating a capital program to upgrade the existing building and add new lifestyle amenities. Phase One includes building a new fitness center, renovating the lobby and common areas, a wireless upgrade and an exterior landscape improvement program.
Younan added, "This latest announcement is a further example of our stated goal to realign and de-leverage our overall portfolio to 60%."
Lakeside Square is one of the premier office buildings in Park Central and benefits from its impressive stature, modern architectural design and tranquil lakeside setting. Its reflective silver glass exterior and white marble lobby create a distinctive modern environment with classical touches. Within the building itself, Lakeside boasts a deli, car wash, conference center with wireless access and an adjacent six-level garage. With 85% occupancy, the 18-story, 403,120 square foot Class "A" office building is highly visible from every direction, within proximity to Dallas' most prominent neighborhoods and steps away from Medical City. Park Central is a master-planned, mixed use development in the southern corner of US-75 and I-635, one of Dallas' most heavily traveled intersections.
About Younan Properties
Younan Properties, Inc., is a privately held real estate investment and management company, specializing in acquiring and managing Class A office properties in strong growth markets throughout the United States including Dallas, Houston, Chicago, Los Angeles and Phoenix. Known for its detailed, hands-on approach to improving operational efficiencies, while maintaining top building standards for tenants, Younan's current portfolio consists of 19 office properties in five top metro markets. Younan is a fully-integrated real estate investment company with in-house expertise and resources in leasing, asset and property management, marketing, acquisitions, redevelopment, facility engineering and financing. For more information, visit www.younanproperties.com
Contact: Denise Davis