Younan Properties Acquires Portfolio of New Office/Medical Buildings in Thousand Oaks;
Class "A" Owner/Investor Adds Eight New Buildings to its Los Angeles Portfolio
Los Angeles, September 24, 2014 --- In a year marked by rapid expansion, Younan Properties, Inc., a fully integrated, national real estate owner and manager of Class A office buildings in five major U.S. office markets announced its latest acquisition of eight new office/medical buildings in Thousand Oaks, CA. in an all-cash transaction.
The eight-building collection comprises 62,248 square feet of new owner/user or leasable office space. It is part of a 31-building development in the affluent Conejo Valley submarket in Ventura County. The new assets, some of which are ready for owner finishes, are located in the Class "A" Conejo Ridge Executive Center at the US 101 Freeway in the expanding 101 Technology Corridor. The eight new buildings offer freeway visibility and range from 4,800 square feet to 15,500 square feet.
Zaya Younan, Chairman and CEO of Younan Properties commented on the transaction. “This was an exceptional opportunity to expand our portfolio in a vibrant and growing Southern California submarket. Younan Properties was successful in acquiring these assets at a very attractive price, and for one third of the historical cost on a per square foot basis."
Younan continued, "We are able to take advantage of these unique opportunities because of our resources, our reputation as an experienced owner/operator and our ability to close deals quickly. This marks the eighth acquisition in 2014 and we are prepared to execute several more transactions before year end."
Mark A. Perry, Senior Vice President of CBRE represented the seller, Pacific Western Bank. "This was a very smart transaction by Younan Properties and another case where multiple buyers were interested in acquiring these assets. Younan has established solid reputation as an experienced buyer and sellers know that the transaction will be handled smoothly, " he said.
The Conejo Ridge Executive Center is centrally positioned on the 101 Freeway with the Burbank and Los Angeles International Airports -- approximately 40 and 47 miles to the south respectively -- and Santa Barbara Airport 60 miles to the north. Numerous dining, hotel and retail amenities, as well as executive residential are available within a five mile radius of the center.
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 and selected retail centers 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 is a full-service 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