Younan Properties Advances Expansion by Acquiring NorthCreek Portfolio in Colorado;
Latest Class "A" Acquisition Signals New Market Penetration
Los Angeles, February 4, 2015 --- Continuing its pattern of opportunistic expansion in the country's most promising markets, Younan Properties (YPI), announced its latest acquisition of three assets in the Colorado Springs, CO office market.
NorthCreek I, II and III is a three-building complex totaling 320,712 SF of Class "A" office space in a campus-like setting. Positioned along Interstate 25, the three NorthCreek buildings are highly visible from both northbound and southbound traffic. Younan Properties represented itself and Transwestern represented the seller in the transaction.
"This was an exceptional opportunity to acquire a one-of-a-kind office portfolio in the North I-25 corridor and Colorado Springs with a very strong tenant roster. We see great potential in this portfolio and significant upside in stabilizing the occupancy in this constantly improving market," said Zaya S. Younan, Chairman and CEO of Younan Properties.
“Younan Properties was successful in acquiring NorthCreek at a very attractive price, and significantly below replacement cost. The Northwest Office market has no new inventory coming online and there is no new construction in the pipeline, which is important for landlords, both in growing occupancy and rental rates."
Transwestern Managing Directors Brad Cohen and Larry Thiel, handled the transaction for the seller. According to Cohen, "The quality of these assets attracted multiple investors from around the country. We were impressed with Younan Properties' ability to close the deal quickly and smoothly. The company is bringing fresh capital and renewed energy, which will benefit NorthCreek and its tenants." Younan Properties has engaged Transwestern to serve as the portfolio leasing agent. Karen Clarke, Transwestern Vice President will serve as the lead broker.
"We intend to leverage our experience creating the most desirable lifestyle properties in Colorado Springs and upgrading this portfolio with technology, exterior and common area improvements and amenities that today's growing companies need," added Younan.
Positioned along Interstate 25, the three NorthCreek buildings are highly visible from both northbound and southbound traffic. The two- and three-story properties serve a variety of large corporate and government tenants including AAA Insurance, FirstSource Group USA, PMC Sierra, and the GSA ATF and DEA agencies. NorthCreek features an on-site fitness center, locker room and showers, a full-service cafe, underground parking, on-site conference facility that opens to the cafe, landscaped courtyards and tranquil atriums with water features and natural lighting.
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 Los Angeles, Dallas, Houston, Chicago, Phoenix and Colorado Springs. 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.