Younan Properties Expands Portfolio with Acquisition of Merge Portfolio
Three-Building Office Campus in Orange County
LOS ANGELES, March 19, 2019 – As part of its ongoing expansion in the greater Los Angeles region, Younan Properties, Inc., a fully-integrated, real estate owner and manager of Class A office buildings in six major U.S. office markets, announced its latest acquisition of a three-building office portfolio in Orange County, CA.
Merge is a three-building office campus totaling 130,800 square feet. It is strategically located near the border of Los Angeles and Orange County, two of the nation’s largest metropolitan areas. Merge is well-positioned to attract tenants from both regions with unparalleled convenience. The location is within 15 minutes of both Long Beach and John Wayne Airports, and within 30 minutes of LAX.
Zaya S. Younan, Chairman and CEO of Younan Properties remarked, “Orange County has experienced significant growth in terms of new construction yet office fundamentals remain stable with strong, positive absorption. Younan Properties was successful in acquiring this asset at a very favorable price that was far below the market replacement value with a great yield. When we acquired the portfolio, the occupancy was 95%. In less than two months, we have leased the property to nearly 100%. This is part of our ongoing expansion in Southern California. We have a number of deals in the pipeline for continued growth in the office market.”
Merge offers tenants premier property features including excellent freeway-visible identity and signage, highly functional and flexible floor plates for increased tenant scalability, and the dramatic architectural character of fluted spandrel concrete panes. As the third most populous county in California, Orange County’s economic output, employment, and job growth are well distributed and increasingly diverse.
Younan commented, “Orange County remains an important economic driver and we are well-positioned to leverage our platform to realize the full potential of this purchase.”
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 in strong growth markets throughout the U.S. including Houston, Chicago, Dallas, Los Angeles, Orange County, Phoenix and Colorado. It is a subsidiary of Younan Company, a global, private equity firm that specializes in acquisitions and management of various assets and companies in the luxury consumer space. Known for its detailed, hands-on approach to improving operational efficiencies, while maintaining top building standards for tenants, Younan Properties is full-service 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. The Merge properties are located at 5405, 5455, and 5555 Garden Grove Blvd., Westminster, CA.