LOS ANGELES, Jan. 19, 2016 (GLOBE NEWSWIRE) -- Younan Properties Inc., (YPI) a commercial real estate owner and manager with Class A assets in major U.S. office markets, has completed the sale of Younan Executive Center, netting a 77% return for investors. YPI bought the vacant office building in Simi Valley in March of 2014, leased it to 100% occupancy and sold it in 16 months.
Zaya S. Younan, Chairman and CEO of Younan Properties commented on the transaction. "In less than two years we have acquired and sold two separate office assets in the greater Los Angeles area, delivering returns to investors of 32% and 77% respectively. Younan Executive Center was acquired in March of 2014 as part of our Los Angeles expansion. The asset was vacant for many years and we were able to reposition it in a short timeframe and lease it to 100% occupancy."
A private buyer acquired the asset. Mark T. Leonard, Senior Vice President & Principal of Lee & Associates-LA North/Ventura leased the property and represented Younan Properties in the transaction. Remarking on the deal, Leonard said, "Once again, Younan Properties has shown that it has the expertise and the management capability to spot undervalued opportunities and capitalize on them quickly. The company allocated significant financial resources that enabled us to lease the building to 100%. They made a huge, positive difference in a short period of time for an asset that had been vacant for years."
Zaya Younan pointed out that the company continues to pursue an aggressive acquisition strategy both in the U.S. and in Europe. "In October of 2015, the company created a new European luxury resort subsidiary, La Grande Maison Younan Collection™. We completed the acquisition of Château du Petit Chêne Golf Resort in 2015, and we will be announcing the acquisition of at least two more luxury resorts during this quarter. Concurrently, we continue to look for valued-added investments in the U.S. commercial market," he added.
Younan Executive Center is a two-story, 63,305 square foot, Class "A" office building located on Madera Road in the Los Angeles submarket of Simi Valley, CA. It sits on 6.3 acres of a park-like campus and offers majestic mountain views throughout the entire building. The property has immediate access off the 118 Freeway and is 100% leased to Vision Mechanical Services, Inc. and the County of Ventura.
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 U.S. growth markets including Los Angeles, Chicago, Dallas, Houston, Phoenix and the Denver region. Its newest subsidiary, La Grande Maison Younan Collection, specializes in acquiring luxury golf and resort properties throughout Europe. The company is recognized for its detailed, hands-on approach to improving operational efficiencies while maintaining top building standards for tenants. Younan's fully-integrated real estate investment company offers in-house expertise and resources in leasing, asset and property management, marketing, acquisitions, redevelopment, facility engineering and financing. www.younanproperties.com.
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