In just six months, Younan Properties has expanded its Valley portfolio to 825,000 sf. While CEO Zaya Younan declined to disclose how much his firm offered for the asset, he did tell GlobeSt.com that the deal will likely close in 30 days. Based on Four Gateway's age and occupancy history, industry experts estimate the value of the building is $16 million to $19 million.

Presidio Investments acquired Four Gateway when it purchased Washington, DC-based CarrAmerica Realty Corp.'s metro Phoenix office portfolio for nearly $100 million in 2001. The REIT developed the four-story building at 444 N. 44th St. in 1998.

The structure is situated within the Phoenix Gateway Center close to Sky Harbor International Airport. With credit tenants like Weitz Co. and ValueOptions and an occupancy rate of 95%, Four Gateway is unlike Younan's other buys, which have required significant rehabilitation and repositioning.

Four Gateway is Younan Properties' first office purchase outside of the Phoenix CBD. Earlier this month, the company bought the 20-story Meridian Bank Tower for $11 million from Credit Suisse First Boston. The 275,000-sf, class A office tower, which is located at 3550 N. Central Ave., was 55% occupied at the time of the acquisition. Younan's plans for the building include a capital improvement program aimed at re-tenanting the building.

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