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Younan Pulls Down $3M in Off-Market, Class B Office Sale

HOUSTON-Younan Properties' strategy to obtain two million sf of class A properties in Greater Houston gets a boost with the sale of the 57,00-sf Parkway Medical Plaza. The California investor has just one class B building left in its local portfolio.

By Amy Wolff Sorter | Updated on August 09, 2005

HOUSTON-As part of a repositioning plan in preparation for a year-end IPO, Younan Properties Inc. has sold the 56,000-sf Parkway Medical Plaza for $3 million. The off-market transaction is part of Younan’s eventual goal to acquire two million sf of class A property in the Greater Houston area.

The buyer of the asset, Southern California-based Pomeroy Family Trust, was represented by Sky Pulford of ReMax International in Houston. Parkway Medical, built in 1972 at 150 W. Parker Rd., was approximately 70% leased at the time of closing.

According to Zaya Younan, CEO and chairman of the Woodland Hills, CA-based firm, Parkway Medical’s sale is part of an overall effort to acquire quality assets in the recovering Houston market. “We purchased four B properties in Houston several years ago. Then when we decided to go public, we made the decision to recycle the property,” Younan tells GlobeSt.com. To date, he’s sold three class B buildings, all off market, and has one remaining, a 70,000-sf office building at 800 Wilcrest Dr. in Westchase, which is not yet on the market.

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