At the time of the sale, the office building at 810 Highway Six South was 70 % occupied, with a tenant list that includes Round Realty, Associates Mortgage and Grasso Productions. "The investor who purchased it is the owner-user," says Zaya Younan, CEO and chairman of Younan Properties, "and will occupy the remaining 30% of the property."
Younan tells GlobeSt.com that he received five offers on a property that, when first purchased by his company a year and a half ago, was at 45 % occupancy. "We put a quarter of a million dollars into the common area and into making the building more functional," Younan says. "This included improvement in telecommunications, better access to the building and more amenities that the tenants needed to be attracted to the building." Once the building was at 70% capacity and stabilized, it became more attractive to potential investors, he says. "The selling price was definitely close to our ask."
David Greenberg of the Greenberg Co. in Houston represented Enfield Properties in the transaction. Younan Properties was self-represented.
The deal comes on the heels of another Younan Properties' sale: the 56,000-sf Parkway Medical Plaza, a class B medical office building. As of now, the only remaining Houston-based class B property remaining in Younan's portfolio is a 70,000-sf office building at 800 Wilcrest Dr. "We're looking to sell the Westchase asset," he says. "Meanwhile, we're aggressively pursuing the class A mid-to-high rise buildings."
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