Search
 

Younan Strips Class B Office Building From Portfolio

HOUSTON-After boosting occupancy from 45% to 70% through repositioning and rehabilitation, Younan Properties sells the 70,000-sf Energy Corridor Plaza for $4 million to Enfield Properties, which plans to occupy the balance of the building.

By Amy Wolff Sorter | Updated on August 16, 2005

HOUSTON-After investing $250,000 and almost doubling occupancy in Energy Corridor Plaza, Younan Properties Inc. of Woodland Hills, CA has sold the 70,000-sf, class B office property to locally based Enfield Properties for $4 million.

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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.