Younan Properties had no immediate plans to sell Eighty-Eighty Central or 9400 North Central Expressway, according to Chairman and CEO Zaya Younan. He says Rosemont Realty made an unsolicited offer. “They approached us and gave us a good offer – a very good valuation – and we couldn’t reject it,” he explains.

Younan tells GlobeSt.com that his firm routinely receives phone calls from investors looking to buy buildings in both Dallas and Houston. “Recently, we have seen significant demand from both private and institutional investors because of Dallas’ fast-improving market fundamentals,” he says, adding that investors have been astounded by the Metroplex’s resilience during the recession. “I’ve been approached by buyers who would never have considered buying an office building in Dallas in the past. This is a very positive shift compared to what we have seen in the past from investors.”

Younan recalls that when his firm began acquiring office properties in Dallas six years ago, most investors were focused on coastal markets. “Six years ago, we had no competition – in many cases, we were the only offers,” he says. “We saw population growth and corporate America migrating to Texas, and we said, ‘Guys, it’s just a matter of time before these markets will be far stronger than anybody anticipated.’ That’s why we bought so much in both Dallas and Houston.”

Prior to the sale to Rosemont, Younan Properties was the fourth largest landlord in the Lone Star State and the largest landlord in Dallas, according to Younan. With these dispositions, the firm will own and manage 12 office properties in Dallas.

“Our intention is to recycle the proceeds from these sales and buy more assets in Dallas and Houston,” Younan says. “The fundamentals of Texas are more appealing than ever before.”