Lightning strikes a second time for Younan Properties Inc., (YPI) an international commercial real estate owner and manager. It announced it completed the sale of Warnerview Corporate Center at 5959 Topanga Canyon Blvd., to a private investor. The sale netted a 20% annual return for investors. Younan Properties has acquired and sold this same asset twice over the past decade.
Zaya S. Younan, Chairman and CEO of Younan Properties commented on the latest transaction. “This is a high quality, Class “A” asset in an extremely strong submarket that has performed well for us. This property was sold significantly above its purchase price, which is indicative of the building's quality and our operational performance. As a result, we were able to deliver an attractive return to investors. The nature of this transaction underscores our ability to successfully leverage opportunities and create positive value for our investors. We have purchased and sold this property twice and both times we have generated compelling returns for our investors. "
Younan Properties represented itself in the transaction. The three-story, Class “A” office building is located at 5959 Topanga Canyon Blvd. in the highly prized Warner Center submarket of Los Angeles. Younan Properties first bought the 65,000 square foot building in 2004 and sold it less than 12 months later to Value Home Loan. The property became available again in 2009 during the height of the recession. Younan Properties acquired the under-valued asset and invested heavily in improvements to maintain its Class “A” status.
Younan concluded, “We have a significant track record for outperforming the Los Angeles market in general, and with Warnerview Corporate Center in particular. Who knows, lightning might strike a third time.”
With over 17.5 million square feet of commercial space, the Warner Center submarket serves as the CBD of the San Fernando Valley and the communities to the north and to the west in Ventura County. It encompasses approximately 2,000 acres of master-planned office, retail and “lifestyle” residences, and enjoys one of the most favorable jobs-to-housing balances in Los Angeles. Younan Properties recently announced it acquired Burbank Corporate Center at 21900 Burbank Boulevard.
About Younan Properties
Founded in 2001, Younan Properties makes principal investments and provides asset management services for Class A office assets and retail centers in the U.S. on behalf of private, corporate and institutional investors. Through successful acquisitions and strategic dispositions, the company has assembled a fully scalable platform providing leasing, asset and property management, marketing, acquisitions, redevelopment, facility engineering and financing. Domestically, the company owns and manages properties in Chicago, Los Angeles, Dallas, Houston, Phoenix and Colorado Springs. In 2015, the Company formed the Younan Collection a wholly-owned subsidiary to acquire historic, luxury hotels, golf courses and resort properties in Europe. The Collection currently owns five castle hotels and three golf courses in France. Information at www.younancollection.com
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A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/54c3c8b5-a6f9-4c46-95a2-da06a47f908f
Attachments:
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/31acf70e-6b81-49b8-9408-939b6db3a4a0