TENANT CARE
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NEWS
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| Sherman Oaks, Calif. — December 15, 2004—Younan Properties Inc. (YPI), one of the fastest growing privately held commercial real estate investment firms in the United States, has sold Younan Plaza for $6 million. Younan Plaza is a 30,000 SF, Class “A” office building located in the dynamic Ventura Blvd. sub-market at 15456 Ventura Blvd. in Sherman Oaks, Calif. Less than 19 months ago, Younan Properties purchased this 5-story building from Fossildon, LLC for $4.4 million. “Utilizing our strong operational and continuous improvement capability, we were able to increase occupancy from 50% to 90% and reduce operating expenses from $8.68/SF to $5.40/SF in the short holding period,” said Zaya S. Younan, chairman & CEO of Younan Properties. “This disposition is part of our plan to sell our non-core small office properties and replace them with larger Class “A” buildings in growing metropolitan office submarkets. We are on track to complete the re-positioning of our portfolio and results have exceeded our expectations.” The seller, Younan Properties, represented itself. The buyer is a third-party private investor who also represented themselves. |