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YOUNAN PROPERTIES SELLS 27,000 SF OFFICE BUILDING FOR $4 MILLION
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Added: 01/17/2004
Type: Summary
Viewed: 839 time(s)
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YOUNAN PROPERTIES SELLS 27,000 SF OFFICE BUILDING FOR $4 MILLION
Younan Properties (YPI), one of the fastest growing privately held commercial real estate investment firms in the U.S., has sold the Promark Entertainment Building, a 27,000 square foot, class “B” office building, to Fredonia, LLC for $4 million. The five-story office building is located at 3599 Cahuenga Blvd. in Studio City, Calif. Through a combination of vision, experience and creativity, YPI has turned an underperforming structure into a stable asset in less than a year.
“In a short period of time, we were able re-develop this property in order to attract new tenants at favorable rates which resulted in an IRR of 95% for our investors,” said Zaya Younan, chairman and CEO of Younan Properties. “This transaction proves that we not only can bring value and success to our properties in a very short time but can also achieve high rates of return in this troubled economy.”
The seller, Younan Properties, and the buyer, Fredonia, LLC – a Hollywood Entertainment Company – were both represented by Stacey Vierheilig-Fraser of the Charles Dunn Company.
“Never before have I had the chance to work with such a hard working and brilliant team,” said Vierheilig-Fraser. “Mr. Younan is extremely assessable, responsive and takes appropriate action when necessary. I am not surprised YPI has become so successful in such a short amount of time.”
Based in North Hollywood, Calif., Younan properties is an entrepreneurial commercial real estate investment firm that specializes in acquiring, repositioning and managing office buildings throughout the country. Since its founding in January 2002, Younan Properties has excelled in delivering exceptional returns to its investors by identifying under-performing assets and re-positioning the properties. In the last 12 months, the firm has acquired more than 20 office buildings throughout the U.S. totaling more than 2.1 million square feet, and sold eight buildings with more than 480,000 square feet. Younan Properties’ track record in asset management and building operations has exceeded the industry standard. Additional information is available at www.younanproperties.com.
Contact;
Vanessa Amin
vamin@hoytorg.com
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