This was an exceptional opportunity to expand our portfolio in the greater Los Angeles area by acquiring a stabilized asset in a very strong sub-market that is demonstrating significant growth.
Los Angeles, CA (PRWEB) September 25, 2013
Younan Properties, Inc., a fully integrated, national real estate owner and manager of Class A office buildings in five major U.S. office markets announced its third acquisition this year with the purchase of the Briarwood office building in Thousand Oaks, CA. in an all-cash transaction.
The 42,767 square foot multi-tenant office building is located in the affluent Conejo Valley submarket in Ventura County. The office building sits on 3.08 acres and is immediately adjacent to US Highway 101 in the growing 101 Technology Corridor. Briarwood is 90.5% leased to a professional roster of business, engineering and medical tenants.
Zaya Younan, Chairman and CEO of Younan Properties commented on the transaction. “This was an exceptional opportunity to expand our portfolio in the greater Los Angeles area by acquiring a stabilized asset in a very strong sub-market that is demonstrating significant growth. Because of our resources, our reputation as an experienced owner/operator and our ability to close deals quickly, we are able to take advantage of these opportunities. We have made three acquisitions in 2013 and we are prepared to execute several more transactions before year end."
Sean Fulp, Managing Director at Rockwood Real Estate Advisors represented the seller, CW Capital. "This was another seamless transaction with Younan Properties and another case where multiple buyers were interested in acquiring this asset. Younan has established solid reputation as an experienced buyer, and sellers know that the transaction will be handled smoothly, " he said.
Younan added, "While we were under contract to acquire the property, the occupancy increased from 90% to 97%, which underscores the value of this investment."
The two-story Briarwood building is located on West Hillcrest Drive. A soaring two-story atrium allows for abundant natural light in a park-like setting that features mature landscaping. The building offers tenants 268 underground and surface parking spaces. Briarwood is located immediately across from The Oaks Mall, a 1.3 million square foot regional shopping mall and entertainment center that features more than 100 national and specialty retailers and restaurants including Nordstrom, Apple, Williams-Sonoma, Muvico Theaters, The Cheesecake Factory and Bogart's Bar & Grill.
About Younan Properties
Younan Properties, Inc., is a privately held real estate investment and management company, specializing in acquiring and managing Class A office properties and selected retail centers in strong growth markets throughout the United States including Dallas, Houston, Chicago, Los Angeles and Phoenix. Known for its detailed, hands-on approach to improving operational efficiencies, while maintaining top building standards for tenants, Younan is a full-service real estate investment company with in-house expertise and resources in leasing, asset and property management, marketing, acquisitions, redevelopment, facility engineering and financing. For more information, visit http://www.younanproperties.com.