This was an exceptional opportunity to further expand our portfolio in the Phoenix market by acquiring a stabilized asset in a market that now is demonstrating a turnaround.
Phoenix, AZ (PRWEB) July 30, 2014
Younan Properties, Inc., a fully integrated, national real estate owner and manager of Class "A" office buildings and retail centers in five major U.S. office markets, announced it completed the acquisition of Black Canyon Corporate Center in Phoenix, AZ in an all-cash transaction.
Zaya S. Younan, Chairman and CEO of Younan Properties commented on the transaction. “This was an exceptional opportunity to further expand our portfolio in the Phoenix market by acquiring a stabilized asset in a market that now is demonstrating a turnaround. In the second quarter, the unemployment rate in Phoenix was 5.6%, which remains below the national average. It is projected that the region will gain some 385,700 jobs through 2019. Due to the positive outlook for employment, we expect demand to remain strong as the economy continues to improve."
Younan continued, "Because of our financial resources, our reputation as an experienced owner/manager and our ability to close deals quickly, we are able to take advantage of unique opportunities such as Black Canyon. Due to the long and protracted recession, asset prices remain compressed and still reflect a discounted valuation that will disappear over the next few quarters as the economy improves. As a result, it is intriguing to be an investor today, and we will continue to take advantage of these opportunities through year end."
The 95,000 square foot, Class "A" office building at 10835 North 25th Avenue is centrally located in metropolitan Phoenix, within 15 minutes of Sky Harbor International Airport. The three-story multi-tenant office building was built in 2003 and sits on 6.73 acres in a well-appointed office park that is within walking distance of Hyatt Place and Crown Plaza.
Ashley Brooks, Senior Vice President of CBRE, along with James Bayless and Jenny Aust round out the leasing team for Black Canyon. According to Brooks, the property is well positioned for lease up in a rising market. "The acquisition by Younan Properties is a win-win for current and prospective tenants. The company has an established reputation for its management capabilities and ability to get deals done quickly. It has allocated significant financial resources both for broker incentives and for tenant improvements. We will be working over the next 12 months to lease the building to 90% occupancy. I am excited to be working with Younan Properties on this project."
Other Phoenix assets owned by Younan Properties include 4041 Central Plaza, a 20-story, 405,693 square foot Class "A" office building in the CBD. In 2013, Younan Properties acquired 7 Thousand Shea (formerly Scottsdale Promenade), and recently completed a million dollar renovation of the 137,522 square foot shopping center in Scottsdale.
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.