This was an exceptional opportunity to acquire an asset at a very attractive valuation in a submarket that is showing stability and future growth.
Chicago, IL (PRWEB) August 21, 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 300 N. Martingale in Schaumburg in an all-cash transaction.
Zaya S. Younan, Chairman and CEO of Younan Properties commented on the transaction. “This was an exceptional opportunity to acquire an asset at a very attractive valuation in a submarket that is showing stability and future growth. Through the first half of 2014, the Northwest suburban submarket documented nearly 328,000 square feet of positive absorption, with most of that in the Class A product. Chicago employment is showing steady improvement and we believe the outlook is favorable for the next three to five years."
Younan continued, "Asset prices remain compressed vis-a-vis lease rates and continue to reflect a discounted valuation that will disappear as the economy continues to improve. With significant financial resources at our disposal, a reputation as an experienced owner/manager and the ability to close deals quickly, we will continue to take advantage of opportunities such as 300 N. Martingale as we expand our portfolio in Chicago."
The 156,065 square foot, seven-story, Class "A" office building is located in the Schaumburg submarket of suburban Chicago. 300 N. Martingale maintains a prominent location with tollway visibility along 1-290/Route 53. It was developed as part of the Woodfield Corporate Center complex and offers numerous tenant amenities including a deli, meeting room and tenant lounge area, four-story parking deck with an enclosed walkway, as well as onsite management and security.
Joseph Stevens, Fred Ishler and Zach Fox of Transwestern will continue to lease 300 N. Martingale on behalf of Younan Properties. According to Stevens, the property is well positioned for lease up in a steady, stabilizing market. "The acquisition by Younan Properties is a win-win for current and prospective tenants. The company has significant experience in this market and an operational infrastructure already in place. From our experience working with Younan Properties, the company will allocate financial resources both for broker incentives and for tenant improvements to increase occupancy faster than current market absorption. Transwestern is pleased to be working again with Younan Properties."
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.