Loop was sold to ROC Bridge
Partners in Salt Lake City.
HOUSTON-Younan Properties Inc. along with JV partner Passco Companies LLC sold its 272,113-square-foot Younan West Loop to ROC Bridge Partners LLC of Salt Lake City. According to a press release announcing the transaction, ROC Bridge approached the Los Angeles-based Younan Properties with an unsolicited offer for the office building.
Formerly known as 1700 West Loop South, the office building in the Galleria submarket traded at a 6 cap rate which, according to seller chairman and CEO Zaya Younan, delivered “an attractive return to the Passco Younan Opportunity Fund investors and joint venture partner, Passco Companies LLC.” The office building’s occupancy was 79% at the time of sale. Darrell Betts with Avison Young represented Younan Properties in the transaction.
A sales price for the asset was not indicated, but the press release says it was sold above its purchase price. GlobeSt.com reported in September, 2007, that Younan Properties Inc. and Passco Companies acquired both the West Loop South building and the 118,000-square-foot Shepherd Place, also in Houston, for a combined $47 million. Shepherd Place was sold September, 2011.
Representatives involved with the Younan West Loop transaction were not available for comment.