The property is a five-story, class B office building that Younan turned into a value-added play in less than a year, according to Zaya Younan, chairman and CEO of Younan Properties. He says the building was 30% occupied when Younan Properties bought it late last year and was 70% leased at the time of the sale. Under Younan's ownership, the building's exterior was rehabbed; new landscaping and a new lighting system added; the underground garage remodeled and modified the garage to increase the parking capacity; and the lobby, common areas, elevator and all bathrooms renovated and upgraded.
Stacey Vierheilig-Fraser of the Charles Dunn Co.'s Studio City office, brokered the sale between Younan Properties and the buyer, a Hollywood entertainment company. Younan, headquartered in North Hollywood, specializes in acquiring, repositioning and managing office buildings throughout the country. In the last 12 months, the firm acquired more than 20 US office buildings, totaling more than 2.1 million sf, and sold eight buildings comprising more than 480,000 sf.
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