Younan Closing Fund IV With Sales in Two Cities

Younan bought the Dallas portfolio two years ago from Chicago-based Equity Office Properties, investing $200 million into acquisition and renovation. The Phoenix assets, bought three years ago, will hit the market separately, with CB Richard Ellis' Glenn Smigiel and Steve Brabant in charge of the marketing. Younan has invested $150 million into the Phoenix buildings. Jones Lang LaSalle's Evan Stone will lead the marketing of the Dallas package, YPI Central Expressway Portfolio.

"We are going to recycle the equity into a larger, more vertical building. We are looking to buy a large class A asset in Dallas and Houston," Younan tells GlobeSt.com. He says he is closing out Fund IV, an internal pool, to accumulate capital while showing other investors that Dallas, in particular, is prime investment territory.

"If you buy smart, manage your properties well, you can make money in Dallas," Younan says. The Dallas portfolio was 65% leased when Younan bought it; it will come to market in the coming weeks at 80% occupancy. "It's a very attractive portfolio with minimal downside risk and great upside potential," he says, "and we think there will be significant demand from both institutional and non-institutional investors.

The Dallas properties are 394,324-sf Four Forest Plaza at 12222 Merit Dr., 397,328-sf Lakeside Square at 12377 Merit Dr., 346,575-sf North Central Plaza III at 12801 N. Central Expressway, 283,707-sf 8080 N. Central Expressway and 379,556-sf 9400 Plaza at 9400 N. Central Expressway.

In Phoenix, each CBD building is hovering 90% occupancy. Up for sale will be Meridian Bank Tower at 3550 N. Central Ave., a 20-story, 275,000-sf structure, and Central Plaza at 4041 N. Central Ave., a 20-story, 400,000-sf landmark asset.

Younan says the listings will hit the market in the coming weeks. The goal is to sell all seven buildings by year's end, he adds.