DALLAS-Six months after hitting the market, the three-building, 953,622-square-foot Energy Square office complex has been sold. Owner Younan Properties Inc. sold the asset to a joint venture between Champion, Lincoln Property Co. and Long Wharf Real Estate Partners.
The complex, located on Greenville Avenue approximately five miles north of the CBD, has an 82% occupancy. Younan acquired the asset close to five years ago.
"These assets were sold above our purchase price and below a 7.5 cap rate, which is indicative of the asset quality of Energy Square, our ability to maintain occupancy throughout this recession and is further confirmation of the increasing interest by institutional buyers in Dallas, which continues to outpace the nation in employment growth and positive absorption," said Zaya S. Younan, chairman and CEO of Younan Properties in a press release announcing the transaction. “"The portfolio sale is simply a continuation of our strategic plan to sell selected, high performing assets that generate positive equity, further strengthen the company's balance sheet and position us for future acquisitions consistent with our strategic capital plan."
Jones Lang LaSalle's Capital Markets team of Evan Stone, Jack Crews and John Alvarado represented Younan in the sales transaction. More information about the transaction will follow.
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