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SHERMAN OAKS, CA-Younan Properties, a privately held commercial real estate investment firm based in North Hollywood, has acquired the 30,000-sf, class A, MIOD office building from locally based Fossildon LLC for $4.4 million.

The five-story office building, which is at 15456 Ventura Blvd., was 50% leased when the escrow opened, but the buyer brought it up to 90% occupied before the close of the sale 60 days later, according to Zaya Younan, chairman and CEO of Younan Properties. The buyer represented itself in the purchase, with the seller represented by Lee Shapiro of the West Los Angeles office of the Charles Dunn Co.

Younan, founded in January 2002, specializes in identifying under-performing assets and repositioning the properties. In the last 12 months, the firm has acquired more than 20 office buildings throughout the US totaling more than 1.5 million sf and sold seven buildings comprising more than 350,000 sf.

Younan draws its investment dollars from a family trust, a high net-worth individual and institutional funds. In its relatively short history, the company’s acquisitions have included the $11.5 million purchase of a 72,656-sf office building at 4640 Lankershim Blvd. in North Hollywood that serves as the Younan headquarters and 303,720-sf class A office building, One Greystone Center, in Dallas.

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