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MAITLAND, FL-Los Angeles-based Younan Properties Inc. has exited the Florida office market with the $24-million sale of the Southpoint Executive Center. The 137,000-sf asset is located at 151 Southhall Lane class A building.

The sale of the four-story property is part of the company’s strategic plan to concentrate on high-growth markets in Dallas, Houston and Chicago. Younan acquired the property, which was 85% occupied at the time of the sale, in 2005 from Prudential for $19 million, as GlobeSt.com previously reported.

“At the time we acquired the property, the market was in the initial stages of recovery,” Younan Properties chairman and CEO Zaya Younan tells GlobeSt.com. “We tried to buy other assets but it was difficult because the fundamentals of the market had improved so much that the competition for properties was strong and we couldn’t justify paying the prices other buyers were paying.”

The property is located within the 5.5-million-sf, 180-acre Maitland Center submarket, seven miles north of Downtown Orlando. The sale generated a 34% IRR and 81% gross return to investors. CB Richard Ellis senior vice president Ronald Rogg represented Younan. The buyer, a partnership of Fort Lauderdale-based Stiles Capital Partners, represented itself. Built in 1990, the building is currently 93% occupied with tenants that include Embarq and Lifestyle Lifts. Building amenities include an onsite restaurant and gym.

In recent months, Younan has acquired numerous properties in the Dallas, Houston and Chicago markets including 6464 Savoy, an eight-story office building in the Regency Square Office Park in southwest Houston and Northbelt Corporate Center, a 10-story building at 2350 North Sam Houston Parkway East in Houston. “Dallas, Houston and Chicago are where Florida was two years ago,” Younan says. “We feel these markets have two years of recovery ahead of them.”

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