LOS ANGELES—With its latest sale, YounanProperties produced an impressive 77% return for itsinvestors after only 16 months. The investor sold YounanExecutive Center, a 63,305-square class-Aoffice property in Simi Valley, to an unnamedinvestor. Younan purchased the asset in 2014, and subsequentlyleased it up to produce the phenomenal returns.
"We did not intend to sell the asset because it was 100% leasedfor 10 years to a stable government tenant," ZayaYounan, chairman and CEO of Younan Properties, tellsGlobeSt.com. "We were hoping to just enjoy the cash flow from it,but an unsolicited offer came in and we couldn't refuse it. Wedecided to sell the property and redeploy the capital into otheracquisitions. It wasn't our intention to sell, but the buyerrecognized that this was a good stabilized asset with long-termcash flow."
The property sits on a 6.3-acre park and is 100% leased to Vision MechanicalServices and the County of Ventura. "We purchased thisasset totally vacant. It was vacant for three-to-four years priorto when we bought it. We worked really hard to reposition theasset," adds Younan. The property has views of the mountain anddirect access to the 118 freeway.
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