Younan Properties Inc., a privately held commercial real estate investment firm, has bought a sparsely occupied Class-A office building in the Stemmons submarket of. The 300,000 sq. ft Brookriver Executive Center was sold to Younan for $10 million.
The 7-story property was 70% vacant at the end of August. The building’s tenants include the U.S. Postal Service, The American Lung Association, Life of America Insurance Co. and Collecto Inc.
"We felt comfortable doubling the size of our portfolio in the Stemmons market because of our significant progressour existing portfolio of office buildings and taking the occupancy from 40% to 80% in less than 16 months," says Zaya Younan, chairman and CEO of Younan Properties.
"Our past accomplishments prove that we can successfully stabilize assets and increase occupancy even in the Stemmons submarket, which is considered one of the most challenging office submarkets in the entire country. In this market, you will not get a second chance," adds Younan.
Younan Properties plans to spend $1 million on a renovation campaign, which will include upgrading both the interior and the exterior of the building.
"We decided to enter into this market even when other real estate companies were liquidating their assets," says Younan.