Younan Takes Call, Sells Two
Dallas-Fort Worth View count:
April 14, 2011
This is why you don't let your phone just go to voicemail. In an off-market deal, Rosemont Realty called Younan Properties, Dallas? largest office building owner, and bought two towers—Eighty-Eighty Central and 9400 North Central Expressway—price not disclosed.
Younan CEO/chairman Zaya Younan (snapped in December by our LA reporter) says the sale was made after an unsolicited offer from Rosemont, which shows the Dallas market's improving. In Q1, the DFW office market recorded more than 545k SF of positive net absorption, he says: ?We are seeing interest in Dallas by both private and institutional buyers. The timing was favorable but coincidental." And Younan wasn't looking to sell the assets (nor did it need to, he says). "Rosemont Realty approached us. As a result of the sale, the loan was paid off," Zaya tells us.
Eighty-Eighty Central is a 17-story, 291k SF Class-A office in the Dallas North Central Expressway area. The building's distinctive profile, with a gabled roof and Roman arch accent, is recognizable from the nearby expressway. 9400 NCX (pictured) is a 392k SF, 16-story Class-A office tower on more than five acres with accessibility and visibility along the east side of Central Expressway, between Park Lane and Walnut Hill Lane. With these sales, Younan Properties will still own and manage 12 office properties in Dallas.