Younan Properties, once a sizable landlord in Dallas, just put its last holding in the city up for sale. But it is not exiting the market, CEO Zaya Younan said.
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The 410K SF Lakeside Square near 75 and Forest Lane is the last office tower Younan Properties owns in Dallas. HFF will broker the sale, which was first reported by the Dallas Morning News. The company has been in the process of selling its Dallas holdings for about a decade now.
However, this does not mean Younan Properties is exiting the Dallas market entirely.
“If you look at the fundamental of Dallas, it is one of the three best performing office markets in the country today,” Younan said. “This is not a time to exit the Dallas market, this is a time to actually enter the Dallas market.”
The strength of the Dallas market has attracted a lot of international interest, and bidding for real estate assets is getting incredibly competitive, according to Younan.
The listing of Lakeside Square was a planned move to sell a stabilized asset that has exceeded the 10-year limit the Younan Properties fund has on assets like Lakeside Square. The sale will make Younan Properties more liquid and free up capital to gain new assets.
“Will we use the proceeds to buy more assets in Dallas? Absolutely,” Younan said.
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