According to Zaya Younan, Chairman and CEO, "Four Forest Plaza is a high quality asset that generated considerable demand among buyers interested in acquiring well-maintained, Class A office properties in Dallas. Our strategy was to own and manage this building through an initial hold period and leverage the value of the asset on behalf of our investors. Overall, this asset performed well despite a deep and protracted recession."
Younan continued, "Our recent dispositions also reflect the strength of the Texas economy, which continues to outperform the nation in job growth. With an unemployment rate of 7.1%, the Metroplex is well-positioned for proportionate growth as it continues to accommodate its ever-expanding workforce. We have taken advantage of the strength of the recovery in Texas and have sold $400 million worth of assets in the last 12 months, de-leveraging our portfolio by 30%."
Younan Properties was represented by CBRE in the transaction. Adler Realty Investment represented itself in the sale. According to Gary Carr, Executive Vice President of CBRE, "The Younan team is highly knowledgeable in dispositions, which helped expedite the entire process and ensured a smooth and seamless transaction for both buyer and seller. The quality of their assets in highly desirable markets create significant demand from investors."
Four Forest Plaza is a 19-story, 398,767 square foot, Class A office building in the Central Expressway submarket. It is conveniently accessed by Central Expressway (US-75) and LBJ Freeway (I-635). The distinctive black glass high-rise on Merit Drive is located on the west side of North Central Expressway (US 75) between Forest Lane and Interstate 635 in Dallas.
About Younan Properties
Younan Properties, Inc., is a privately held real estate investment and management company, specializing in acquiring and managing Class A office properties in strong growth markets throughout the United States including Dallas, Houston, Chicago, Los Angeles and Phoenix. Known for its detailed, hands-on approach to improving operational efficiencies, while maintaining top building standards for tenants, Younan's current portfolio consists of 20 office properties in five top metro markets. Younan is a full-service real estate investment company with in-house expertise and resources in leasing, asset and property management, marketing, acquisitions, redevelopment, facility engineering and financing. For more information, visit www.younanproperties.com.