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YOUNAN PROPERTIES BUYS 116,000 SF OFFICE BUILDING FOR $6 MILLION

July, 2003 -- Younan Properties (YPI), one of the fastest growing privately held commercial real estate investment firms in the U.S., has purchased the Mockingbird office building, a 116,000 SF, class "B" office building for $6 million. The six-story office building is located at 1250 Mockingbird Blvd. in Dallas, TX. The building was 70% occupied at time of sale with major tenants such as the State of Texas and Parkland Hospital.

"The Mockingbird acquisition is part of our strategic plan to continue our momentum in the Dallas/Stemmons market as this property is across the street from our One Brookriver Place building," said Zaya Younan, chairman and CEO of Younan Properties. "We believe the ownership of these two properties will decrease our operating costs and provide alternative office spaces for our potential tenants."

The buyer, Younan Properties, and the seller, Mockingbird Associates, LLP, were both represented by Darrell Betts and Scot Farber of Grubb & Ellis. To date, Younan Properties has more than 600,000 SF of office space in the Dallas area.

Younan Properties intends to completely beautify the indoor and outdoor café as well as renovate the common areas and plans on improving the exterior of the building and landscape. Currently, Younan is negotiating an 18,000 SF lease with a credit tenant to occupy the Mockingbird building bringing the occupancy rate to 90%.

"This transaction was strategic in nature keeping in line with Younan Properties' long range plan of reinventing the Dallas market," said Betts. " We always enjoy working with Younan Properties' team on another successful closing. "

Based in North Hollywood, Calif., Younan Properties is an entrepreneurial commercial real estate investment firm that specializes in acquiring, repositioning and managing office buildings throughout the country. Since its founding in January 2002, Younan Properties has excelled in delivering exceptional returns to its investors by identifying under-performing assets and re-positioning the properties.

In the last 12 months, the firm has acquired more than 20 office buildings throughout the U.S. totaling more than 2.1 million square feet, and sold eight buildings with more than 480,000 square feet. Younan Properties' track record in asset management and building operations has exceeded the industry standard.

Additional information is available at www.younanproperties.com.

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Contact:
Vanessa Amin
[email protected]


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