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July 17, 2018
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Investor Spends $14.5 Mil on 65k sf Warner Center Office Building


Warnerview Corporate Center, a 65k sf, Class A office property in Woodland Hills, was acquired by a private investment entity known as Dimitam LLC in a $14.5 mil ($223/sf) transaction. The three-story building, located at 5959 Topanga Canyon Blvd, on the south side of Oxnard St in the desirable Warner Center submarket, was sold by Younan Properties.

The sale netted a 20% annual return for investors. Younan Properties has acquired and sold this same asset twice over the past decade.

Younan Properties first bought the building in 2004 for $8 mil and then sold it less than 12 months later to Value Home Loan for $12 mil. The property became available again in 2009 during the height of the recession. Younan Properties acquired the under-valued asset for $11 mil at that time and invested heavily in improvements to maintain its Class A status.

Zaya S. Younan, Chairman and CEO of Younan Properties, commented, “This is a high quality, Class “A” asset in an extremely strong submarket that has performed well for us. This property was sold significantly above its purchase price, which is indicative of the building's quality and our operational performance."

Younan Properties represented itself in the transaction. The company also recently completed an acquisition in the Warner Center area, buying Burbank Corporate Center, a 91k sf, multi-tenant office building at 21900 Burbank Blvd, as reported by RENTV earlier in the week.

With over 17.5 msf of commercial space, the Warner Center submarket serves as the CBD of the San Fernando Valley and the communities to the north and to the west in Ventura County. It encompasses approximately 2,000 acres of master-planned office, retail and “lifestyle” residences, and enjoys one of the most favorable jobs-to-housing balances in Los Angeles. Younan Properties recently announced it acquired Burbank Corporate Center at 21900 Burbank Boulevard.

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