Younan Properties Continues to Expand in Arizona
- Jan 20, 2017
Tempe, Ariz.—Younan Properties, an international commercial real estate investment and asset management company, recently announced the acquisition of Warner Crossing in Tempe.
The 140,000-square-foot property consists of two adjacent, single-story office buildings situated on a 15.5-acre site located at 8260 and 8312 S. Hardy Drive. It provides easy access to a variety of amenities, including restaurants, recreation and shopping, as well as Phoenix’s light rail system, Sky Harbor International Airport and numerous employees such as Honeywell Aerospace, State Farm, American Airlines and Humana.
“Because of our financial resources and reputation as an experienced owner and manager, we can respond quickly to opportunities like Warner Crossing. We have high expectations for the Phoenix metro going forward,” Zaya Younan, chairman & CEO of Younan Properties, said in prepared remarks. “The metro population is expected to exceed 4.7 million by the end of 2017. Tempe continues to lead all Phoenix office submarkets with occupancy of 93.2 percent and it recorded more than 1.6 million square feet of positive absorption in 2016.”
The property is 100 percent leased to national tenants, including Guardian Protection Services, Compass Bank, Triwest Healthcare Alliance and Stewart Title Co. Younan Properties represented itself in the transaction. Glen Smigiel, a CBRE senior vice president represented the seller.
Image courtesy of Yardi Matrix