Thursday, March 12, 2015

California investor selling two Dallas office towers

One of the buildings Younan Properties has put up for sale is the Lakeside Square tower in North Dallas. (Younan)
A California investor that was once one of the Dallas area’s largest office building owners has put two of the company’s last properties up for sale.
Younan Properties has hired commercial real estate firm CBRE to sell the two office towers located near LBJ Freeway.
The largest is the 18-story Lakeside Square at 12377 Merit Dr. in the Park Central business park. The 403,000-square-foot high-rise is almost 80 percent leased.
CBRE is also marketing the Galleria Plaza, a 12-story office building located just west of the Dallas North Tollway on LBJ Freeway. The 191,281-square-foot building is more than 85 percent leased.
Younan Properties also owns the Graystone Centre office building on LBJ Freeway. The landlord just signed a major lease in the building with Master Halco Inc.
With the construction of the freeway expansion more than half completed, building investors and business tenants have increased activity in the area.
At one time Younan Properties owned more than a dozen Dallas-area office buildings.
Steve Brown, The Dallas Morning News