YOUNAN SELLS WARNER CENTER PROPERTY.Byline: Gregory J. Wilcox Staff Writer WOODLAND HILLS - Two deals totaling $24 million announced Thursday by a private investment firm illustrate two realities: a sharp contrast between the San Fernando Valley San Fernando Valley Valley, southern California, U.S. Northwest of central Los Angeles, the valley is bounded by the San Gabriel, Santa Susana, and Santa Monica mountains and the Simi Hills. real estate market and that of downtown Phoenix The downtown of the city of Phoenix in the U.S. state of Arizona covers about two or three square miles, with axes running along Central Avenue and Washington/Jefferson Streets. About twenty-five mid-rise and high-rise buildings ranging up to 39 stories tall pierce the skyline. . Younan Properties Inc. sold the 62,000-square-foot, three-story WarnerView Corporate Center for $12.5 million to a company founded by a former pizza delivery “Pizza box” redirects here. For the computer form factor, see Pizza box form factor. Pizza delivery is the service of delivering a pizza to a customer. Pizza delivery presents hazards such as robbery and murder. guy and they bought a 300,000-square-foot, 22-story tower in Phoenix for $12 million. Zaya S. Younan, chairman and chief executive officer of the Warner Center-based Younan Properties, thinks he made a good bet. ``In Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. we feel that the market is solid yet oversold Oversold In technical analysis, it is a market in which the volume of selling that has occurred is greater than the fundamentals justify. Notes: It is the opposite of overbought. . In Phoenix we feel the market is soft but undersold un·der·sold v. Past tense and past participle of undersell. undersold undersell , and we think a recovery is on the horizon. When the recovery hits that market, we will benefit,'' he said. Neil Gitnick, president and founder of Value Home Loan, thinks he got a good deal, too. And this evening he's throwing a party for his workers to celebrate the purchase of the building and the 10-year anniversary of quitting his job at a Domino's Pizza For Domino's Pizza in Australia, New Zealand, France, Belgium, the Netherlands and the Principality of Monaco, see . Domino's Pizza, LLC (NYSE: DPZ) (LSE: DOM) is an international pizza delivery corporation headquartered just outside Ann Arbor, Michigan, United shop in Sherman Oaks. ``On current cash flows, we value the building at closer to $14.5 million,'' he said. ``Everybody is really excited about acquiring that building. It's way beyond what anybody expected when we started out seven years ago.'' Value Home Loan plans to move into its fourth, and hopefully last, corporate headquarters in about six weeks. Younan is currently headquartered in WarnerView near the southwest corner of Topanga Canyon Boulevard and Oxnard Street and will stay there a bit longer. The company's policy is for its headquarters to be in a building it owns so eventually it will relocate to one of the properties it is in the process of buying in Warner Center, Van Nuys and Pasadena. WarnerView's sale to Encino-based Value Home Loan Inc. happened by chance. ``This property was not on the market. The buyer came in and offered us an attractive price, so we sold it,'' he said. It was a quick turnaround for Younan. The company bought WarnerView from Kearny Real Estate and Morgan Stanley Dean Witter less than a year ago for $9.4 million. In that time, Younan said it increased occupancy from 62 percent to 100 percent and reduced operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. . John Battle, principal at Lee & Associates-LA North/Ventura Inc., represented the buyer. Battle worked with Younan during its purchase of this property. ``In less than a year, YPI YPI Youth and Philanthropy Initiative (Canada) YPI Yearly Planning Instrument YPI Young People's Initiative YPI Young Peoples' Institute YPI Young Principal Investors has stabilized this asset ... in a market that has a high vacancy rate of 18 percent, said Battle. The company was formed in 2002 and since then has bought a 377-room hotel, 35 office buildings totaling about 5 million square feet and sold 11 building totaling about 1 million square feet. Gregory J. Wilcox, (818) 713-3743 greg.wilcox(at)dailynews.com CAPTION(S): map Map: 62,000 square foot office space sold Daily News |
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