Younan Properties Inc. has purchased a 158,879-square-foot office building in Arlington Heights, Ill., which brings the firm’s holdings to 420,000 square feet in northwest Chicago.
The value of the transaction was not disclosed.
Seattle-based Kennedy Associates sold the property, One North Arlington, which rises seven stories and is located at 1500 West Shure Drive. Built in 1986, the property was 96 percent occupied by major tenants that include State Farm Automobile Insurance Co. and AMCOL International, both of which have leased space in the building since it was built.
Along with Embassy Plaza, a 140,196-square-foot, seven-story class A office building in Schaumburg, Ill., Younan Properties’ owns Prairie Stone Commons, a 110,000-square-foot, class A office complex in Chicago.
“We have made steady progress leasing our existing buildings in Chicago’s northwest office market and we will continue to buy new buildings as long as this positive trend continues,” said Zaya S. Younan, chairman & CEO of Younan Properties. “The Chicago office market is recovering from the 2001 recession due to the recent positive absorption in the market, which supports this outlook. We also see the beginning of significant flow of funds in the Chicago market and strength in manufacturing and office employment.”
Woodland Hills, Calif.-based Younan Properties Inc. is a real estate investment group that specializes in acquiring class A office properties in high-growth markets throughout the United States.
