Younan Properties Inc., which rose to prominence with an aggressive strategy of buying undervalued office properties mostly in the San Fernando Valley, has divested its last remaining L.A.-area building and will concentrate on other geographic markets. Woodland Hills-based Younan has sold the 173,727-square-foot Sepulveda Center to KBS Realty for $50.5 million. Tom Bohlinger, senior vice president at CB Richard Ellis, represented the buyer and seller in the purchase. Younan acquired the property in 2004 for $27.5 million. Its occupancy rate at the time was 78 percent. As property values have increased throughout L.A., the investment company has been expanding its portfolio into Dallas Houston and Chicago. “The time to exit the Los Angeles office market and enter a new, emerging market is excellent, and we intend to capitalize on it,” said Zaya S. Younan, chairman and CEO of Younan Properties in a press release announcing the sale.
