Younan Properties Inc. recently purchased the 190,000-square-foot Galleria Plaza in Dallas, marking the company’s ninth office acquisition in the Texas market.
The value of the transaction was not disclosed.
Younan purchased the property, located at 4851 LBJ Freeway, from Dallas-based residential and commercial developer Terrabrook. Built in 1986, the 12-story Galleria Plaza was 74 percent leased at the time of sale to such major tenants as employee benefit agency BenefitMall; IT staffing firm Matrix Resources; full-service valuation firm CBIZ Valuation Group; reinsurance provider American Re-Insurance; and the Dallas office of The Associated Press, the global news network.
This acquisition brings the company’s entire Texas portfolio to 4.2 million square feet, with 3.7 million square feet in Dallas alone. YPI’s Dallas portfolio includes KPMG Centre, Lakeside Square, Four Forest Plaza, 9400 Plaza, Eighty-Eighty Central, North Central Plaza, Graystone Centre and Meridian Center.
Younan Properties Inc. is a Los Angeles-based real estate investment group.