Younan shifts office strategy, leaves Florida

Younan Properties Inc. has exited the Florida office market with the recent sale of Southpoint Executive Center in Maitland.

The sale price of the 137,000-square-foot office building to Stiles Capital Partners was $24 million.

Built in 1990, Southpoint Executive Center was 93 percent occupied at the time of sale, up from 85 percent when Younan purchased it in mid-2005, with noteworthy tenants that include Embarq and Lifestyle Lifts. The class A property is located at 151 Southhall Lane within the 180-acre master-planned development Maitland Center, which includes 5.5 million square feet of office space, in the rapidly growing Orlando submarket. Building amenities include an onsite restaurant and gym.

In a prepared statement, Younan said the move is part of its strategic plan to concentrate on building its office portfolio in high-growth markets such as Dallas, Houston and Chicago.

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