Younan Properties Inc. has announced the sale of Four Gateway, a 140,000-square-foot office building in Phoenix.
The value of the transaction was $27.5 million.
Beverly, Mass.-based Brookwood Financial Partners purchased the property, which is located at 444 N. 44th St. Built in 1998, Four Gateway was 99 percent leased at the time of sale to a tenant roster that includes ValueOptions and Eclipsys Corp.
“We recognized the opportunity to produce a significant yield in a very short time due to the fast recovery in the Phoenix office market,” said Zaya S. Younan, chairman and CEO of Younan Properties Inc. “This disposition is part of our plan to replace our smaller assets with larger, class A high-rises in key metropolitan office markets.”
Younan had purchased the property in December 2004 for $20 million, according to a press statement.
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.