Younan Properties Inc. has completed its acquisition of Northbelt Corporate Center, a 10-story office property in Houston, Texas, for an undisclosed amount.
The 156,572-square-foot mid-rise, located at 2350 North Sam Houston Parkway East, is the second Houston office property acquired by YPI this month. Younan’s plan is to purchase 5 million square feet of Houston office space by the end of 2007.
“We are exceptionally bullish about Houston, as we believe its recovery is now gaining tremendous momentum thanks to nearly 7 million square feet of net positive absorption last year — the highest annual absorption total in a decade …,” Zaya S. Younan, chairman and CEO of Younan Properties, said in a statement.
Originally built in 1982, Northbelt Corporate Center was renovated in 2003. Now 100 percent occupied, the property includes tenants such as Southwestern Energy Co., the U.S. Customs Service, the U.S. Department of Agriculture, the State of Tennessee and CMA-CGM America.
Triple Net Properties LLC sold the complex.
Earlier this week, YPI closed on 6464 Savoy in the deed-restricted Regency Square Office Park in southwest Houston.