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March 16, 2003, 12:42AM Real estate Group grabs up-and-coming Galleria-area land By RALPH BIVINS An investment group led by two Los Angeles businessmen, Kam Mateen and Bob Yari, recently wrapped up a deal on some promising commercial property near the Galleria. Bought for an undisclosed price, the property will be held as an investment, said Joelle Verbeke, executive vice president of acquisitions for Day Realty Advisors, which handles realty investments for Mateen and Yari. The property includes two buildings, one 10 stories and the other 11 stories, a 20,000-square-foot shopping center and a pair of parking garages. It all sits on 7.5 acres bounded by Westheimer, Sage and West Alabama, just west of the Galleria. The buildings contain 423,869 square feet of office and retail space. Included in the deal is the 4,000-square-foot, free-standing Beale Bank building and the 8,800-square-foot Rochester Big & Tall Clothing store. Verbeke said Mateen and Yari, who own a company called Maya Properties, are looking for other investment properties, partly because because interest rates are so low. "I have been given marching orders to find $100 million of properties," Verbeke said. "I am looking for office, retail and malls. I am looking in Houston and in other places as well." With the Galleria-area property, Mateen and Yari are latching onto a promising location at a prime intersection, said Richard Rudd of Granite Partners, which represented the seller, J.P. Morgan Chase & Co. The buildings are spinning off good profits today, and occupancy is high, but they also offer the potential for redevelopment in the years to come, Rudd said. The expansion to the nearby Galleria, with a new Foley's and a new Nordstrom, also enhances the Mateen-Yari investment, Rudd said. |
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