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| SugarOak Acquisition and Revitalization Fund (“SOAR”) |
In 2004, SugarOak formed SOAR, SugarOak’s first opportunistic investment fund, and raised approximately $10 million from investors. Over the following 18 months, SOAR purchased 4 properties, including 3 distressed outlet malls with occupancy levels of under 50% and an underperforming retail center. Each of the properties was redeveloped or repositioned according to an individually tailored plan.
As of the end of 2008, the majority of SOAR’s properties have been sold, leaving SOAR with approximately 46 acres of commercial land and a 51% tenant in common interest in 115,000 square feet of retail/flex space and 3 vacant commercial lots.
SOAR’s investors have received the return of 100% of their original investment plus a 10% annual preferred return on their investment. It is anticipated that the remaining holdings of SOAR will be liquidated through 2010, increasing the returns to SOAR’s investors. |
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