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| SugarOak Success Stories |
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| Case Study: |
Dry Ridge Outlet Center |
| Location: |
Dry Ridge, Kentucky |
| Purchase Date: |
January 2001 |
| Size: |
127,000 sq ft |
| Purchase Price: |
$2,550,000 |
Post-Purchase
Investment: |
$1,200,000 |
| Gross Sale Price: |
$6,400,000 |
| Sale Date: |
March 2005 |
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The Dry Ridge Outlet Center is a 127,000 square foot retail property located between Cincinnati, Ohio and Lexington, Kentucky on Interstate 75. SugarOak Properties and a tenant in common investor purchased the property in January of 2001 for $2,550,000. The property was approximately 60% leased at acquisition.
Dry Ridge was the first outlet center purchased by SugarOak. To implement its repositioning plan for the property, SugarOak put together experienced outlet leasing and marketing teams. Shortly after closing, SugarOak negotiated a ground lease with Cracker Barrel to construct a 10,000 square foot freestanding restaurant in the middle of the parking lot of the center. SugarOak then set about aggressively leasing the remainder of the center. The majority of the existing retailers agreed to stay and give SugarOak the opportunity to repair the center.
SugarOak entered into short-term lease arrangements in order to increase occupancy in the center and bring about a change in the negative perception of the center by customers. SugarOak also made significant capital investments in the property, including erecting a new highly visible pylon sign and resurfacing the parking lot. SugarOak’s total post-purchase investment in the property was approximately $1,200,000.
As a result of SugarOak’s efforts, the property reached 100% occupancy in late 2004 and was sold in March 2005 for $6,400,000. |
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| Site designed and maintained by: Jack Morris Advertising |
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