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| SugarOak Success Stories |
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| Case Study: |
Boulders Office Park |
| Location: |
Richmond, Virginia |
| Purchase Date: |
May 2002 (3 bldgs)
June 2003 (2 bldgs)
January 2004 (vacant lot) |
| Size: |
505,000 sq ft & 5 acre lot |
| Purchase Price: |
$58,250,000 |
Post-Purchase
Investment: |
$1,500,000 |
| Gross Sale Price: |
$96,250,000 |
| Sale Date: |
July 2007 |
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Boulders Office Park is a class A office park located in Chesterfield County, in the suburbs of Richmond, Virginia. SugarOak, on behalf of a number of tenant in common investors, purchased three office buildings totaling approximately 280,000 square feet in May 2002 and an additional two buildings totaling approximately 225,000 square feet in June 2003. All five building were relatively new, well-leased and well-maintained class A office buildings.
SugarOak was able to purchase the buildings on favorable terms from an institutional owner as a result of the owner’s decision to liquidate its non-core holdings. In late 2006, SugarOak completed an 11-year lease renewal with Hospital Corporation of America for 120,000 square feet. In early 2007, SugarOak renewed the lease of Sentry Insurance, the second largest tenant in the park, at 50,000 square feet.
During its ownership of these properties, SugarOak made an additional investment of approximately $1,500,000 on tenant improvements, renovations and the construction of a new parking lot on the vacant 5 acre parcel.
With these lease renewals complete and the office sales market at an all time high, SugarOak sold the properties in July 2007 for $96,250,000. In addition, during the period of ownership, over $7,000,000 was distributed to investors from operating cash flow.
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