Boulders Office park
Boulders Office Park is an office park located in Chesterfield County, in the suburbs of Richmond, Virginia. The park encompasses five buildings and totals 505,000 SF. SugarOak purchased the property for $58,250,000 in 2003 and sold it for $96,250,000 in 2007, achieving a 29.8% IRR for investors.
Boulders Office Park is an office park located in Chesterfield County, in the suburbs of Richmond, Virginia. The Park ecompasses five buildings and totals 505,000 SF. SugarOak purchased the property for $58,250,000 in 2003 and sold it for $96,250,000 in 2007, achieving a 29.8% IRR for investors.
The Challenge
- Significant deferred maintenance
- Lease renewal for largest tenants
The Solution
- Custom upgrades included lobby renovations, parking lot expansions, landscape upgrades and HVAC improvements.
- Aggressive and innovative leasing strategy resulted in long term lease renewals for two largest tenants.
The Results
- Property was sold for $96,250,000 in 2006
- 29.8% IRR
- Total return to investors was 65.5% over four years