Old Courthouse Square
Old Courthouse Square is a 201,178 SF retail center located in Martinsburg, WV. It was purchased by SugarOak in 2011 for $11.2 million, and sold in 2021 for $18.75 million, achieving a 20.8% IRR for investors.
Old Courthouse Square is a 201,178 SF retail center located in Martinsburg, WV. It was purchased by SugarOak in 2011 for $11.2 million, and sold in 2021 for $18.75 million, achieving a 20.8% IRR for investors.
The Challenge
- Parking lot was not well utilized
- High proportion of non-credit tenants
The Solution
- Sale of a 1-acre pad to McDonalds for $1.8 million in 2014
- Increased number of credit tenants and extended average lease term at property
The Results
- Property was sold in December 2021 for $20.55 million
- 20.8% IRR
- Total return to investors was 263% over 11 year