Kimball Royal
Kimball Royal is a two-building office park located in Alpharetta, Georgia, consisting of 60,352 square feet. It was purchased by SugarOak in December of 2013 for $3.85 million, and sold in 2018 for a total of $6 million, achieving an IRR of 16.72% for investors.
The Challenge
- Improving occupancy in buildings with difficult layouts
The Solution
- Spent $780,000 on improvements to both buildings
- Restructured investment to sell buildings separately
- Sale of building 3060 to an owner user for $3 million and relocation of some tenants to building 3050
The Results
- Building 3050 sold at 100% occupancy for $3 million in 2018, bringing total sales price to $6 million
- IRR of 16.72% over a 4.5-year hold
- NOI increase of 20% from purchase to sale