Spalding Exchange
Spalding Exchange is a medical and professional office park located in Norcross, GA. The park encompasses eight buildings and totals 52,541 SF. SugarOak purchased the property for $1.6 million in 2011, and sold it for $5.4 million in 2022, achieving a 32.26% IRR for investors.
The Challenge
- Significant deferred maintenance
- Tenant occupancy was 41% upon purchase.
The Solution
- Spent over $1.5 million on capital improvements to the property
- Aggressive and innovative leasing strategy led to an increase in occupancy to 91% at time of sale.
The Results
- Property was sold for $5.4 million in 2022
- 26% IRR
- Total return to investors was 381% over ten years