Union Land & Management (Union)

In 1997, SugarOak took over management of Union’s portfolio of investments. At that time, Union’s portfolio consisted of 280,000 square feet of office space and vacant land with a total combined net equity value of approximately $18 million.


The Value Add

Section 1031 Exchanges

SugarOak’s objective was to grow the market value of the equity of the Union shareholders while at the same time increasing cash distributions. This was a complex task because Union’s low real property tax basis required that any sale of real estate be combined with a reinvestment strategy utilizing tax deferred property exchanges under Section 1031 of the Internal Revenue Code.

Effective Management

During its stewardship, SugarOak increased occupancy rates, maximized operational efficiencies, and sold, exchanged, or refinanced properties when market conditions were appropriate. This resulted in SugarOak achieving its objectives of increasing the market value of the portfolio while at the same time increasing distributions to Union’s shareholders.

The Results

Today, Union’s portfolio consists of 17 properties that include 1.1m SF of retail, office & flex space, 288 multi-family apartments, over 1200 acres of land, three operating businesses, equities and varied start-up company investments. Since 1997, the net equity of Union’s portfolio has grown in excess of $50 million.

Fund Date


Equity Value (1997)


Equity Value (2011)


Avg. Annual Return



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