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300 West Town Center OFFERING MEMORANDUM 1110 South 300 West Salt Lake City, Utah 84101 DISCLAIMER

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300 West Town Center OFFERING MEMORANDUM 1110 South 300 West Salt Lake City, Utah 84101 DISCLAIMER 300 West Town Center OFFERING MEMORANDUM 1110 South 300 West Salt Lake City, Utah 84101 DISCLAIMER This Offering Memorandum is provided for the sole purpose of allowing a potential investor to evaluate whether there is interest in proceeding with further discussions regarding a possible purchase of or investment in certain premises located at 300 West Town Center, the (“Property”). The potential investor is urged to perform its own examination and inspection of the Property and information relating to same, and shall rely solely on such examination and investigation and not on this Offering Memorandum or any materials, statements or information contained herein or otherwise provided. Neither Jones Lang LaSalle Americas, Inc. nor the Owner, nor any of their respective TABLE OF CONTENTS partners, directors, officers, employees, shareholders and agents (collectively, “Agents”), make any representations or warranties, whether express or implied, by operation of law or otherwise, with respect to this Offering Memorandum or the Property or any mate- rials, statements (including financial statements and projections) or information con- tained herein or relating thereto, or as to the accuracy or completeness of such materi- 5 Executive Summary als, statements or information, or as to the condition, quality or fitness of the Property, or assumes any responsibility with respect thereto. Such materials, statements and information have in many circumstances been obtained from outside sources, and have not been tested or verified. Projections, in particular, are based on various assumptions 13 Property Description and subjective determinations as to which no guaranty or assurance can be given. Without limiting the foregoing, in the event this Offering Memorandum contains infor- mation relating to asbestos or any other hazardous, toxic or dangerous chemical, item, 15 Financial Overview waste or substance (“Hazardous Materials”) in relation to the Property, such information shall in no way be construed as creating any warranties or representations, expressed or implied, by operation of law or otherwise, by Agents or the Owner, as to the existence or non-existence or nature of Hazardous Materials in, under, on or around the Property. 23 Tenant Overview This Offering Memorandum is provided subject to errors, omissions, change of price or terms and other changes to the materials, statements and information contained herein or relating to the Property, and is subject to withdrawal, all without notice. The contents Overview hereof are confidential and subject to the terms of the confidentiality agreement in 27 Location place between Owner and the potential investor. This Offering Memorandum may not be reproduced, distributed or disclosed in any manner to any person or entity or used for any purpose other than initial evaluation as indicated above and in such confidentiality agreement(s). Owner may, in its sole discretion, reject any offer to purchase the Property and may terminate negotiations at any time without written notice. Until a written sale agreement that is mutually acceptable to Owner and any investor has been executed by both par- ties, Owner shall have no binding obligations to any potential investor. PROPERTY CONTACTDESCRIPTION INFORMATION Investment Sales Contact:s: JASON SCHMIDT BRIAN ANDERSON EXECUTIVE VICE PRESIDENT VICE PRESIDENT +1 303 217 7953 +1 801 456-9535 [email protected] [email protected] Financing Contact: BAXTER FAIN MANAGING DIRECTOR +1 303 260-6538 [email protected] EXECUTIVE SUMMARY 4 Property Description | 300 West Town Center EXECUTIVE SUMMARY 300 West Town Center N 1110 South 300 West Salt Lake City, Utah 84101 Asset Summary 1110 South 300 West THE OFFERING Address: Salt Lake City, UT 84101 JLL (“Broker”) is pleased to present, to qualified investors, 100% of the fee Purchase Price: $3,000,000 simple interest in 300 West Town Center (“the Property”). This 9,394 square foot, Target (NYSE: TGT) shadow anchored retail asset is a rare value-add Purchase Price (PSF): $319 15 opportunity in the flourishing Salt Lake City, Utah marketplace. Size (sf): 9,394 This regionally located retail asset is currently 81% leased to a diverse roster 15 of brand name service retail credit tenants along with a US Government Site (acres): +/- 17.25 acres recruiting location and is strategically located at the intersection of 300 West and Paxton Avenue. This location is adjacent to and has great access from Occupancy: 81% I-15, the major north-south thoroughfare in Utah, which carries over 235,000 cars per day. The shopping center is within minutes of the downtown office Number of tenants: 4 market and serves a number of established yet growing residential areas, including some of the highest incomes in the state. This strong demographic Average in-place rental rate ($psf): $25.52 NNN trade area offers exceptional visibility and signalized access to one of the busiest traffic corridors in the region. In-Line $25.00 NNN Market rental rates ($psf): End Cap $35.00 NNN With limited lease roll 300 West Town Center represents a rare opportunity Govt $42.50 Gross for an investor to acquire a strategically located shopping center in a premier In-place NOI: $188,191 retail location. In-place Cap Rate: 6.25% Tenant Sales In-place Cash on Cash: 9.38% Tenant Sally Beauty GNC Payless 300 W Stabilized (95%) NOI: $220,337 Sales $866,846 $496,815 $419,800 Stabilized (95%) Cap Rate: 7.34% Sales PSF $620 $394 $149.93 Year 5 NOI: $255,188 Aspen Ave Occ. Cost 4.80% 8.62% 13.34% Year 5 Residual Value: $3,631,876 Year 5 Levered IRR: 17.44% 6 Executive Summary | 300 West Town Center EXECUTIVE EXECUTIVE SUMMARY SUMMARY INVESTMENT HIGHLIGHTS INVESTMENT HIGHLIGHTS Well Located Retail In-Fill Asset National Co-Tenancy at Intersections 300 West Town Center benefits from being shadow anchored by one of the nation’s top retailers, Target. Target has been in operation at this location The co-tenancy at 1300 South and 300 West makes this location a regional hub for its since 2010 when the shopping center was built and has experienced steady growth in annual sales ever since. With stores in West Valley City (9.0 tenants. In addition to Target (located at 300 West Town Center), the intersection’s tenancy miles), Cottonwood Heights (11.2 miles) and West Jordan (11.3 miles) the Target in 300 West Town Center is the only location in Salt Lake City and has includes large national names such as Walmart, Lowe’s Home Improvement, Tesla, McDon- ideal spacing to serve its market area in perpetuity. ald’s and Burger King amongst others. The intersection benefits from both convenience and Target Shadow destination drivers creating consistent and steady activity from both the immediate neigh- Anchored retail deals have constantly withstood the test of time. This asset will benefit from the recently developed shops, Target and the large box Anchored borhoods and customers beyond the trade area. retailers close by. The traffic generated by Target, KeyBank, El Pollo Loco, Wendy’s and other quality in-line shops and out parcels serves to attract Shopping Center customers from both the immediate trade area and beyond. This draw is evidenced by the recent construction of a retail outlet for Tesla adjacent to Affluent and Densely Populated Market Area the property. The area surrounding 300 West Town Center is densely populated with strong demograph- ics that provide the shopping center with a strong customer base for the long term. By Prime Visibility and High Traffic Intersection 2022, the number of households within 5 miles is projected to reach over 124,000 with an The CBD/Periphery retail market is formed by the highway system in southwest section of Salt Lake County. Bordered by Interstate I-15 to the west, average household income of $79,617. Families will continue to flood the communities in Lincoln Highway to the south and Interstate Highway 15 to the east, 300 West Town Center is located in the center of the CBD/Periphery corridor sub- the area as the growth continues. With this growth comes the need for public transportation market along the major thoroughfare with ease of access to the highway system in every direction. and accessibility to the rest of Salt Lake City. With a light rail stop less than a mile from the shopping center, Ballpark Station houses the blue and green lines of UTA’s light rail system, On the corner of 300 West and Paxton Avenue and adjacent to I-15, 300 West Town Center is exposed to over 235,000 cars per day. At this main retail TRAX. The blue line offers a short 15 minute ride into the CBD and the green line allows you node, with immediate access through signalized full access point and two turnouts on Paxton Avenue, traffic from all directions has direct visibility to $79,617 to get to SLC Airport in 30 minutes. the tenancy at 300 West Town Center. Signage is also extremely well located on 300 West and can be seen from the Interstate and all angles of traffic. Average Household The Center’s ideal location, high traffic counts and interstate visibility from two of Utah’s major arterials will result in 300 West Town Center attracting Income in 2022 Limited Lease Roll ongoing tenancy and consistently outperforming other competitive shopping centers. With no turnover until year four of the analysis and the US Government recently executing a brand new lease, 300 West Town Center offers confidence and a stable cash flow to inves- Rare Value-Add Retail Opportunity tors. This limited lease roll, coupled with the majority of the four tenants being in the shop- 300 West Town Center is Utah’s premier value-add retail investment opportunity. With nearly 20% of the retail space available, the shopping center is ping center since it opened for business, offers the buyer surety in their investment on 300 truly a unique opportunity for investors.
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