Jordan Landing Development Site
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OFFERING MEMORANDUM JORDAN LANDING DEVELOPMENT SITE 7252 JORDAN LANDING BLVD WEST JORDAN, UT 84084 EXCLUSIVELY MARKETED BY: TABLE OF CONTENTS 6550 S Millrock Dr, Ste 200 PROPERTY DETAILS 3 Salt Lake City, Utah 84121 801.947.8300 cbcadvisors.com Brandon Fugal LOCATION 9 Chairman INFORMATION 801.450.2462 [email protected] Rawley Nielsen MARKET OVERVIEW 15 President of Investment Sales 801.441.5922 [email protected] Darren Nielsen Investment Sales 801.448.2662 [email protected] All materials and information received or derived from CBC Advisors - Intermountain its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty as to completeness , veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property for any party’s intended use or any and all other matters. Neither CBC Advisors - Intermountain its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of significance to such party. CBC Advisors - Intermountain will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing. EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE. Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. CBC Advisors - Intermountain makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. CBC Advisors - Intermountain does not serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions,vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by CBC Advisors - Intermountain in compliance with all applicable fair housing and equal opportunity laws. SECTION 1 PROPERTY DETAILS EXECUTIVE SUMMARY PROPERTY SUMMARY PROPERTY OVERVIEW Address: 7252 Jordan Landing Blvd Coldwell Banker Commercial Advisors is pleased to offer the ideally located 2.89 acre land parcel on the West Jordan, UT 84084 corner of Jordan Landing Blvd and Center Park Drive at Jordan Landing. The 2.89 acre parcel, zoned Professional Office, is in a prime position to take advantage of both the continuing population boom in Price: $2,014,214 West Jordan as well as the planned redevelopments taking place within Jordan Landing by Red Price/Sq. Ft.: $16 Development, a major national high-end retail developer and asset manager. Lot Size (AC): 2.89 The flexible Professional Office zoning allows for a wide variety of permitted and conditional uses, including office buildings, banks, medical services, restaurants, schools, daycares, and many others. Lot Size (Sq. Ft.) 125,888 Jordan Landing Development Site is perfectly situated in one of the fastest growing and most rapidly APN #: 2129151007 developing regions in Utah. The Property’s placement off Bangerter Highway gives it easy access to I-15 Zoning: Professional Office and I-215, making it the perfect gateway to Salt Lake, Davis, and Utah Counties. Lot Location: Prominent corner location • raised above street level 7252 JORDAN LANDING BLVD, WEST JORDAN, UT 4 7252 JORDAN LANDING BLVD, WEST JORDAN, UT 5 PROPERTY DETAILS PROPERTY NAME: Jordan Landing Development Site PROPERTY ADDRESS: 7252 Jordan Landing Blvd West Jordan, UT 84084 PRICE: $2,014,214 PRICE/SQ. FT. $16.00 SIZE (AC): 2.89 SIZE (SQ. FT.) 125,888 APN: 21291510070000 ZONING: Professional Office EXAMPLE USES: Office buildings, banks, medical services, restaurants, schools, daycares, and many other uses WATER: Yes SEWER: Yes SIDEWALK: Yes CURB GUTTER:: Yes LOT LOCATION: Prominent, and highly-visible corner location raised above street level CROSS STREETS: Jordan Landing Blvd & Center Park Drive 7252 JORDAN LANDING BLVD, WEST JORDAN, UT 6 7252 JORDAN LANDING BLVD, WEST JORDAN, UT 7 7252 JORDAN LANDING BLVD, WEST JORDAN, UT 8 SECTION 2 LOCATION INFORMATION LOCATION INFORMATION JOR DA N LAND ING | WES T JORDAN, UT JORDAN LANDING JORDAN LANDING AT-A-GLANCE • 500 Acre Mixed-Use Development • 1.8 Million Square Feet of Retail • 250 Residential Family Homes • 1,000 Multi-family Units • 56,000 Square Feet of Office Space • 99 Room Marriott Hotel Opening Fall of 2017 JORDAN LANDING TRAFFIC • 16,000,000 customers per year • 44,000 customers per day • Daytime customer base is 113,570 within a 5 mile radius OTHER FACTS: • Jordan Landing has over 60 anchor, national or regional tenants, including Ross, Bed Bath & Beyond, Cinemark Theatre, Nike, Ulta, Tilly’s, Super Walmart, Sam’s Club, Sears Grand, Lowe’s, Michael’s, Petsmart, Target, Best Buy, Kohl’s, Office Max, Barnes and Noble, Old Navy, and TJ Maxx • Very visible: 1 Mile of Frontage From 7000 South to 7800 South with excellent visibility 7252 JORDAN LANDING BLVD, WEST JORDAN, UT 10 JORDAN LANDING TENANT MAP 7167 2.89 AC 2.89 ac 7252 JORDAN LANDING BLVD, WEST JORDAN, UT 11 LOCATION INFORMATION JORD A N LAND ING | WES T JORDAN, UT With its location in the central Salt Lake Valley, West Jordan is the perfect starting point to navigate the Wasatch Front. The Property’s placement off Bangerter Highway gives it easy access to I-15 and I-215, making it the perfect gateway to Salt Lake, Davis, Weber, and Utah Counties. Currently the fourth-largest city in the state of Utah, West Jordan City stands at the center of explosive growth taking place in the western quadrant of Salt Lake Valley. A young, educated workforce makes for a great employee pool, and the city’s central location in the heart of Salt Lake Valley put it in the middle of the transportation network and the valley’s population. Within a 5 mile radius of the Property, there is a growing population of over 320,000 comprised of residents who, on average, are younger, have higher educational attainment, and have higher household incomes. Source: Economic Development Corporation of Utah; West Jordan City THE WEST JORDAN OFFICE MARKET The South Valley Office market, in which West Jordan resides, has been strong as much of the state’s population growth continues to occur in and around this area. DEMOGRAPHICS 1 MILE 3 MILE 5 MILE 2016 SOUTH VALLEY OFFICE Population 2016 Estimated 12,260 149,843 334,711 2021 Projected 12,735 156,836 355,046 Type Vacancy Lease Rate Households 2016 Estimated 3,694 42,403 98,745 Class A Office 5.3% $25.30 2021 Projected 3,849 44,354 104,541 Income Class B Office 4.67% $25.39 2016 Median HHI $60,398 $66,760 $65,159 2016 Average HHI $73,654 $77,233 $78,196 Average 4.99% $25.35 Employment Total Businesses 321 2,663 7,186 Total Employees 5,455 32,181 92,307 Information provided by ESRI Business Analyst 7252 JORDAN LANDING BLVD, WEST JORDAN, UT 12 LOCATION INFORMATION JORDAN LANDING | WEST JORDAN, UT MINUTES TO: Downtown Salt Lake City 24 The University of Utah 30 Salt Lake City International Airport 20 Murray 15 Sandy 15 Holladay/Ft. Union 15 Bountiful Salt Lake CBD Murray West Jordan Bangerter Hwy 7167 7181 vd Bl ng di n a L n Center Park Drive a d r o J Campus View Drive 2.89 acres 7252 JORDAN LANDING BLVD, WEST JORDAN, UT 13 LOCATION INFORMATION JORDAN LANDING | WEST JORDAN, UT MINUTES TO: Draper/Riverton 17 Lehi 20 Provo/Orem 40 Park City 45 Lehi Draper Sandy West Jordan Bangerter Hwy 2.89 ac Center Park Drive Campus View Drive 7181 7167 7252 JORDAN LANDING BLVD, WEST JORDAN, UT 14 SECTION 3 MARKET OVERVIEW MARKET INFORMATION - “AMERICA’S NEXT BOOM TOWN” JORDAN LANDING | WEST JORDAN, UT AREA HIGHLIGHTS • #1 Hot startup city that isn’t San Francisco or New York (Entrepreneur) When it comes to staggering sums of • #5 Fastest growing city in nation (Forbes, 2016) venture capital raised in 2014, there’s Utah, and then there’s everyone else • America’s next boom town: #2 for significant tech-sector (Inc Magazine, 2014) growth and large population increases (Forbes, 2015) • West Jordan City is home to Oracle, Boeing, Sysco and Dannon as well as many other businesses • #10 In national tech job growth This part of the Rockies isn’t just turning out large amounts of fluffy, white stuff, • #25 Tech-talent market it also seems to be producing a strong • #1 Region for new career opportunities (Fortune, 2015) herd of unicorns, or startups worth at least $1 billion on paper • #5 Hottest U.S.