CROSS CREEK LAND DEVELOPMENT MIXED USE DEVELOPMENT OPPORTUNITY

OFFERING MEMORANDUM

100 S - 200 S 1350 E | LEHI, UTAH CROSS CREEK LAND DEVELOPMENT OFFERING MEMORANDUM the OPPORTUNITY Mixed Use Land Development Asset in Utah County With Immediate Access to the Thriving Silicon Slopes’ Boundless Economic Opportunities Marcus & Millichap is pleased to present the opportunity to acquire the Cross Creek Land Development located in Lehi, Utah. Lehi is located 30 miles south of Salt Lake City, along the Wasatch Front and was the 11th fastest growing city in the United States in 2015. The city has grown 28% since 2010 according to the U.S. Census Bureau. The development site is located between Interstate 15 and Highway 89 with freeway visibility. Traffic counts show that about 187,000 cars pass this location daily. Currently, the property is zoned C (Commercial) but can be changed to TOD (Transit Oriented Development) zoning on a case by case basis with Lehi city. (All zoning regulations must be verified by buyer).

Because of the population growth in Lehi and the surrounding areas, many new employers and businesses continue to relocate to the area and have created a immense demand for commercial and multifamily development. With a prime location in the heart of Utah’s fastest growing region, direct access to Interstate 15, and the many major employers that surround the area, this land site presents a developer with an exceptional infill

development opportunity in a premier location. THE

The property is located in a Transit Oriented Development Zone located in Lehi, UT, allowing for a much larger and denser projects. The current renderings represent PRICE Market a mixed use project of 400 multifamily units and TERMS OFFERING All Cash 200 hospitality rooms. Pricing is based off of OWNERSHIP Fee Simple maximizing the density of the project. Zoning Commercial TOD

Parcel Number 13-001-0058, 13-002-0141

Lot Size ± 13.56 Acres

Lot Size (SF) ±590,674

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CROSS CREEK LAND DEVELOPMENT OFFERING MEMORANDUM

LEHI, UTAH Cross Creek Land Development Positioned in the Heart of one of Utah’s Most Dynamic Growth Markets As Utah’s sixth oldest city, Lehi is rich in pioneer and old west history. It was incorporated as Lehi City in 1852. The Overland Stagecoach Route, the Pony Express Trail, and the Transcontinental Telegraph all passed through or near Lehi during the peak of their use. Today, according to the U.S. Census Bureau, Lehi is OGDEN the fifth fastest-growing city in the country. The City has more than doubled in size since 2000, with population estimates approaching 60,000 residents. Lehi is quickly becoming a premier technology and commercial center along the Wasatch Front.

Several landmark companies call Lehi home, including Adobe, I.M. Flash, Xactware, Microsoft, Vivint, Oracle, and Xango. Lehi is also home to a wide variety of retail stores and restaurants. Thanksgiving Point, a unique destination offering museums, botanical gardens, shopping, restaurants, and other entertainment options highlights all that Lehi has to offer. Lehi is a beautiful place to live and work. Utah Lake is located just to the south, with the 215 picturesque Jordan River running through the City. Lehi is surrounded by the Wasatch DOWNTOWN Mountains on the East and the White Mountains and Oquirrh Mountains on the West. SALT LAKE CITY Lehi’s beautiful natural surroundings provide easy access to hiking, mountain biking, 4 201 fishing, camping, skiing, hunting, and many other outdoor activities. 215 Cross Creek is located in the heart of Lehi with close proximity to dozens of restaurants, outdoor recreation, and large employment hubs. This will allow future residents the perfect work + play + live combination. Cross Creek Land Development

LEHI 4 55

PROVO

UTAH LAKE CROSS CREEK LAND DEVELOPMENT OFFERING MEMORANDUM OUTLETS AT SILICON SLOPES TRAVERSE MOUNTAIN ±1,000,000 EMPLOYEES DISTANCE FROM CROSS CREEK LAND DEVELOPMENT: 5.3 MILES

AVERAGE SINGLE Total Businesses: ±66,700 FAMILY HOME PRICE Total Office: ±119.4M SF ±$395,000 Encompassed Within

aerial oblique MEADOW SHOPPING NORTH CENTER

Cross Creek Land Development

7 CROSS CREEK LAND DEVELOPMENT OFFERING MEMORANDUM SALT LAKE + UTAH COUNTY INDUSTRY BREAKDOWN

Silicon OFFICE INDUSTRIAL ±119.4M SF ±163.5M SF HEALTH CARE AND RETAIL EDUCATION PROFESSIONAL, MANUFACTURING SLOPES Average Occupancy Average Occupancy Utah’s Rapid Ascension into SOCIAL ASSISTANCE SERVICES SCIENTIFIC, & ±92.2% ±96.1% TECHNICAL SERVICES High-Tech National Notoriety Growth 2015-2019 Growth 2015-2019 Salt Lake + Utah Counties present Cross Creek Land ±15.7% ±11.8% Development immediate access to a coveted collection of high- profile businesses and talented professionals that span two EMPLOYEES ±114,500 ±106,700 ±102,400 ±82,800 ±78,100 thriving regions on the rise. Collectively, the counties present FLEX CLASS ‘A’ OFFICE a mix of newly minted start-up companies as well as a diverse ±22.9M ±30.5M profile of established industries and national brands underscored by a growing high-technology culture. Since 2015, the Slopes Average Occupancy Average Occupancy ±92.8% ±92.5% have integrated more than ±100,000 jobs across a dynamic range BUSINESSES ±6,800 ±6,400 ±1,800 ±12,300 ±2,800 of industries and notable high tech employers such as Amazon, Growth 2015-2019 Growth 2015-2019 Adobe, Dell Inc., and eBay as well as an influx of infrastructure ±4.1% ±35.8% growth featuring more than ±22.8 million square feet of currently under construction or proposed office, industrial, and flex space.

SALT LAKE COUNTY UTAH COUNTY

Employees ±738,200 Employees ±266,800

SOURCE: UTAH DEPARTMENT OF WORKFORCE SEVICES, 2020 GOVERNOR’S OFFICE OF ECONOMIC DEVELOPMENT, 2020 Businesses ±48,700 Businesses ±18,000 COSTAR, 2020

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CROSS CREEK LAND DEVELOPMENT OFFERING MEMORANDUM

SOURCE: UTAH DEPARTMENT OF WORKFORCE SEVICES, 2020 GOVERNOR’S OFFICE OF ECONOMIC DEVELOPMENT, 2020 DOWNTOWN SALT LAKE ALLIANCE, 2020 215 UNIVERSITY OF UTAH, 2020 COMMERCIAL LANDSCAPE COSTAR, 2020 DOWNTOWN SALT LAKE CITY UTAH 4 COUNTY 201 215 PROFESSIONAL OFFICE INDUSTRIAL BREAKDOWN CITY OF LEHI ±45.4M SF ±32.3M SF The Gateway to Utah County’s Avg Occupancy Avg Occupancy TOP COUNTY EMPLOYERS ±91.5% Fortune 500 Companies & ±96.6% Established High-Tech Professionals Growth 2015-2019 Growth 2015-2019 LEHI ±26.3% ±15.7% 20,000

FORTUNE 500 COMPANIES: FLEX CLASS ‘A’ OFFICE ±3.5M SF UTAH COUNTY PROVO ±8.2M SF 16,000 UTAH Avg Occupancy Avg Occupancy Commerce Connection LAKE ±89.5% ±92.5% The Established High-Tech Hotspot of the Silicon Slopes Growth 2015-2019 Growth 2015-2019 Utah County maintains a robust technological and entrepreneurial roster ±15.0% ±73.8% prominently composed of more nationally recognized companies than its northern counterpart, and as a result 12,000 EMPLOYEES has attracted national attention LARGEST TECH RELATED JOB ANNOUNCEMENTS marking the region as the nation’s ±266,800 next high-tech hotspot. Utah EST. FULL NUMBER County is characterized by world- BUILD-OUT OF JOBS BUSINESSES class infrastructure and endless 8,000 professional talent highlighting 2029 ±2,245 ±18,000 a workforce of more than ±266,500 employees. Impressive area companies, 2037 ±1,260 including Fortune 500 employers; Microsoft, Oracle, and 4,000 Adobe are housed within the county’s ±81 million square 2029 ±997 feet of office, industrial, retail, and flex space.

Lending Club 2028 ±860 0 2028 ±506 CROSS CREEK LAND DEVELOPMENT OFFERING MEMORANDUM

Planes, Trains & INTERSTATE-15

AUTOMOBILES directional Extensive Transportation Infrastructure Surrounding Cross Avg. Daily Traffic: ±123,000 NORTHEAST Lehi Main Street On Ramp: 0.3 Miles Creek Land Development Strengthens Future Resident Connectivity Throughout Salt Lake and Utah Counties Cross Creek Land Development benefits from an advantageous by October 2020. At completion, the project will provide one of the position immediately east of the Interstate 15 (I-15), offering fastest growing metro areas with of a state-of-the-art airport serving outstanding drive-by visibility to ±123,000 east- and westbound nine airlines and more than ±23 million travelers annually. Lastly, vehicles per day. In addition to the property’s immediate accessibility Cross Creek Land offers excellent transportation alternatives through to the I-15, future residents are also presented with connectivity to Utah’s TRAX light rail boasting the Lehi station within a five miles, Salt Lake City a bevy of additional transportation arteries including Highway 89 providing a direct line to Downtown Salt Lake City as well as Orem (State Street) and Interstate 215, providing access to all areas of Lehi and Provo through the FrontRunner commuter rail system. as well as Salt Lake City, Ogden and Provo. Moreover, Salt Lake City Millcreek International Airport is located less than forty five minutes northwest of Cross Creek Land Development and is currently undergoing a ±$3.6 West Valley City Taylorsville billion reconstruction with the first phase estimated to be completed S LC Cottonwood Heights

INTERNATIONAL West Jordan Sandy AIRPORT

Daily Arrivals & Departures ±925 Draper Airlines Served ±10 Buffdale

Lehi SLC Airport Redevelopment: ±297-Acre Redevelopment U TA Cross Creek Land Development Two New Concourse Buildings, Parking TRAX Garage, & Rental Car Service Facilities Rail Line System Milage: ±43 Miles Two Phase Construction: Stations: ±50 Phase I Est. Completion Oct 2020 2019 Est. Ridership: ±642,700 Phase II Est. Completion 2024 Closest Stations: Total Est. Economic Impact: $5.5B Lehi Station 5.3 Miles

Distance from Property: 34.4 Miles

SOURCE: SALT LAKE CITY INTERNATIONAL AIRPORT, 2020 13 UTAH TRANSIT AUTHORITY, 2020 CROSS CREEK LAND DEVELOPMENT OFFERING MEMORANDUM Wasatch Mountain The Recreation State Park DISTANCE FROM PROPERTY: 36 MILES Brighton Ski & DESTINATION Total Acreage ±21,600 Average Yearly ±400,000 Cross Creek Land’s Wasatch Front Location Visitors Summer Resort DISTANCE FROM PROPERTY: 41.0 MILES Provides Exceptional Access to World-Class Attractions ±50 Miles of Pedestrian & Outdoor Recreation Amenities ATV Trails Established 1961 139-site Camp Grounds Total Acreage ±1,000 Four 18-hole Golf Courses # of Runs ±66 # of Lifts ±5 Average Snowfall ±500 inches Base Elevation ±8,755' Top Elevation ±10,500'

Sundance Mountain Resort DISTANCE FROM PROPERTY: 23.6 MILES Established 1969 Total Acreage ±5,000 # of Runs ±45 # of Lifts ±15 Average Snowfall ±300 inches Base Elevation ±6,100' Top Elevation ±18,250'

14 15 CROSS CREEK LAND DEVELOPMENT OFFERING MEMORANDUM Utah Ranked No. 1 of “Best State for Employment” U.S. News & World Report, 2019

Provo-Orem Ranked No. 1 “Best Performing City” Provo-Orem MSA Milken Istitute, 2019 Demographics Located at the southern end of the Wasatch Front, around ±40 miles south of Salt Lake City, The Provo-Orem MSA is home to an estimated ±630,221 residents with a projected the Provo-Orem metro is composed of Utah and Juab counties and has a population of roughly No. 1 “State for population growth of ±10.14% (±694,118) by 2023. The median age in the metropolitan ±630,000 people and counting. The Wasatch Mountains provide vistas to the east, while Tooele the Middle Class” area is currently ±24.6 years, more than 13 years younger than the U.S. median age, County lies to the west. Provo is the largest city in the metro with roughly ±122,000 residents, SmartAsset, 2018 making the Provo-Orem MSA one of the youngest metros. Median household income followed by Orem. within the MSA is ±$70,573. Millennials, who are estimated to influence half of all Utah Ranked No. 2 for Best spending in the U.S. economy, earn ±$2.11 Economy in the U.S. ±$70,573 billion annually and represent ±$1.6 trillion U.S. News & World Report, 2019 PROVO OREM MSA in earning power. The demographic makes MEDIAN INCOME up more than ±30% of the Provo-Orem (ALTERYX, 2018A) Utah No. 4 State Overall MSA. U.S. News & World Report, 2019

Utah Ranked No. 1 “Best State to Live in” PROVO-OREM MSA WalletHub, 2019 HOUSEHOLD SNAPSHOT SOURCE: ALTERYX, 2018A, PROVO-OREM MSA

2023 Projections 193,822

2018 173,447

2010 143,695

2000 102,398

PROVO-OREM MSA POPULATION SNAPSHOT SOURCE: ALTERYX, 2018A, PROVO-OREM MSA

MULTIFAMILY OCCUPANCY 2023 Projections 694,118

2018 630,221 2015 2016 2017 2018 2019 YTD 2010 526,809 96.02% 95.18% 95.11% 95.01% 95.76% 2000 376,790

SOURCE: MARCUS & MILLICHAP RESEARCH SERVICES, 2019 CROSS CREEK LAND DEVELOPMENT OFFERING MEMORANDUM KEY INDUSTRIES SOURCE: EDUTAH.COM, 2019 Employment The Provo-Orem MSA has seen impressive job growth in the last decade, led by surrounding job corridors such as Silicon EDUCATION SERVICES RETAIL Slopes, Pleasant Grove, Northeast Provo, Downtown Provo and Orem. According to U.S. News and World Report, Provo’s tech industry grew ±65% between 2010 and 2017, surpassing the national average of PROJECTED 2023 around ±16%. About ±10% CONSTRUCTION LABOR FORCE of Provo’s employment is HEALTHCARE ±333,000 in the tech sector, with several notable employers including Vivint Smart Home, Qualtrics, Aptive Environmental, Pluralsight and SALT LAKE CITY Adobe. The number of tech jobs will continue to rise, as the MANUFACTURING + DISTRIBUTION PROFESSIONAL SERVICES MSA is expected to add ±35,000 jobs by 2023, bringing the INTERNATIONAL AIRPORT total projected labor force to ±333,000. ɉ Undergoing ±$3.6 Billion in Renovations ɉ More than ±25.5 million passengers served in 2018 ɉ ±391,538,557 lbs. of cargo shipped and received

PROVO OREM MSA VERSUS U.S. EMPLOYMENT GROWTH UTAH TRANSIT AUTHORITY TRAX ɉ ±42.5 miles of light rail 7% Transportation ɉ More than ±120 bus routes across ±1,400 miles of service 6% ɉ More than ±$7 billion in private investment made The Provo-Orem MSA’s transportation infrastructure is designed for near transit stations since construction 5% expanding passenger flow via roadways, freeway, public transportation, and air travel. The MSA’s freeway system is highlighted by the I-15, which 4% features the I-15 CORE project costing ±$1.725 billion. The project will I-15 CORE EXPANSION PROJECT 3% span 24 miles from Lehi to Spanish Fork and extend the Express Lane ɉ ±$1.725 billion project spanning ±24 miles from Lehi to from University Parkway in Orem to Spanish Fork. The Utah Transit Spanish Fork and extend the Express Lane from Univer- 2% Authority provides commuter rail service through Northern Utah County. The UTA FrontRunner has stops in the Orem-Provo MSA, including Lehi sity 1% Station, American Fork Station, Orem Central Station and Provo Central Parkway in Orem to Spanish Fork Station, providing access to the greater Salt Lake City MSA. Commercial 0% and recreational air travel is provided by Salt Lake City International ɉ More than ±90% of the project was scheduled during 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019* Airport and other sizeable regional airports. overnight hours, significantly reducing traffic delays and SOURCE: MARCUS & MILLICHAP RESEARCH SERVICES, 2019 *Through August congestion SOURCE: SALT LAKE CITY INTERNATIONAL AIRPORT, 2019 UTAH TRANSIT AUTHORITY, 2018 UTAH DEPARTMENT OF TRANSPORTATION, 2018 CROSS CREEK LAND DEVELOPMENT OFFERING MEMORANDUM Education Brigham Young University is a private institution founded in 1875. It has a total undergraduate enrollment of ±39,900 with a campus size of ±557 acres. The university is founded and supported by the Church of Jesus Christ of Latter-day Saints, which heavily influences the student life. There are more than ±300 clubs on campus, and the university fields ±21 National Collegiate Athletic Association (NCAA) varsity athletic teams. Brigham Young University was ranked #77 in U.S. News and World Reports 2020 National Universities Rankings. BYU is known for its excellent language program, offering courses in more than ±62 different languages.

SKIING ɉ 11 World-Class Ski Resorts ɉ Resorts see an average of 500 inches of snow annually HIKING ɉ 30 Hiking and Biking Trails within Orem + Provo Amenities + ɉ Four wilderness areas totaling 62,553 acres #2 “Best Undergraduate #13 “Most Employable Graduates in the U.S.” Accounting Program” - Times Higher Education, 2019 Entertainment NOTEWORTHY EVENTS - U.S. News & World Report, 2018 Sundance Film Festival #4 “Best College For Information Technology” The Provo-Orem MSA is just south of Salt Lake City and is home to two #1 “Colleges Worth the Cost” - Niche.com, 2020 professional sports franchises and several minor league professional ɉ A nationally recognized film festival drawing more - Wall Street Journal, 2019 sports teams. The Utah Jazz of the National Basketball Association (NBA) than ±45,000 visitors annually showcasing arthouse and Top 100 National Universities play their regular season games at Vivint Smart Home Arena, and Real #1 “Best in the West for - U.S. News & World Report, 2019 Salt Lake of the Major League Soccer (MLS) play at Rio Tinto Stadium. independent filmmakers Student Engagement” Utah is known for its skiing, with ±13 ski resorts within ±3 hours of the Utah Arts Festival - Wall Street Journal, 2019 #4 “Best Christian College in America” Salt Lake City International Airport. Some of the best outdoor activities ɉ The Utah Arts Festival is the largest outdoor multi- - Niche.com, 2020 in Utah are found in the Provo-Orem MSA, including Seven Peaks Water #1 “Best Trained Park, Thanksgiving Point, and Evermore Park. Some of Utah’s most disciplinary arts event in Utah with attendance hovering over Business Graduates” #5 “Best College for Education” challenging hikes are found within the MSA, including Mount Timpanogos, - Bloomberg Businessweek, 2019 - Niche.com, 2020 ±80,000 each summer which leads to the ±607-foot Bridal Veil Falls. Springville Museum of Art is Utah’s oldest museum, specializing in visual fine arts. SOURCE: SKIUTAH.COM, 2018 SUNDANCE INSTITUTE, 2018 VISITSALTLAKE.COM, 2018 UTAH ARTS FESTIVAL, 2017 UNITED STATES DEPARTMENT OF AGRICULTURE,2018 EXCLUSIVELY LISTED BY

UTAH MULTIFAMILY ADVISORS

DANNY SHIN BROCK ZYLSTRA KRIS MORTENSEN Senior Vice President First Vice President Associate 801.736.2628 801.736.2642 801.736.2634 [email protected] [email protected] [email protected] Licenses: UT 6298928-SA00 Licenses: UT 8726586-SA00 License: UT 9789720-SA00

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