Tooele Town Center Ben Brown J.R

Home , Associated Food Stores, Bonneville Salt Flats

In-Place Assumable Financing Available

TOOELE TOWN CENTER BEN BROWN J.R. HOWA SCOTT BRADY [email protected] [email protected] [email protected] MAIN STREET (SR-36) & 1000 NORTH direct 801.456.8802 direct 801.578.5545 direct 801.456.8804 TOOELE, UTAH 84074 View Profile View Profile View Profile TABLE OF CONTENTS

INVESTMENT SUMMARY 4 & FINANCIALS 10 PROPERTY FEATURES & LAND OVERVIEW 11 MAPS 14 SITE PLAN 15 TENANT PROFILES 21 DEMOGRAPHICS

TOOELE TOWN CENTER 2 Mountain West Commercial | Office 801.456.8800 | www.mtnwest.com TOOELE TOWN CENTER CONFIDENTIALITY AND DISCLOSURE

MAIN STREET (SR-36) & 1000 NORTH Mountain West Commercial Real Estate has been retained on an exclusive basis to market the property TOOELE, UTAH 84074 described as Main Street (SR-36) & 1000 North, Tooele, UT 84074. Broker has been authorized by seller of the property to prepare and distribute the enclosed information for the purpose of soliciting offers to purchase from interested parties. More detailed financial, title and tenant lease information may be made available upon request following the mutual execution of a letter of intent or contract to purchase PREPARED BY between the Seller and the prospective purchaser. You are invited to review this opportunity and make an offer to purchase based upon your analysis. If your offer results in the Seller choosing to open negotiations BEN BROWN with you, you will be asked to provide financial references. The eventual purchaser will be chosen based [email protected] upon an assessment of price, terms, ability to close the transaction and such other matters as the Seller direct 801.456.8802 View Profile deems appropriate. The Material is intended solely for the purpose of soliciting expressions of interest from qualified investors J.R. HOWA for the acquisition of the Property. The Material is not to be copied and /or used for any other purpose or [email protected] made available to any other person without the express written consent of Broker or Seller. The Material direct 801.578.5545 does not purport to be all-inclusive or to contain all of the information that a prospective buyer may View Profile require. The information contained in the material has been obtained from the Seller and other sources and has not been verified by the Seller or its affiliates, agents, representatives, employees, parents, SCOTT BRADY subsidiaries, members, managers, partners, shareholders, directors, or officers, makes any representation [email protected] or warranty regarding such pro forma. Purchaser must make its own investigation of the Property and any direct 801.456.8804 existing or available financing, and must independently confirm the accuracy of the projections contained View Profile in the pro forma.

Seller reserves the right, for any reason, to withdraw the Property from the Market. Seller has no obligation, express or implied, to accept any offer. Further, Seller has no obligation to sell the Property unless and until the Seller executes and delivers a signed agreement of purchase and sale on terms acceptable to the Seller, in its sole discretion. By submitting an offer, a purchaser will be deemed to have acknowledged the foregoing and agreed to release Seller and Broker from any liability with respect thereto.

Property walk-throughs are to be conducted by appointment only. Contact Broker for additional information.

Mountain West Commercial | Office 801.456.8800 | www.mtnwest.com 3 INVESTMENT SUMMARY & HIGHLIGHTS

LISTING PRICE $18,100,000 INVESTMENT HIGHLIGHTS

NOI • Rare opportunity to purchase a grocery-anchored shopping center in Utah that includes the grocery box that is leased by Macey’s and guaranteed by Associated Foods Stores Inc. $1,197,887 • Macey’s remodeled their store in 2016 and has seen a 29.31% increase in sales from 2016-2018, which makes this the top performing grocer in the trade area. CAP RATE • The lease is guaranteed by Associated Foods Stores Inc., a large co-op that operates 39 6.62% locations with six corporately owned store banners, including: Macey’s (11 Locations), Lin’s (7 Locations), Dan’s (3 Locations), and Dick’s (2 Locations). • The average rent on the property is only $12.84 PSF, which makes this property recession resistant with CURRENT OCCUPANCY future growth potential in the rents. 97.84% • The property is occupied by 57.89% corporate tenants that provides stability to the overall performance of the center. TOTAL GLA (SF) • The property comes with an undeveloped 0.61 acre pad. This piece of land can provide an investor 99,559 with additional upside.

TOTAL LAND SIZE (ACRES) 12.55

PRICE/SF PROPERTY HIGHLIGHTS $181.80 • The property is located on Main Street with traffic counts that exceed 30,000 ADT. • The population within 15 minute drive time is 57,473 with an average household income of $75,234. • There are five different points of ingress/egress on the property so its highly accessible from all directions.

TOOELE TOWN CENTER 4 Mountain West Commercial | Office 801.456.8800 | www.mtnwest.com INVESTMENT SUMMARY

INVESTMENT SUMMARY Proforma ASSUMABLE LOAN BREAKDOWN INCOME: Gross Potential Income $1,288,032 Down Payment 41% $7,381,233 CAM Income $405,875 Current Loan Balance (As of June 59%2020) $10,718,767 GROSS INCOME $1,693,908 Vacancy Expense 5.00% ($37,526) Original Loan Balance $11,000,000 EFFECTIVE GROSS INCOME $1,656,382 Interest Rate 5.10% Loan Term 10-Years EXPENSES Less: Utilities ($25,500) Loan Servicer RGA Reinsurance Company Less: Janitorial ($13,000) Lock-Out-Period (Pre-Payment Penalty) Twenty-Four (24) Months Less: HVAC ($4,200) Maturity Date 3/1/2029 Less: Landscaping ($30,360) Funding Month 4/1/2021 Less: Parking Lot ($18,900) Less: General Repairs & Maintenance ($139,800) Amortization Term (Years) 25 Less: Management/Admin Fee ($59,800) Debt Coverage Ratio (DCR) 1.58 Less: Insurance ($20,631) Monthly Debt Service ($64,947) Less: Property Tax ($146,304) TOTAL EXPENSES ($458,495) Annual Debt Service ($779,369)

NET OPERATING INCOME $1,197,887 Cap Rate 6.62% PURCHASE PRICE $18,100,000 Price/sf $181.80

Coming Soon

Mountain West Commercial | Office 801.456.8800 | www.mtnwest.com 5 RENT ROLL

SQUARE CAM EXPENSE LEASE TERM & CURRENT RENTAL RATES SUITE TENANT NAME % OF GLA FEET PSF ANNUAL LEASE TYPE START EXPIRES CHANGES ON PSF MONTHLY ANNUAL 958 Wireless Vision LLC 1,512 1.52% $7.47 $11,295 NNN 10/2/2009 10/31/2024 Current $24.12 $3,039 $36,473 11/1/2021 $24.60 $3,100 11/1/2022 $25.10 $3,162 11/1/2023 $25.60 $3,225

960 Mattress Firm, Inc 4,301 4.32% $6.65 $28,602 NNN 8/24/2014 8/31/2024 Current $21.38 $7,663 $91,955

962 Rue 21, Inc 5,416 5.44% $0.00 $0 GROSS 4/1/2012 1/31/2023 Current $18.24 $8,232 $98,788 2/1/2021 $18.24 $8,232 2/1/2021 7/31/2021 $3.93 $3,546 Rent catch up 2/1/2022 $18.79 $8,481

964 Dollar Tree Stores, Inc. 8,995 9.03% $4.95 $44,512 NNN 11/1/2017 10/31/2022 Current $11.98 $8,980 $107,760 11/1/2022 $13.18 $9,880

966 Standard Optical 1,400 1.41% $5.72 $8,012 NNN 10/1/2017 3/31/2023 Current $17.60 $2,053 $24,640 4/1/2021 $17.60 $24,640 4/1/2022 $17.85 $24,990

968 Cricket Wireless 1,000 1.00% $6.57 $6,567 NNN 2/1/2017 1/31/2022 Current $16.35 $1,363 $16,350

TOOELE TOWN CENTER 6 Mountain West Commercial | Office 801.456.8800 | www.mtnwest.com RENT ROLL

SQUARE CAM NNNEXPENSE INCOME LEASELEASE TERMS TERM WITH & CURRENT OPTIONS RENTAL & ESCALATIONS RATES SUITESUITE # TENANTTENANT NAME NAME SQ. FT. % GLA% OF GLA LEASE TYPE FEET PSF ANNUALPSF ANNUAL LEASE TYPETERM START START EXPIRESEXPIRES CHANGES ON PSF PSF MONTHLYMONTHLY ANNUAL 958972958 T-MobileMacey'sWireless Vision LLC 1,51255,4141,512 1.52%55.66% 1.52% NNN $3.28$7.47 $181,691 $11,295$7.47 $11,291NNN Contract 10/2/20097/1/2000 10/31/2024 7/31/2030 10/2/09 10/31/24 Current$23.65 $24.12 $9.70 $44,793 $3,039 $2,980 $537,516 $36,473 $35,759 Rent Bump 11/1/20 10/31/2111/1/2021 $24.12 $24.60 $3,100 $3,039 Rent Bump 11/1/21 10/31/2211/1/2022$24.61 $25.10 $3,162 $3,100 Rent Bump 11/1/22 10/31/2311/1/2023 $25.10 $25.60 $3,225$3,162 Rent Bump 11/1/23 10/31/24 $25.60 $3,226 960 Mattress Firm, Inc 4,301 4.32% $6.65 $28,602 NNNOption 8/24/2014 1 8/31/202411/1/24 10/31/25 Current$26.11 $21.38 $7,663 $3,290 $91,955 974 Edward Jones 1,219 1.22% $6.13 $7,473 NNNRent 10/1/2003 Bump 9/30/2021 11/1/25 10/31/26Current $26.63$19.67 $1,998$3,356 $23,978 Rent Bump 11/1/26 10/31/27 $27.17 $3,423 976 GNC 1,196 1.20% $6.13 $7,332 NNN Rent2/1/2011 Bump 1/31/2023 11/1/27 10/31/28Current $27.71$19.01 $1,895$3,491 $22,736 962 Rue 21, Inc 5,416 5.44% $0.00 $0 GROSSRent 4/1/2012 Bump 1/31/2023 11/1/28 10/31/292/1/2022 Current $28.26$19.58 $18.24$1,951 $8,232$3,561 $98,788 960 Mattress Firm 4,301 4.32% NNN $6.00 $25,826 Contract 8/22/14 8/31/242/1/2021$21.38 $18.24 $8,232 $7,663 $91,955 Option 12/1/2021 9/1/24 8/31/29 7/31/2021 $25.20 $3.93 $3,546$9,032 Rent catch up Option 2 9/1/29 8/31/342/1/2022 $28.98 $18.79 $8,481$10,387 962978 Rue 21 Great Clips 5,4161,196 5.44%1.20% Gross $6.13$0.00 $7,332 $0NNN Contract11/30/2000 1/31/2031 2/1/18 1/31/23 Current $17.71$19.98 $1,991 $7,994 $23,896 $95,928 Rent Bump 2/1/21 1/31/222/1/2021 $18.24 $19.98 $1,991 $8,234 964 Dollar Tree Stores, Inc. 8,995 9.03% $4.95 $44,512 NNNRent 11/1/2017 Bump 10/31/2022 2/1/22 1/31/232/1/2022 Current $18.79 $21.25$11.98$2,118 $8,980$8,481 $107,760 Option 2 2/1/23 1/31/24 $19.35 $8,735 11/1/20222/1/2023 $22.55$13.18 $2,247$9,880 Rent Bump 2/1/24 1/31/252/1/2024 $19.94 $23.23 $2,315$8,998 Rent Bump 2/1/25 1/31/262/1/2025 $20.53 $23.92 $2,384$9,267 Rent Bump 2/1/26 1/31/272/1/2026$21.15 $24.64 $2,456 $9,545 Rent Bump 2/1/27 1/31/28 $21.78 $9,832 966 Standard Optical 1,400 1.41% $5.72 $8,012 NNN 10/1/2017 3/31/20232/1/2027 Current $25.37$17.60 $2,529$2,053 $24,640 964 Dollar Tree 8,995 9.03% NNN $4.95 $44,512 Contract 11/1/17 10/31/22 $11.98 $8,980 $107,760 2/1/20284/1/2021$26.14 $17.60 $24,640$2,605 Rent Bump 11/1/22 10/31/27 $13.18 $9,880 2/1/20294/1/2022 $26.92$17.85 $24,990 $2,683 Option 1 11/1/27 10/31/322/1/2030$14.50 $27.73 $2,764 $10,869 Option 2 11/1/32 10/31/37 $15.95 $11,956 966 Standard Optical 1,400 1.41% NNN $5.72 $8,012 Contract 10/1/17 3/31/23 $17.35 $2,024 $24,290 982968 TheCricket Spiced Wireless Pear 1,4061,000 1.41%1.00% $5.88$6.57$8,267 $6,567NNN 7/1/20212/1/2017 6/30/20241/31/2022Current $22.00$16.35 $2,578$1,363 $30,932$16,350 Rent Bump 4/1/21 3/31/22 $17.60 $2,085 7/1/2022 $22.66 Rent Bump 4/1/22 3/31/23 $17.85 $2,147 7/1/2023 $23.34 Option 1 4/1/23 3/31/24 $18.10 $2,212 Rent Bump 4/1/24 3/31/25 $18.35 $2,278 Rent Bump 4/1/25 3/31/26 $18.60 $2,347 986 Nails 2,812 2.82% $6.52 $18,331 NNN 2/1/2001 8/31/2022 Current $20.90 $4,898 $58,771 Rent Bump 4/1/26 3/31/27 $18.85 $2,417 9/1/2021 $21.53 $5,045 Rent Bump 4/1/27 3/31/28 $19.10 $2,489 968 Cricket Wireless 1,000 1.00% NNN $6.57 $6,567 Contract 2/1/17 1/31/22 $16.35 $1,363 $16,350 Option 1 2/1/22 1/31/23 $18.80 $1,567 988 Solution Loans 1,075 1.08% $5.87 $6,312 NNN 9/25/2012 2/28/2023 Current $21.54 $1,873 $22,478 Rent Bump 2/1/23 1/31/24 $19.37 $1,614 2/1/2021 $21.54 $1,930 Rent Bump 2/1/24 1/31/25 $19.95 $1,662 2/1/2022 $22.18 $1,987 Rent Bump 2/1/25 1/31/26 $20.55 $1,712 992 Vacant 2,150 2.16% $6.52 $14,018 NNN $21 $45,150 Rent Bump 2/1/26 1/31/27 $21.16 $1,764 972 Macey's 55,414 55.66% NNN $3.28 $181,691 Contract 7/10/00 7/31/30 $9.46 $43,685 $524,216 994 Osaka Sushi 1,547 1.55% $6.13 $9,484 NNNRent 11/7/2010 Bump 2/28/2022 8/1/20 7/31/30 Current$9.70 $18.00 $2,321 $44,793 $27,846 Option 3 8/1/30 7/31/353/1/2021$10.18 $18.72 $2,413 $47,033 Option 4 8/1/35 7/31/40 $10.69 $49,384 Option 5 8/1/40 7/31/45 $11.23 $51,853 Option 6 8/1/45 7/31/50 $11.79 $54,446 Option 7 8/1/50 7/31/55 $12.38 $57,168 Mountain West Commercial | Office 801.456.8800 | www.mtnwest.com 7 B-990 Auto Zone 5,400 5.42% $2.13 $11,503 NNN 10/1/2003 9/30/2023 Current $9.44 $4,248 $50,976 RENT ROLL

SQUARE CAM EXPENSE LEASE TERM & CURRENT RENTAL RATES SUITE TENANT NAME % OF GLA FEET PSF ANNUAL LEASE TYPE START EXPIRES CHANGES ON PSF MONTHLY ANNUAL B-990958 WirelessAuto Zone Vision LLC 1,5125,400 1.52%5.42% $7.47$2.13 $11,295$11,503 NNN 10/2/200910/1/2003 10/31/20249/30/2023 Current $24.12 $9.44 $3,039$4,248 $36,473$50,976 11/1/2021 $24.60 $3,100 11/1/2022 $25.10 $3,162 11/1/2023 $25.60 $3,225 C1-980-B 1st Choice Money 1,056 1.06% $7.56 $7,984 NNN 3/1/2006 2/28/2022 Current $26.73 $2,284 $27,403 960 Mattress Firm, Inc 4,301 4.32% $6.65 $28,602 NNN 8/24/2014 8/31/20243/1/2021 Current $21.38$26.73 $7,663 $2,352 $91,955

962 Rue 21, Inc 5,416 5.44% $0.00 $0 GROSS 4/1/2012 1/31/2023 Current $18.24 $8,232 $98,788 2/1/2021 $18.24 $8,232 C2-980-A Wasatch Orthodontics 2,464 2.47% $7.76 $19,129 NNN 3/1/2017 8/31/20272/1/2021 7/31/2021 Current $16.39 $3.93 $3,365$3,546 Rent $40,385 catch up 9/1/20212/1/2022 $16.88$18.79 $3,466$8,481 9/1/2022 $17.39 $3,571 9/1/2023 $17.91 $3,678 964 Dollar Tree Stores, Inc. 8,995 9.03% $4.95 $44,512 NNN 11/1/2017 10/31/20229/1/2024 Current $11.98$18.45 $8,980$3,788 $107,760 11/1/20229/1/2025 $19.00$13.18 $3,901$9,880 9/1/2026 $19.57 $4,018

966 Standard Optical 1,400 1.41% $5.72 $8,012 NNN 10/1/2017 3/31/2023 Current $17.60 $2,053 $24,640 4/1/2021 $17.60 $24,640 4/1/2022 $17.85 $24,990

NOT-A-PART CAM INCOME 968 CricketHeritage Wireless West Credit Union 1,000 1.00% $6.57 $6,567$2,619 NNN 2/1/2017 1/31/2022 Current $16.35 $1,363 $16,350 Zions First National Bnak $2,052 Get Some Guns & Ammo $3,360

Total 99,559 100.00% $4.08 $405,875 $12.94 $107,336 $1,288,032 Occupied 97,409 97.84% . Vacant 2,150 2.16%

TOOELE TOWN CENTER 8 Mountain West Commercial | Office 801.456.8800 | www.mtnwest.com Mountain West Commercial | Office 801.456.8800 | www.mtnwest.com 9 PROPERTY FEATURES & LAND OVERVIEW

PROPERTY FEATURES

4,711 ADT Location: Building Area: 1000Included N 1000 N 1,032 ADT 990, 980, 972, and 960, North Main The subject property consists of four (4) Not Included Street; 48 and 42 East 1000 North, retail buildings totaling approximately 16-033-0-0001 Tooele, UT 84074 116,143 SF of gross leasable area, with 935 N 0.61 Acres Site: an additional future pad of 0.61 Acres. Located on the SEC of Main Street and Frontage & Access: 13-073-0-0007 T 15-038-0-0004 1000 North; EXCLUDES Chartway Credit Access points to the center include D A 0.82 Acres 0.51 Acres

Union, Zion’s Bank, McDonald’s, and Get two (2) entrances off Main Street, one 9

Some Guns & Ammo, and future Harbor (1) entrance off 1000 North, and two (2) 9 2 13-098-0-0002 Freight Tools entrances off 100 East. The property has 0.37 Acres Land Area: approximately 997 lineal feet of frontage Tooele Town Center consists of six (6) along Main Street and 703 lineal feet of frontage along 1000 North. parcels totaling approximately 10.72 15-038-0-0001 acres or 466,963 SF of land area. Year Built: Approx 7.89 Acres Traffic Counts: 2000 Main Street – 29,892 ADT

LAND OVERVIEW - PARCELS INCLUDED 13-073-0-0004 100 E

MAIN ST APN # ADDRESS ACRES SF 0.49 Acres

13-073-0-0007 990 N MAIN STREET 0.82 35,719 Coming Fall 2020 13-098-0-0002 980 N MAIN STREET 0.37 16,117 NOT INCLUDED IN SALE 15-038-0-0001 972 N MAIN STREET 7.89 344,995 1,805 ADT

13-073-0-0004 960 N MAIN STREET 0.49 21,344 19-022-0-0501 16-033-0-0001 48 EAST 1000 NORTH 0.61 26,572 2.62 Acres 15-038-0-0004 0.51 22,216 NOT INCLUDED BUT CAN BE PURCHASED FOR AN ADDITIONAL $400,000 10.72 466,963

LAND OVERVIEW - PARCEL NOT INCLUDED* F:\Projects\SL\Goodman\TooeleTownCtr\Parcels.mxd - 2/28/2020 lplant APN # ADDRESS ACRES SF

19-022-0-0501 2.62 114,127 SURROUNDING RETAIL VIEWING SOUTH State Liquor & Wine Store

Proposed

State of Utah

*FUTURE JR. BOX DEVELOPMENT 2.62 ACRES COMING FALL 2020 (NOT INCLUDED IN SALE) MAIN STREET (30,000 ADT

100 EAST

)

UNDEVELOPED PAD 0.61 ACRES (INCLUDED)

1000 NORTH SURROUNDING RETAIL VIEWING NORTH

Proposed

State of Utah

1000 NORTH UNDEVELOPED PAD 0.61 ACRES 100 EAST (INCLUDED)

MAIN STREET (27,520 CARS/DAY)

COMING FALL 2020 (NOT INCLUDED IN SALE)

*FUTURE JR. BOX DEVELOPMENT 2.62 ACRES Vivint Smart Home Arena Downtown Salt Lake City Park City Home of the Utah Jazz 40 MINUTES FROM CENTER OF LEHI TO DOWNTOWN 15 215 80 84 SALT LAKE CITY

15 215 80 84

15 215 80 84 BANGERTER HIGHWAY

15 215 80 84

201 193 111 75

Rio Tinto Stadium Salt Lake City International Airport Top Golf Home of Real Salt Lake

Saltair Resort Bingham Canyon Mine Largest Man Made Excavation in the World Tooele Town Center

Great Salt Lake 36 201 193 111 75 35 Minutes from Subject

Property to Downtown Future Site of the Salt Lake City Tooele Valley Utah Temple 15 215 80 84

Utah Motorsphorts Campus N SITE PLAN

This exhibit is provided for illustrative purposes only, and shall not be deemed to be a warranty, representation or agreement by Landlord that the Center, Common Area, Buildings and/or Stores will be as illustrated on this exhibit, or that any tenants which may be referenced on this exhibit will at any time be occupants of the Center. Landlord reserves the right to modify size, configuration and occupants of the Center at any time. 100 EAST T E E R T S T S A E 0 0 1

CCA-Acquisition Company, LLC 5670 Wilshire Blvd., Suite 1250 Los Angeles, CA 90036 (323) 965 - 1510 - Phone (323) 956-1520 - Fax

972 CERTAIN ELEMENTS ON THIS PLAN MAY BE NOT A PART INDICATED AS "FUTURE OR PROPOSED". CCA ACQUISITION COMPANCY, LLC. MAKES NO REPRESENTATION THAT THE FUTURE DEVELOPMENT WILL OCCUR AS SHOWN.

964 962 962-A

VACANT Credit Union Credit Storage

994992 988992986982 978 976 974 2.62 ACRES 968 966 CAN BE PURCHASED FOR Nails VACANT VACANT Osaka Sushi AN ADDITIONAL $400,000 COMING FALL 2020 (NOT INCLUDED Existing Center Sign Center Existing IN SALE)

UNDEVELOPED PAD 0.61 ACRES (INCLUDED)

NOT A PART

1000 NORTH1000 1 0 0 0 N O R T H S T R E E T E E R T S H T R O N 0 0 0 1 NOT A PART 990 NOT A PART 958 980B 960

980C

TOOELE, UTAH TOOELE,

MAIN STREET (SR-36) AND 1000 NORTH STREET NORTH 1000 AND (SR-36) STREET MAIN

TOOELE TOWN CENTER TOWN TOOELE Not A Part A Not

DATE: FEB 5, 2018

DRAWN BY: J. BINKLEY

TITLE: SKETCH Existing Center Sign Existing Tenant Sign PLAN M A I N S T R E E T MAIN STREET 30,000 ADT SHEET NUMBER: S T A T E H I G H W A Y S R - 3 6 SITE PLAN N SK-01

0' 40' 80' ANCHOR TENANT PROFILES

WEBSITE www.maceys.com LOCATIONS 13 OWNERSHIP Private HEADQUARTERS Sandy, Utah

In 1947, Walt Macey and Dale A. Jones started the “Save-A-Nickel-Market” in Rose Park, Utah. From these humble beginnings, Macey’s grew from a small store into a multi-store chain by providing personalized service and genuine old-fashioned friendliness. After being purchased by Associated Food Stores in 1999, Macey’s continued to be a destination for thousands of Utah families looking for a great deal on groceries along with a delicious soft serve ice cream cone. And for those brave enough to try it, the now famous Kong Kone, a soft serve ice cream that reaches nearly one foot tall, is one of the most talked about treats for ice cream lovers everywhere. Macey’s now serves the communities of Logan, Ogden, Clinton, West Jordan, Sandy, Orem, Provo, Spanish Fork, Lehi, Pleasant Grove, Providence and Tooele. They are one of the banner stores under Associated Food Stores, Inc.

WEBSITE www.afstores.com LOCATIONS 500+ OWNERSHIP Private HEADQUARTERS Salt Lake City, UT

Associated Food Stores, Inc., headquartered in Salt Lake City, Utah, is cooperatively owned wholesale distributor to almost 500 independently owned supermarkets in eight state region. Since its organization in 1940, Associated Foods Stores has not only delivered groceries to its independent members, but has also helped them battle national chains and razor-thin profits. With the assistance of Associated Food Stores, independent retailers have become exeptional supermarkets turning in respectable profits. Indusrty headlines today read in much the same fashion as they did 60 years ago. Large chain stores were forcing the small independent grocers out of business. The stores that weren’t bought up by the chains were coerced to buy groceries from suppliers at a more expensive cost because they didn’t have the buying power of the chains. The big chains illegally compelled the suppliers to sell at a higher price to the independent operators by threatening to pull their business if the suppliers didn’t comply. As a result, the independent stores had inadequate and unreliable sources of supply and no one to defend their cause. Early in 1940, Donald P. Lloyd, who was president of the Utah Retail Grocers Association, predicted impeding doom for the independent retailers unless they could unite to take on the competition and increase their collective buying power. He persuaded 34 retailers to contribute $300 each to help organize an independent warehouse, and Associated Food Stores was born. One by one the problems of unfair and illegal trade prectices, under capitalization and competitive conspiracy were surmounted. Today, Associated Food Stores champions the cause of independent supermarket owners and is the only independent wholesale distributor headquartered in the Intermountain West.

Mountain West Commercial | Office 801.456.8800 | www.mtnwest.com 15 JUNIOR ANCHOR TENANT PROFILES

WEBSITE www.autozone.com AutoZone is the largest retailer of aftermarket automotive parts and accessories in the United States. For OWNERSHIP NYSE: AZO more than 30 years, AutoZone has been committed to providing the best parts, prices and customer service LOCATIONS 6,003 in the automotive aftermarket industry. Today, AutoZone is the leading retailer and a leading distributor of automotive replacement parts and accessories in the U.S. AutoZone serves customers in 48 states, Mexico and HEADQUARTERS Memphis, TN Puerto Rico and employs more than 65,000 employees.

WEBSITE www.dollartree.com Dollar Tree, Inc. is a customer-oriented, value-driven variety store operating at a one dollar price point. They OWNERSHIP NASDAQ: DLTR operate profitably, empower associates to share in opportunities, rewards and successes; and deal with others LOCATIONS 15,115 in an honest and considerate way. The company’s mission will be consistent with measured and profitable growth. Dollar Tree was founded in 1953 in Norfolk, Virginia under the name Ben Franklin Variety Store. The HEADQUARTERS Chesapeake, VA name was changed to K&K 5&10 in 1970 and they expanded to 130 stores on the East Coast. Currently Dollar Tree has locations nationwide throughout the 48 contiguous U.S. states and Canada.

WEBSITE www.rue21.com Rue 21 is an American specialty retailer of young men and women’s casual apparel and accessories. They offer OWNERSHIP Private their own brands, such as rue21 etc!, CARBON elements, true by rue21, ruebeauty, ruebleu SWIM, rueDecor, LOCATIONS 623 rueGuy, and rue+, in addition to other brands. Their mission is to provide the latest trends with an affordable price tag. HEADQUARTERS Warrendale, PA

TOOELE TOWN CENTER 16 Mountain West Commercial | Office 801.456.8800 | www.mtnwest.com TENANT PROFILES

WEBSITE www.mattressfirm.com WEBSITE www.t-mobile.com WEBSITE www.cricketwireless.com OWNERSHIP Private OWNERSHIP NASDAQ: TMUS OWNERSHIP Subsidiary of AT&T LOCATIONS 2,600 LOCATIONS 20,100 LOCATIONS 5,000+ HEADQUARTERS Houston, TX HEADQUARTERS Bellevue, WA HEADQUARTERS Atlanta, GA

Founded in 1986, Mattress Firm strives to help T-Mobile provides wireless voice, messaging, Cricket is focused on inspiring smiles, one customers find the beds they want at the price and data services in the United States, Puerto meaningful connection at a time. They offer that fits their budget. Today, Mattress Firm has Rico and the U.S. Virgin Islands under the an easy and high-quality wireless experience T-Mobile and Metro by T-Mobile brands. The grown to be America’s largest specialty mattress company operates the third largest wireless on their reliable nationwide network. Their retailer, with neighborhood stores in 49 states network in the U.S. market with over 84.2 million affordable, straightforward service plans include across the country and a passion for helping customers and annual revenues of $32 billion. monthly taxes and don’t require an annual people find the right bed. Mattress Firm helps As of 2018, J. D. Power and Associates, a global contract. Cricket is the nation’s fastest-growing customers’ budget stretch further with a broad marketing-information-services firm, ranked prepaid provider since 2017. the company highest among major wireless selection of mattresses and bedding accessories carriers for retail-store satisfaction four years from leading manufacturers and brand names, consecutively and highest for wireless customer including Serta, Simmons, tulo, Sleepy’s, care two years consecutively. Chattam & Wells and Purple.

WEBSITE www.edwardjones.com WEBSITE www.gnc.com WEBSITE www.standardoptical.net OWNERSHIP Partnership OWNERSHIP NYSE: GNC OWNERSHIP Private LOCATIONS 14,200+ LOCATIONS 8,000 LOCATIONS 22 (Utah) HEADQUARTERS Des Peres, MO HEADQUARTERS Pittsburgh, PA HEADQUARTERS Salt Lake City, UT Edward Jones was established in 1922 by Sells a wide range of weight loss, bodybuilding, Founded in 1911 by Henry Schubach in Edward D. Jones, Sr. He was determined that nutritional supplements, vitamins, natural downtown Salt Lake City, Standard Optical his company will treat associates as partners in remedies, and health and beauty products, in now has 18 Utah vision centers. Each Standard the business and treat clients fairly by offering both its owned brands as well as third-party Optical vision center provides the highest appropriate, quality investments. From brands quality eye care to include examinations for investments to insurance, they have investment glasses, contact lenses, and LASIK, as well as options to meet the needs of their clients with treatment of medical eye conditions such as experienced financial advisors. glaucoma, diabetic retinopathy and cataracts. Standard Optical also provides first-rate quality frames, ophthalmic lenses, contact lenses and sunglasses. Mountain West Commercial | Office 801.456.8800 | www.mtnwest.com 17 TENANT PROFILES

WEBSITE www.solutionloansnow.com WEBSITE www.greatclips.com WEBSITE www.osakasushiutah.com OWNERSHIP Private OWNERSHIP Private OWNERSHIP Private LOCATIONS 6 LOCATIONS 4,100 LOCATIONS 2 HEADQUARTERS West Valley City, UT HEADQUARTERS Bloomington, MN HEADQUARTERS Layton & Tooele, UT Solution Loans is an Installment Loan Great Clips is a 100% franchised company Osaka offers authentic Japanese cuisine, Company who has developed an Installment with more than 4,400 hair salons across featuring sushi, sake and more. Fresh and Loan process that is customized to fit your North America. Great Clips prides authentic with an extensive menu and great specific situation. themselves on making it easy for customers service. to get a great haircut at a great price at a time and place that’s convenient for the customer. They are open evenings and weekends, no appointments necessary.

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TOOELE TOWN CENTER 18 Mountain West Commercial | Office 801.456.8800 | www.mtnwest.com

TOOELE COUNTY OVERVIEW

Tooele City was recently recognized by Forbes Magazine as one of America’s Top Ten Friendliest Cities. It is situated at the base of the Oquirrh Mountains and offers many recreational opportunities. Tooele has been called “The Oasis in the Desert” – it is the gateway to the West Desert and the Wendover area. Some of the attractions in Tooele County are the Bonneville Salt Flats, the Bingham Canyon Open Pit Copper Mine (which is the largest man-made excavation in the world), Utah Motorsports Campus, Oquirrh Hills Golf Course, Skydive Utah, and many beautiful canyons and recreational areas for 4-wheeling, hiking, hunting, camping, fishing, etc.

Tooele County was one of the six original counties created in Utah in January 1850. It is the second largest county in the State. It was originally spelled “Tuilla” (pronounced TOO-WILL- AH), which is believed to refer to the Goshute Indian Chief Tuilla who lived in the valley years before the arrival of the Mormon Pioneers. “Tuilla” is the Goshute word for “bear.” The spelling was changed to Tooele in 1852 when the boundaries of the State of Deseret were extended to the California border.

Tooele City is the county seat of Tooele County. Tooele City is located 35 miles west of the Salt Lake International Airport and Downtown Salt Lake City. It has been dubbed as a “Bedroom Community” to Salt Lake City, as many of the residents are employed in the Salt Lake Region, but enjoy living in the smaller, less hectic lifestyle that Tooele offers. Since 2000, the Population in Tooele County has grown over 25,000+, and is projected to grow an additional 6,000 over the next 5 years.

Some of the major private employers in Tooele are Detroit Diesel (a division of Mercedes- Benz), Mountain West Medical Center, Carlisle Syntec, Usana, Overstock.com, and Walmart (including a Walmart Distribution Center). DEMOGRAPHICS

POPULATION BUFFERS - 1, 3, 5 MILES

Salt Lake 5 MIN 15 MIN 25 MIN City 24,534 57,473 74,790 2019 EST. 2019 EST. 2019 EST. =>201 POPULATION POPULATION POPULATION Magna

West &'%80 Valley City

Stansbury Kearns Park HOUSEHOLDS & MEDIAN INCOME

Grantsville Erda 5 MIN 15 MIN 25 MIN West Jordan 7,459 17,546 22,865 Copperton

2019 EST. 2019 EST. 2019 EST. South HOUSEHOLDS HOUSEHOLDS HOUSEHOLDS ^^ Jordan Tooele

5 MIN 15 MIN 25 MIN Riverton Herriman $63,418 $75,234 $72,092 2019 EST. 2019 EST. 2019 EST.

INCOME INCOME INCOME Stockton

Ophir

5 MinsEagle Rush Valley Mountain Cedar Fort 15 Mins 25 Mins

Mountain West Commercial | Office 801.456.8800 | www.mtnwest.com 21 $12,000 Residential Nonresidential

Additions/Alterations/Repairs Total Value $10,000

$8,000

$6,000

$4,000

$2,000

$0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Utah National Park and Skier visits (millions)

12 National Park Visits

Skier Days 10

0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020*

* 2020 national park visits are estimated. 2020 skier days will be released in June 2020. Skier days include the season that begins with the year shown (e.g., 2019 = 2019–2020 ski season). Source: U.S. National Park Service and Ski Utah

2021: POISED FOR A STRONG RECOVERY HACHMAN INDEX OF ECONOMICHachman index ofDIVERSITY Diversity 2019 According to the Hachman “Utah’s decade long expansion, the longest on record, ended in 2020 with the emergence of Index, a measure of economic diversity, Utah and Missouri led $20 $19.3 OR COVID-19. The public health crisis presented the greatest challenge to the Utah economy since the Mining - 700 (- 7.2%) $19.0 Gold All Other Commodities 90.9 MN $17.3 $17.6 Great Recession. In the early spring, the forecast for 2020 was bleak as the unemployment rate in the nation in economicConstruction diversity OR5,900 (5.4%) 93.8 93.1 $16.1 April climbed to roughly 10%. But as the year unfolded, the resiliency of the Utah economy was on full in 2018 with scoresManufacturing of 97.1 and - 1,400 (- 1%) WI $15 91.2 $14.4 display. By November, Utah’s year-over employment was down -0.2%, one of the smallest employment 96.8, respectively, based on $13.3 Trade, Trans., Utilities - 2,900 ( - 1%) $12.2 MI $12.1 declines of any state, and the unemployment rate had dropped to 4.3%. Nationwide employment was gross domestic product by 91.3 $11.6PA Information - 1,200 (- 3%) 95.4 OH -6.0% and the unemployment rate was 6.7%. Although the job market in Utah has fared better than in industry. A higher score, closer $10 IL Financial Activity 3,300 (3.6%) UT 93.2 95.6 to 100, indicates more economic 97.3 CO any other state, not all industries escaped the impact of COVID-19. Professional & Business Services 600 (0.3%) diversity. A timely example CA 93.8 KS MO Education & Health Services - 1,00092.7 ( - 0.5%) 90.7 96.7 $5 NC of the advantage of diversity TN Leisure & Hospitality -18,900 ( - 12.3%) AZ 93.8 Tourism has been hard hit, with national park visits down 32%. Bryce Canyon suffered the worst decline is 2020:the impact ofHistorically globalization challenging year 2021: Poised 92.4for a strong recovery 96.1 SC with a drop of 32% in visitations. Third-quarter data for accommodations services (hotels and motels) Other Services - 1,400 ( - 3.4%) 90.1 and tariffs on state economies. $0 AL Government - 4,400 ( - 1.7%) GA show a drop of 22% in lodging. Restaurants and fast food establishments have also been hurt, but the Those states with employment 2011 2012 2013 201490.3 201596.5 2016 2017 2018 2019 2020e Utah exports in 2020 are forecast to reach $17.6 billion, the prices. The median sales price of a single-family home in Utah impact appears to be less than expected. Take-out and delivery have given some buffer to sit-down concentrations in auto, textiles, third-highest year on record. Notably, the value of other export restaurants. Retail sales activity overall has been surprisingly strong. The 2020 forecast for taxable or steel production experienced will be up by 11% to $385,000 in 2020. The construction boom retail sales shows an increase of 13.3%, with building and garden establishments and grocery stores commodities (excludes gold) at $8.7 billion will be the highest includes$12,000 nonresidential construction with FL$2.3 billion in value in Mining - 700 (- 7.2%) severe$20 80,000 $19.0job losses.$19.3 InNet contrast, MigrationGold All Other Commodities Residential 92.1 Nonresidential particularly strong. ever, with electronicsNatural and Increase agricultural products among$17.3 Utah’s$17.6 2020. The total value of permit authorized construction (residential, Construction 5,900 (5.4%) Utah’s economic diversityPopulation Change $10,000 Additions/Alterations/Repairs Total Value providedmajor60,000 export added products. protection$16.1 The forecastfrom for residential construction nonresidential, and additions, alteration and repairs) will be $10.3 Manufacturing - 1,400 (- 1%) $14.4 shows$15 a record of 30,745 dwelling units, surpassing the previous billion$8,000 in 2020, a record year as well. the negative impacts of tariffs.$13.3 Source: Kem C. Gardner Policy Institute analysis of U.S. Bureau of Economic Analysis GDP data Trade, Trans., Utilities - 2,900 ( - 1%) $12.2 Utah exports in 2020 are forecast to reach $17.6 billion, the third-highest year on record. Notably, record40,000 high of 28,285 in 2005. The value$12.1 of$11.6 residential construction While the public health crisis has been tragic, the impact of the value of other export commodities (excludes gold) at $8.7 billion will be the highest ever, with Information - 1,200 (- 3%) $6,000 will$10 top $6.3 billion. The housing boom inxviii apartments 2021 and ECONOMIC REPORTthe pandemic TO THE onGOVERNOR the Utah economy has been much milder than Financial Activity 3,300 (3.6%) 20,000 electronics and agricultural products among Utah’s major export products. The forecast for residential condominiums continues, and single-family construction will initially$4,000 expected. And a strong recovery is forecast for 2021, with Professional & Business Services 600 (0.3%) construction shows a record of 30,745 dwelling units, surpassing the previous record high of 28,285 in have the best year since 2006. Housing demand has not slowed employment increasing by 58,000 jobs, which would be the largest Education & Health Services - 1,000 ( - 0.5%) 0 $2,000 2005. The value of residential construction will top $6.3 billion. The housing boom in apartments and with$5 COVID-19, as historically low mortgage rates attract buyers single-year increase in employment in Utah’s history. condominiums continues, and single-family construction will have the best year since 2006. Housing Leisure & Hospitality -18,900 ( - 12.3%) to the-20,000 market. The strong demand has pushed up housing $0 demand has not slowed with COVID-19, as historically low mortgage rates attract buyers to the Other Services - 1,400 ( - 3.4%) UTAH VALUE OF NEW CONSTRUCTION, UTAH NATIONAL PARK AND SKIER $0 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 market. The strong demand has pushed up housing prices. The median sales price of a single-family Government - 4,400 ( - 1.7%) $ MILLIONS2011 2012 2013 2014 2015 2016 2017 2018 2019 2020e VISITS, 2000 MILLIONS2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 home in Utah will be up by 11% to $385,000 in 2020. The construction boom includes nonresidential Utah Value of New Construction, $ millions Utah National Park and Skier Visits, millions construction with $2.3 billion in value in 2020. The total value of permit authorized construction 8.0% 12 (residential, nonresidential, and additions, alteration and repairs) will be $10.3 billion in 2020, a record $12,000 2.6% long-term average National Park Visits 80,000 Net Migration Residential Nonresidential year as well. Natural Increase 6.0% 10 Skier Days Population Change $10,000 Additions/Alterations/Repairs Total Value 60,000 4.0% 8 $8,000 2.0% While the public health crisis has been tragic, the impact of the pandemic on the Utah economy has 40,000 6 been much milder than initially expected. And a strong recovery is forecast for 2021, with employment $6,0000.0% increasing by 58,000 jobs, which would be the largest single-year increase in employment in Utah’s 20,000 4 $4,000-2.0% history.” 2 0 $2,000-4.0% Source: 2021 Economic Report to the Governor by the Utah Economic Council 0 -6.0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020* -20,000 $0 * 2020 national park visits are estimated. 2020 skier days will be released in June 2020. 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 Skier days include the season that begins with the year shown 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (e.g., 2019 = 2019–2020 ski season). -1.0% Utah Source: U.S. National Park Service and Ski Utah Source: 2021 Economic Report to the Governor by the Utah Economic Council -1.1% Idaho 8.0% 12 2.6% long-term average National Park Visits Economic Diversity, 2019 -2.2% Arizona 6.0% 10 Skier Days -2.9% Nebraska 4.0% According to the Hachman Index, 8 -3.2% WA Mississippi a measure of economic diversity, 82.3 2.0% ME 6 -3.4% TexasMT ND Utah and Missouri led the nation 90.9 0.0% 79.2 50.8 MN in4 economic diversity in 2018 with-3.4% OR South Dakota VT 89.2 ID 93.8 -2.0% 93.1 NH 94.5 scores of 97.1 and 96.8, respectively,-3.4% 77.4 Alabama SD WI NY 2 63.0 MI 77.9 MA 89.5 -4.0% based on gross domestic product WY 91.2 -5.8% U.S.32.1 91.3 RI 89.3 by0 industry. A higher score, closer IA PA CT 89.8 -6.0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020* NE NV 75.2 95.4 NJ 94.1 to 100, indicates more economic 73.7 OH * 2020 national park visits are estimated. 2020 skier days will be released68.0 in JuneUT 2020. IL IN

1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 93.2 MD 88.2 Skier days include the season that begins with the year shown 95.6 diversity. A timely example of CA 97.3 CO 77.7 WV (e.g., 2019 = 2019–2020Mining, ski 0.6% season). Construction, 7.5% KS MO VA DE 60.2 92.7 93.8 KY 62.5 -1.0% Utah the advantage of diversity is the 96.7 89.9 DC 49.1 Source: U.S.Government, National Park 16.2% Service and Ski Utah 90.7 89.6 impact of globalization and tariffs Manufacturing, 8.8% NC -1.1% Idaho Other Services, 2.7% TN 93.8 on state economies. Those states AZ OK 92.4 AR SC -2.2% Arizona Leisure & 96.1 NM 57.6 with employment concentrations 2020 total 87.6 90.9 57.8 GA Hachman Index Score -2.9% Nebraska Hospitality, 8.7% job count: Trade, Trans., MS AL in auto, textiles, or steel production 96.5 95.0+ (Most Diverse) 1.54 million Utilities, 18.7% 86.1 90.3 -3.2% Mississippi TX 90.0 - 94.9 experiencedEducation severe & Healthjob losses. In LA 75.3 85.0 - 89.9 Texas contrast, Utah’sServices, economic 13.6% diversity 83.8 -3.4% AK Information, 2.5% FL 75.0 - 84.9 38.5 <75.0 (Least Diverse) South Dakota provided added protection from 92.1 -3.4% Professional & Financial the negative impacts of tariffs. HI -3.4% Alabama Business Services, 14.6% Activity, 6.1% 70.1 -5.8% U.S. Note: All 2020 data is estimated. Sources: Kem C. Gardner Policy Institute; U.S. Bureau of Labor Statistics; U.S. Bureau of Economic Analysis; U.S. National Park Service; Ski Utah; Utah Economic Council; U.S. Census Bureau; and Utah Population Committee. Mining, 0.6% Construction, 7.5% Government, 16.2% Manufacturing, 8.8% Other Services, 2.7% 2021 Economic Report to the Governor Highlights

Leisure & 2020 total Hospitality, 8.7% job count: Trade, Trans., 1.54 million Utilities, 18.7% Education & Health Services, 13.6% Information, 2.5%

Professional & Financial Business Services, 14.6% Activity, 6.1% $12,000 Residential Nonresidential

Additions/Alterations/Repairs Total Value $10,000

$8,000

$6,000

$4,000

$2,000

$0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Utah National Park and Skier visits (millions)

12 National Park Visits

Skier Days 10

0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020*

2021: POISED FOR A STRONG RECOVERY HACHMAN INDEX OF ECONOMICHachman index ofDIVERSITY Diversity 2019 According to the Hachman “Utah’s decade long expansion, the longest on record, ended in 2020 with the emergence of Index, a measure of economic diversity, Utah and Missouri led $20 $19.3 OR COVID-19. The public health crisis presented the greatest challenge to the Utah economy since the Mining - 700 (- 7.2%) $19.0 Gold All Other Commodities 90.9 MN $17.3 $17.6 Great Recession. In the early spring, the forecast for 2020 was bleak as the unemployment rate in the nation in economicConstruction diversity OR5,900 (5.4%) 93.8 93.1 $16.1 April climbed to roughly 10%. But as the year unfolded, the resiliency of the Utah economy was on full in 2018 with scoresManufacturing of 97.1 and - 1,400 (- 1%) WI $15 91.2 $14.4 display. By November, Utah’s year-over employment was down -0.2%, one of the smallest employment 96.8, respectively, based on $13.3 Trade, Trans., Utilities - 2,900 ( - 1%) $12.2 MI $12.1 declines of any state, and the unemployment rate had dropped to 4.3%. Nationwide employment was gross domestic product by 91.3 $11.6PA Information - 1,200 (- 3%) 95.4 OH -6.0% and the unemployment rate was 6.7%. Although the job market in Utah has fared better than in industry. A higher score, closer $10 IL Financial Activity 3,300 (3.6%) UT 93.2 95.6 to 100, indicates more economic 97.3 CO any other state, not all industries escaped the impact of COVID-19. Professional & Business Services 600 (0.3%) diversity. A timely example CA 93.8 KS MO Education & Health Services - 1,00092.7 ( - 0.5%) 90.7 96.7 $5 NC of the advantage of diversity TN Leisure & Hospitality -18,900 ( - 12.3%) AZ 93.8 Tourism has been hard hit, with national park visits down 32%. Bryce Canyon suffered the worst decline is 2020:the impact ofHistorically globalization challenging year 2021: Poised 92.4for a strong recovery 96.1 SC with a drop of 32% in visitations. Third-quarter data for accommodations services (hotels and motels) Other Services - 1,400 ( - 3.4%) 90.1 and tariffs on state economies. $0 AL Government - 4,400 ( - 1.7%) GA show a drop of 22% in lodging. Restaurants and fast food establishments have also been hurt, but the Those states with employment 2011 2012 2013 201490.3 201596.5 2016 2017 2018 2019 2020e Utah exports in 2020 are forecast to reach $17.6 billion, the prices. The median sales price of a single-family home in Utah impact appears to be less than expected. Take-out and delivery have given some buffer to sit-down concentrations in auto, textiles, third-highest year on record. Notably, the value of other export restaurants. Retail sales activity overall has been surprisingly strong. The 2020 forecast for taxable or steel production experienced will be up by 11% to $385,000 in 2020. The construction boom retail sales shows an increase of 13.3%, with building and garden establishments and grocery stores commodities (excludes gold) at $8.7 billion will be the highest includes$12,000 nonresidential construction with FL$2.3 billion in value in Mining - 700 (- 7.2%) severe$20 80,000 $19.0job losses.$19.3 InNet contrast, MigrationGold All Other Commodities Residential 92.1 Nonresidential particularly strong. ever, with electronicsNatural and Increase agricultural products among$17.3 Utah’s$17.6 2020. The total value of permit authorized construction (residential, Construction 5,900 (5.4%) Utah’s economic diversityPopulation Change $10,000 Additions/Alterations/Repairs Total Value providedmajor60,000 export added products. protection$16.1 The forecastfrom for residential construction nonresidential, and additions, alteration and repairs) will be $10.3 Manufacturing - 1,400 (- 1%) $14.4 shows$15 a record of 30,745 dwelling units, surpassing the previous billion$8,000 in 2020, a record year as well. the negative impacts of tariffs.$13.3 Source: Kem C. Gardner Policy Institute analysis of U.S. Bureau of Economic Analysis GDP data Trade, Trans., Utilities - 2,900 ( - 1%) $12.2 Utah exports in 2020 are forecast to reach $17.6 billion, the third-highest year on record. Notably, record40,000 high of 28,285 in 2005. The value$12.1 of$11.6 residential construction While the public health crisis has been tragic, the impact of the value of other export commodities (excludes gold) at $8.7 billion will be the highest ever, with Information - 1,200 (- 3%) $6,000 will$10 top $6.3 billion. The housing boom inxviii apartments 2021 and ECONOMIC REPORTthe pandemic TO THE onGOVERNOR the Utah economy has been much milder than Financial Activity 3,300 (3.6%) 20,000 electronics and agricultural products among Utah’s major export products. The forecast for residential condominiums continues, and single-family construction will initially$4,000 expected. And a strong recovery is forecast for 2021, with Professional & Business Services 600 (0.3%) construction shows a record of 30,745 dwelling units, surpassing the previous record high of 28,285 in have the best year since 2006. Housing demand has not slowed employment increasing by 58,000 jobs, which would be the largest Education & Health Services - 1,000 ( - 0.5%) 0 $2,000 2005. The value of residential construction will top $6.3 billion. The housing boom in apartments and with$5 COVID-19, as historically low mortgage rates attract buyers single-year increase in employment in Utah’s history. condominiums continues, and single-family construction will have the best year since 2006. Housing Leisure & Hospitality -18,900 ( - 12.3%) to the-20,000 market. The strong demand has pushed up housing $0 demand has not slowed with COVID-19, as historically low mortgage rates attract buyers to the Other Services - 1,400 ( - 3.4%) UTAH VALUE OF NEW CONSTRUCTION, UTAH NATIONAL PARK AND SKIER $0 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 market. The strong demand has pushed up housing prices. The median sales price of a single-family Government - 4,400 ( - 1.7%) $ MILLIONS2011 2012 2013 2014 2015 2016 2017 2018 2019 2020e VISITS, 2000 MILLIONS2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 home in Utah will be up by 11% to $385,000 in 2020. The construction boom includes nonresidential Utah Value of New Construction, $ millions Utah National Park and Skier Visits, millions construction with $2.3 billion in value in 2020. The total value of permit authorized construction 8.0% 12 (residential, nonresidential, and additions, alteration and repairs) will be $10.3 billion in 2020, a record $12,000 2.6% long-term average National Park Visits 80,000 Net Migration Residential Nonresidential year as well. Natural Increase 6.0% 10 Skier Days Population Change $10,000 Additions/Alterations/Repairs Total Value 60,000 4.0% 8 $8,000 2.0% While the public health crisis has been tragic, the impact of the pandemic on the Utah economy has 40,000 6 been much milder than initially expected. And a strong recovery is forecast for 2021, with employment $6,0000.0% increasing by 58,000 jobs, which would be the largest single-year increase in employment in Utah’s 20,000 4 $4,000-2.0% history.” 2 0 $2,000-4.0% Source: 2021 Economic Report to the Governor by the Utah Economic Council 0 -6.0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020* -20,000 $0 * 2020 national park visits are estimated. 2020 skier days will be released in June 2020. 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 Skier days include the season that begins with the year shown 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (e.g., 2019 = 2019–2020 ski season). -1.0% Utah Source: U.S. National Park Service and Ski Utah Source: 2021 Economic Report to the Governor by the Utah Economic Council -1.1% Idaho 8.0% 12 23 2.6% long-term average National Park Visits Economic Diversity, 2019 -2.2% Arizona 6.0% 10 Skier Days -2.9% Nebraska 4.0% According to the Hachman Index, 8 -3.2% WA Mississippi a measure of economic diversity, 82.3 2.0% ME 6 -3.4% TexasMT ND Utah and Missouri led the nation 90.9 0.0% 79.2 50.8 MN in4 economic diversity in 2018 with-3.4% OR South Dakota VT 89.2 ID 93.8 -2.0% 93.1 NH 94.5 scores of 97.1 and 96.8, respectively,-3.4% 77.4 Alabama SD WI NY 2 63.0 MI 77.9 MA 89.5 -4.0% based on gross domestic product WY 91.2 -5.8% U.S.32.1 91.3 RI 89.3 by0 industry. A higher score, closer IA PA CT 89.8 -6.0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020* NE NV 75.2 95.4 NJ 94.1 to 100, indicates more economic 73.7 OH * 2020 national park visits are estimated. 2020 skier days will be released68.0 in JuneUT 2020. IL IN

Leisure & 2020 total Hospitality, 8.7% job count: Trade, Trans., 1.54 million Utilities, 18.7% Education & Health Services, 13.6% Information, 2.5%

Professional & Financial Business Services, 14.6% Activity, 6.1% WHY UTAH?

• Utah Metros in Top 10 Milken List. Provo-Orem #1, Salt Lake City #4, Ogden-Clearfield #9.(2/21) • Utah in the 2020 Business Facilities State Rankings. (1/21) • Utah and Its Citites Lead Nation in Young Population. (6/2021) • Ogden Named a Top 20 City for Manufacturing. (9/2020) • St. George a Top Work-from Home Destination (9/2020) • 10 Categories Where Utah Claims #1 (best private-sector job growth, best state for entrepreneurs, best performing large system, best state for upward mobility, best state for the middle class, number of dark sky parks, children per capita, densest concentration of Jurassic-era dinosaur bones, tallest mountain peaks, Most volunteers) (9/2019)

Source: EDCUtah

#1 BEST STATE FOR #3 BEST STATE ENTREPRENEURS FOR BUSINESS

2019 2019

#1 BEST #2 BEST STATE TO ECONOMY START A BUSINESS 10/2020 2019

Source: Utah Governor’s Office of Economic Development JOB GROWTH POPULATION GROWTH WHY UTAH? 3.3% 16% UTAH UTAH source: EDCUtah • Utah Metros in Top 10 Milken List. Provo-Orem #1, Salt Lake City #4, Ogden-Clearfield #9.(2/21) 1.5% 6.3% NATIONAL NATIONAL • Utah in the 2020 Business Facilities State Rankings. (1/21) DWS, NOV 2019 US CENSUS, 2010-2019 • Utah and Its Citites Lead Nation in Young Population. (6/2021) • Ogden Named a Top 20 City for Manufacturing. (9/2020) MEDIAN WAGE MEDIAN AGE • St. George a Top Work-from Home Destination (9/2020) • 10 Categories Where Utah Claims #1 (best private-sector job growth, best state for entrepreneurs, best performing large system, best state for upward mobility, best state for the middle class, number of dark sky $36,790 31 UTAH UTAH parks, children per capita, densest concentration of Jurassic-era dinosaur bones, tallest mountain peaks, Most volunteers) (9/2019) $38,640 38.2 Source: EDCUtah NATIONAL NATIONAL BLS, MAY 2018 US CENSUS, ACS 2018

COST OF LIVING INDEX % BUDGET SPENT ON EDUCATION

#1 BEST STATE FOR #3 BEST STATE 101.3 40% ENTREPRENEURS FOR BUSINESS UTAH UTAH 2019 2019 100.0 29% NATIONAL NATIONAL C2ER, Q3 2019 US CENSUS, 2015

CORPORATE TAX GDP GROWTH 4.95% 3.2% #1 BEST #2 BEST STATE TO UTAH UTAH ECONOMY START A BUSINESS 10/2020 2019 6.87% 1.9% NATIONAL NATIONAL Source: Utah Governor’s Office of Economic Development TAX FOUNDATION, 2019 BEA, Q3 2019

Source: EDCUtah Utah

Idaho

Arizona

Nebraska Mississippi Texas

South Dakota -18,900 ( -12.3%) Alabama

U.S.

Source: 2021 Economic Report to the Governor by the Utah Economic Council

TOOELE TOWN CENTER

MAIN STREET (SR-36) & 1000 NORTH TOOELE, UTAH 84074

PREPARED BY

BEN BROWN [email protected] direct 801.456.8802 View Profile

J.R. HOWA [email protected] direct 801.578.5545 View Profile

SCOTT BRADY [email protected] direct 801.456.8804 View Profile

312 East South Temple, Salt Lake City, UT 84111 Office 801.456.8800 | www.mtnwest.com