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Tooele Town Center TOOELE BEN BROWN BRANDON GOODMAN TOWN CENTER [email protected] [email protected] direct 801.456.8802 direct 801.746.4708 MAIN STREET (SR-36) & 1000 NORTH View Profile View Profile TOOELE, UTAH 84074 TOOELE TOWN CENTER TOOELE CONFIDENTIALITY TOWN CENTER & 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, Utah 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 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 PREPARED BY with you, you will be asked to provide financial references. The eventual purchaser will be chosen based upon an assessment of price, terms, ability to close the transaction and such other matters as the Seller BEN BROWN deems appropriate. [email protected] direct 801.456.8802 The Material is intended solely for the purpose of soliciting expressions of interest from qualified investors View Profile for the acquisition of the Property. The Material is not to be copied and /or used for any other purpose or made available to any other person without the express written consent of Broker or Seller. The Material BRANDON GOODMAN does not purport to be all-inclusive or to contain all of the information that a prospective buyer may [email protected] require. The information contained in the material has been obtained from the Seller and other sources direct 801.746.4708 and has not been verified by the Seller or its affiliates, agents, representatives, employees, parents, View Profile subsidiaries, members, managers, partners, shareholders, directors, or officers, makes any representation or warranty regarding such pro forma. Purchaser must make its own investigation of the Property and any existing or available financing, and must independently confirm the accuracy of the projections contained 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. 2 376 East 400 South, Suite 120 l Salt Lake City, UT 84111 l Office 801.456.8800 l Fax 801.578.5500 l www.mtnwest.com TABLE OF CONTENTS EXECUTIVE FINANCIAL PROPERTY RETAIL SITE TENANT AREA 4 SUMMARY 6 ANALYSIS 10 OVERVIEW 11 MAPS 15 PLAN 17 PROFILES 22 INFORMATION TOOELE TOWN CENTER EXECUTIVE SUMMARY INVESTMENT SUMMARY LISTING PRICE $16,400,000 PRICE PSF $162.15 NOI (YEAR 1) $1,151,834 CAP RATE 7.02% CURRENT OCCUPANCY 98.43% TOTAL GLA(SF) 101,143 TOTAL LAND SIZE 9.756 INVESTMENT HIGHLIGHTS Strong Grocery Anchor: Future Upside: Trade Area: Macey’s just signed a new 12-year lease at Tooele The property comes with a 0.51 acre retail pad with The 3-mile population around this site is 33,975 with Town Center. Macey’s is owned and operated by the potential of an additional 3,000+/- SF building an average household income within of $68,774. Associated Food Stores, Inc, a large grocery co-op and up to 18,000+/- SF of future mid-box space. The that operates 39 locations with six corporately- land for the mid-box and retail pad is included at High Traffic Counts: owned store banners, including: Macey’s (11 no extra cost. This will help increase the bottom line Main Street runs North to South on the west side of Locations), Lin’s (7 Locations), Dan’s (3 Locations), profit of the center. the property and has traffic counts of 27,520 AADT. Honey Bee (1 Location), Fresh Market (15 Locations), Ingress/Egress: and Dick’s (2 Locations). High Credit Tenancy: Approximately 73.38% of the center is occupied by Tooele Towne Center has great access with five strong credit tenants points of ingress/egress. 4 376 East 400 South, Suite 120 l Salt Lake City, UT 84111 l Office 801.456.8800 l Fax 801.578.5500 l www.mtnwest.com PROPERTY PHOTO 5 TOOELE TOWN CENTER INVESTMENT SUMMARY INVESTMENT SUMMARY CASH ON CASH - SCENARIO INCOME: ACTUAL Down Payment 35.00% $5,740,000 Gross Potential Income $1,246,164 Proposed New Financing 65.00% $10,660,000 CAM Income $284,863 Annual Loan Service ($706,379) GROSS INCOME $1,531,026 Amortization Period (Years) 30 *Vacancy Expense (3% on non-corporate or national tenants)($21,486) Interest Rate 5.25% Debt Coverage Ratio (DCR) 1.63 EFFECTIVE GROSS INCOME $1,509,540 Free 'n Clear Cash Flow $445,455 Cash on Cash Return 7.76% EXPENSES Principal Reduction (Annual) $146,729 Less: Utilites ($22,440) Total Return 10.32% Less: Janitorial ($11,520) Less: HVAC ($4,160) Less: Landscaping ($24,600) Less: Parking Lot ($22,218) Less: General Repairs & Maintenance ($42,838) Less: Management/Admin Fee ($38,944) Less: Insurance ($14,836) Less: Propery Tax ($176,150) TOTAL EXPENSES ($357,706) NET OPERATING INCOME $1,151,834 Cap Rate 7.02% PURCHASE PRICE $16,400,000 Price/sf $162.15 *The following tenants are excluded from the vacancy expense: Autozone, T-Mobile, Mattress Firm, Dollar Tree, and Macey's 6 376 East 400 South, Suite 120 l Salt Lake City, UT 84111 l Office 801.456.8800 l Fax 801.578.5500 l www.mtnwest.com PROPERTY PHOTO 7 RENT ROLL TOOELE TOWN CENTER SQUARE LEASE TERM CAM EXPENSE CURRENT RENTAL RATES FUTURE RENTAL OPTIONS SUITE TENANT NAME FEET % OF GLA START EXPIRES PSF ANNUAL INCREASE DATE RENT/SF MONTHLY ANNUAL OPTION START EXPIRES PSF ANNUAL 958 T-Mobile 1,512 1.49% 10/2/2009 10/31/2019 $ 3.96 $ 5,988 Current $23.19 $2,921.94 $35,063.28 960 Mattress Firm 4,301 4.25% 8/22/2014 10/21/2024 $ 3.91 $ 16,814 Current $22.50 $8,064.38 $96,772.50 Option 1 11/30/2024 10/30/2029 $ 25.20 $108,385.00 Option 2 11/30/2029 10/30/2034 $ 28.98 $124,643.04 962-A Storage 1,584 1.57% Vacant Vacant 962 Rue 21 5,416 5.35% 2/1/2018 1/31/2023 $ - $ - Current $16.70 $7,537.27 $90,447.20 964 Dollar Tree 8,995 8.89% 11/1/2017 10/31/2022 $ 3.65 $ 32,811 Current $11.98 $8,980.01 $107,760.10 Option 1 11/1/2027 10/30/2037 $ 14.50 $130,427.52 11/1/2022 $13.18 $9,879.51 $118,554.12 Option 2 11/1/2037 10/30/2047 $ 15.95 $143,470.32 966 Standard Optical 1,400 1.38% 10/1/2017 3/31/2023 $ 4.09 $ 5,727 Current $16.92 $1,974.00 $23,688.00 Option 1 - Yr. 1 4/1/2023 3/31/2024 $ 18.18 $25,447.16 4/1/2019 $17.17 $2,003.55 $24,042.60 Option 1 - Yr. 2 4/1/2024 3/31/2025 $ 18.43 $25,797.16 4/1/2020 $17.42 $2,032.84 $24,394.08 Option 1 - Yr. 3 4/1/2025 3/31/2026 $ 18.68 $26,147.16 4/1/2021 $17.68 $2,062.13 $24,745.56 Option 1 - Yr. 4 4/1/2026 3/31/2027 $ 18.93 $26,497.16 4/1/2022 $17.93 $2,091.43 $25,097.16 Option 1 - Yr. 5 4/1/2027 3/31/2028 $ 19.18 $26,847.16 968 Cricket Wireless 1,000 0.99% 2/1/2017 4/30/2021 $ 4.13 $ 4,130 Current $16.35 $1,362.50 $16,350.00 Option 1 5/1/2021 4/30/2022 $ 18.80 $18,800.00 Option 1 5/1/2022 4/30/2023 $ 19.37 $19,370.00 Option 1 5/1/2023 4/30/2024 $ 19.95 $19,950.00 Option 1 5/1/2024 4/30/2025 $ 20.55 $20,550.00 Option 1 5/1/2025 4/30/2026 $ 21.16 $21,160.00 972 Macey's 55,414 54.79% 7/10/2000 7/31/2030 $ 2.33 $ 128,997 Current $9.46 $43,684.70 $524,216.44 Option 3 8/1/2030 7/31/2035 $ 10.19 $564,391.59 8/1/2020 $9.70 $44,792.98 $537,515.80 Option 4 8/1/2035 7/31/2040 $ 10.69 $592,611.17 Option 5 8/1/2040 7/31/2045 $ 11.23 $622,241.73 Option 6 8/1/2045 7/31/2050 $ 11.79 $653,353.81 974 Edward Jones 1,219 1.21% 10/1/2003 9/30/2021 $ 3.96 $ 4,828 Current $18.54 $1,883.36 $22,600.26 Option 1 10/1/2021 9/30/2026 FMV FMV 10/1/2019 $19.10 $1,940.33 $23,283.96 10/1/2020 $19.67 $1,998.54 $23,982.48 976 GNC 1,196 1.18% 2/1/2011 1/31/2020 $ 3.96 $ 4,737 Current $17.40 $1,734.20 $20,810.40 $17.58 $1,786.10 $21,433.20 978 Great Clips 1,196 1.18% 11/30/2000 1/31/2021 $ 3.96 $ 4,737 Current $19.49 $1,942.50 $23,310.04 982 State of Utah 1,406 1.39% 7/1/2001 12/31/2018 $ - $ - Current $24.59 $2,881.13 $34,573.54 Option 1 1/1/2019 12/31/2023 $ 25.82 $36,300.00 Option 2 1/1/2024 12/31/2028 $ 27.11 $38,112.00 986 Nails 2,812 2.78% 2/1/2001 8/31/2022 $ 3.96 $ 11,136 Current $19.70 $4,616.37 $55,396.40 9/1/2019 $20.29 $4,755.31 $57,063.72 9/1/2020 $20.90 $4,897.97 $58,775.64 9/1/2021 $21.53 $5,044.91 $60,538.92 988 Solution Loans 1,075 1.06% 9/25/2012 2/28/2023 $ 4.09 $ 4,397 Current $19.71 $1,765.69 $21,188.25 3/1/2019 $20.30 $1,818.44 $21,821.28 3/1/2020 $20.91 $1,873.00 $22,476.00 3/1/2021 $21.54 $1,929.19 $23,150.28 3/1/2022 $22.18 $1,987.06 $23,844.72 992 Red Tree Yoga 2,150 2.13% 8/25/2015 6/30/2019 $ 4.13 $ 8,880 Current $15.51 $2,778.88 $33,346.50 994 Osaka Sushi 1,547 1.53% 11/7/2010 2/28/2022 $ 3.96 $ 6,127 Current $16.64 $2,145.17 $25,742.08 3/1/2019 $17.31 $2,230.98 $26,771.76 3/1/2020 $18.00 $2,320.22 $27,842.64 3/1/2021 $18.72 $2,413.03 $28,956.36 B-990 Auto Zone (GL) 5,400 5.34% 10/1/2003 9/30/2023 $ 4.11 $ 22,216 Current $9.44 $4,250.00 $51,000.00 Option 1 10/1/2023 9/30/2028
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