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Shops on Redwood SHOPS ON REDWOOD 5500 SOUTH REDWOOD ROAD TAYLORSVILLE, UTAH 84123 136 East South Temple, Suite 805 l Salt Lake City, UT 84111 l Office 801.456.8800 l www.mtnwest.com SHOPS ON REDWOOD SHOPS ON CONFIDENTIALITY REDWOOD AND DISCLOSURE 5500 SOUTH REDWOOD ROAD Mountain West Commercial Real Estate has been retained on an exclusive basis to market the property TAYLORSVILLE, UTAH 84123 described as 5500 South Redwood Road, Taylorsville, Utah 84123. 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 PREPARED BY 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 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 deems appropriate. The Material is intended solely for the purpose of soliciting expressions of interest from qualified investors 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 does not purport to be all-inclusive or to contain all of the information that a prospective buyer may 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, 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. 136 East South Temple, Suite 805 l Salt Lake City, UT 84111 l Office 801.456.8800 l www.mtnwest.com 3 TABLE OF CONTENTS INVESTMENT RENT ROLL PROPERTY MAP MAJOR TENANTS DEMOGRAPHICS 5-6 SUMMARY 7 8 FEATURES 10 12 14 4 SHOPS ON REDWOOD SHOPS ON REDWOOD INVESTMENT SUMMARY INVESTMENT HIGHLIGHTS LISTING PRICE STRONG TENANT HISTORY $3,750,000 Shops on Redwood is currently 93% occupied with the majority being national corporate stores alongside strong regional tenants. Multiple tenants have occupied the building since it was built in 2005. Anchor tenants include Starbucks, Sprint, GameStop & AT&T. NOI $215,613 EXCELLENT VISIBILITY AND ACCESS The site is located just under half of a mile from the I-215 off/on-ramps and has great visibility CAP RATE North and Southbound on Redwood Road. There is monument signage for the property as well as 5.75% a billboard that is currently leased to Reagan Outdoor Sign Company. There are multiple access points to the property including shared access from Chick-fil-A to the South and Zions Bank to the North. CURRENT OCCUPANCY 93.92% OUTPARCEL TO HARMON’S AND ACROSS THE STREET FROM WALMART The subject property is centrally located among numerous national retailers on Redwood Road in- TOTAL GLA (SF) cluding PetSmart, Chase Bank, Chick-fil-A, Wells Fargo, McDonald’s, and many more. The property benefits from its proximity to the Walmart Supercenter adjacent east, as well as being an outparcel 10,636 to Harmon’s Grocery store. TOTAL LAND SIZE (ACRES) NEW DEVELOPMENT IN THE AREA 0.52 Just to the west of the property the brand-new Mid-Valley Performing Arts Center broke ground in December 2018. This is a $45 million, 70,000 square foot project which is scheduled to finish in fall of 2020. There will be two theatres with 600 seats, additionally there will be dedicated event space. PRICE/SF $303.84 On the northwest corner of 5400 S & Redwood Rd the newly named Legacy Plaza at 54th was transformed in 2016 as the former Furniture Warehouse building was demolished to make way for several new buildings that house more than a dozen new businesses. Tenants include Zaxby’s Chicken, Cubby’s, GNC, Five Guys Burger and Fries, Mattress Firm, and Chi-Ku Asian Kitchen. STRONG DEMOGRAPHICS Taylorsville is the 5th largest city in the Salt Lake Valley. The population density of the city is 16,459% higher than the Utah average and 6,048% higher than the national average. The popula- tion within a 3-mile radius in 2018 was 152,800. The average household income is $74,491 within a 3-mile radius of the city. OUTPARCEL TO NEW TARGET STORE COMING IN 2020 Target has been serving their customers needs since 1962 and they have 1,855 stores in all 50 states. According to the National Retail Federation’s Stores magazine, Target is the 8th largest re- tailer in America based on sales figures, which makes this an ideal neighbor for any small business to have. 5 INVESTMENT SUMMARY INVESTMENT SUMMARY DEBT QUOTE (Updated October 2019) INCOME: Down Payment 30% $1,125,000 Gross Potential Income $258,838 Loan Amount 70% $2,625,000 CAM Income $47,354 Interest Rate 4.00% GROSS INCOME $306,192 Funding Month October-19 Vacancy Actual vacancy loss (6.86%) ($14,400.00) Amortization Period (Years) 25 EFFECTIVE GROSS INCOME $291,792 Debt Coverage Ratio (DCR) 1.30 Annual Debt Service ($166,269) EXPENSES Less: ADT $767 Debt Quote Provided by Bonneville Real Estate Capital Less: Cleaning $6,309 Brady Larsen | [email protected] | 801-323-1026 Less: Garbage $5,681 Less: Gas $1,704 CASH ON CASH RETURNS - YEAR 1 Less: Landscaping $4,080 Cash Flow After Debt Service (Year 1) $49,344 Less: Otis - Elevators $1,943 Cash on Cash Return Before Principal Reduction (Year 1) 4.39% Less: Pest Control $424 Principal Reduction (Year 1) $62,404 Less: Phone $1,446 Cash on Cash Return After Principal Reduction (Year 1) 9.93% Less: Power $4,647 Less: Professional Fees $950 Less: Storm Drain $4,270 Less: Exterior Maintenance $3,010 Less: Insurance $922 Less: Property Tax $30,089 Subtotal: $66,243 Less: Administrative Fee @ 15% $9,936 TOTAL EXPENSES $76,179 NET OPERATING INCOME $215,613 Cap Rate 5.75% PURCHASE PRICE $3,750,000 Price/sf $303.84 6 SHOPS ON REDWOOD SHOPS ON REDWOOD RENT ROLL CAM INCOME & RECOVERY METHOD LEASE TERMS WITH OPTIONS & ESCALATIONS SUITE # TENANT NAME SQ. FT. % GLA PSF MONTHLY ANNUAL LEASE TYPE REMAINING START EXPIRES PSF MONTHLY ANNUAL 101 Starbucks 1,804 14.62% $7.09 $1,066 $12,790.36 NNN 6.5 Years 3/1/06 2/28/26 $30.00 $4,510 $54,120 Rent Increase Yrs 16 - 20 3/1/21 2/28/26 $33.00 $4,961 $59,532 5 Year Option (1st) 3/1/26 2/28/31 $36.30 $5,457 $65,485 5 Year Option (2nd) 3/1/31 2/29/36 $39.93 $6,003 $72,034 5 Year Option (3rd) 3/1/36 2/28/41 $43.92 $6,603 $79,237 102 AT&T * 1,472 11.93% $7.09 $870 $10,436.48 NNN 4.8 Years 1/1/06 5/31/24 $28.00 $3,435 $41,216 5 Year Option (1st) 6/1/24 5/31/29 $30.80 $3,778 $45,338 103 Sprint 1,450 11.75% $7.09 $857 $10,280.50 NNN 9.1 Years 10/19/04 9/30/28 $28.00 $3,383 $40,600 5 Year Option (1st) 10/1/28 9/30/33 $28.00 $3,383 $40,600 5 Year Option (2nd) 10/1/33 9/30/38 $28.00 $3,383 $40,600 104 Gamestop 1,335 10.82% $6.66 $741 $8,891.10 NNN 2.9 Years 5/18/05 7/31/22 $25.63 $2,851 $34,216 201 Prometric Test Center 1,506 12.20% $0.26 $39 $462.28 Modified Gross 0.9 Years 3/1/10 7/31/20 $20.06 $2,518 $30,217 3 Year Option (1st) 8/1/20 7/31/22 $20.67 $2,594 $31,124 Increase in 1st Option 8/1/22 7/31/23 $21.29 $2,671 $32,057 202 Available 750 6.08% $0.00 $0 Modified Gross $19.20 $1,200 $14,400 203 Farmer's Insurance 968 7.84% $1.84 $148 $1,781.12 Modified Gross 0.3 Years 5/25/05 12/31/19 $13.80 $1,113 $13,358 204 Huy Ngo Insurance 601 4.87% $0.00 $113 $1,356.00 Modified Gross 8.3 Years 1/1/18 12/31/27 $15.45 $774 $9,285 3% Annual Increase 1/1/20 12/31/20 $15.91 $797 $9,564 3% Annual Increase 1/1/21 12/31/21 $16.39 $821 $9,851 3% Annual Increase 1/1/22 12/31/22 $16.88 $846 $10,146 2% Annual Increase 1/1/23 12/31/23 $17.22 $862 $10,349 2% Annual Increase 1/1/24 12/31/24 $17.56 $880 $10,556 2% Annual Increase 1/1/25 12/31/25 $17.92 $897 $10,768 2% Annual Increase 1/1/26 12/31/26 $18.27 $915 $10,983 2% Annual Increase 1/1/27 12/31/27 $18.64 $934 $11,203 205 Avana Capital, LLC 750 6.08% $1.81 $113.00 $1,356.00 Modified Gross 0.6 Years 4/1/19 3/31/20 $19.20 $1,200 $14,400 Common Area 1,706 13.82% Sign Reagan Outdoor Sign Co.
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