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Silicon Slopes — Was 6 Percent Between March 2017 and March 2018, Compared with a National Students on I-15 Average of 1.6 Percent

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Silicon Slopes — Was 6 Percent Between March 2017 and March 2018, Compared with a National Students on I-15 Average of 1.6 Percent 1320 N. 300 W | Lehi, UT 84043 Offering Memorandum SEVEN PEAKS LEHI REDEVELOPMENT SITE Major Price Reduction 3.18 Acres Mike McMurtrey Colliers International +1 801 735 4747 111 Main Street | Suite 2200 [email protected] Salt Lake City, UT 84111 P: +1 801 947 8300 EXECUTIVE SUMMARY Property Overview > SEVEN PEAKS LEHI REDEVELOPMENT SITE: VISIBILITY WHERE IT MATTERS > HIGHLIGHTS The Seven Peaks Lehi Redevelopment Site offers a rare opportunity to own some of the most visible and • 3.18 Acres For Full Redevelopment or accessible real estate in what is undeniably the hottest tech growth market in the nation -- Utah’s Silicon Repurposing Slopes. Lehi, Utah is the epicenter of the fastest growing tech market in the nation and is the primary driver behind Utah just claiming the title of the fastest growing state this decade. At a time when I-15 frontage is more • Located on the Interstate-15 Tech Corridor in valuable and scarce than ever, this property offers a company or developer the opportunity to redevelop, or the center of the fastest growing tech market repurpose, an incredible site just feet from the interstate. in the nation In 2018, The U.S. Bureau of Labor Statistics reported that the job growth in Utah County — home of the • Maximum exposure to commuters and college booming Silicon Slopes — was 6 percent between March 2017 and March 2018, compared with a national students on I-15 average of 1.6 percent. This was enough for Utah County to be #2 in the nation for job growth, which was • Existing buildings are less than 10 years old second only to the oil-boom-driven growth of Midland County in Texas. The same report showed that Utah with no deferred maintenance County also ranked No. 6 for wage increases during that period. • UVU headcount is currently 40,000 students With Lehi’s growth being propelled by both renowned established tech companies (Adobe, Ancestry, Xactware, and is projected to exceed 50,000 by 2025. etc) and homegrown newly-public newcomers (Qualtrics, Pluralsight, Domo, etc), Utah County has proven that BYU headcount is 33,000 students. its growth is sustainable and is based on solid fundamentals. It is no coincidence that each of these companies has chosen to make their headquarters on the I-15 corridor within minutes of the subject property, and it is • Utah is the fastest growing state of this these factors that promise to make this site even more valuable in the years to come. decade and Utah County is leading the way • ULI #3 Emerging Market in 2018 • #5 State on the 2018 Milken Technology and Science Index SITE Seven Peaks Lehi Redevelopment Site | Offering Memorandum COLLIERS INTERNATIONAL P. 2 EXECUTIVE SUMMARY Executive Overview > PROPERTY OVERVIEW Property Overview The Seven Peaks Redevelopment Site is an existing family fun center including multiple buildings and attractions Property Seven Peaks Lehi with approximately 50,129 gross square feet. The fun center was originally developed in 2007 with major Name: renovations in 2010. The main building consists of approximately 46,275 square feet and could easily be Property 1320 North 300 West Lehi, Utah repurposed for office or many other uses allowed by the mixed-use zoning. There is covered parking in the Address: 84043 basement area of the main building. Other site improvements include concrete paved parking area, gravel parking area, landscaping, concrete block retaining wall, fencing concrete curb, gutter, sidewalks and two large billboard Price: $3,500,000 $2,750,000 signs and two smaller signs. Price Per $19.8 per square foot (based on *For a buyer interested in more land at the site, there is also an optional opportunity to buy five additional lots adjacent to SF: lot size) the subject property. The combined lot size of these five adjacent properties is approximately 1.49 Acres (0.24 AC, 0.04 AC, 0.37 AC, 0.45 AC, 0.39 AC), which would bring the total land area to approximately 4.67 Acres when combined with the Year 2007 subject property. The single-family rental properties on three of these lots range in size from 978 to 1,104 square feet of Fully renovated in 2010 Built above grade livable area. APN: 12-039-0042 A Location That Does Your Marketing and Recruitment For You The property is perfectly located for any company that would benefit from enhanced exposure toover one Lot Size: 3.18 Acres million cars that pass the building each week. Whether they want to recruit from the over 70,000 students at BYU and UVU, or stay relevant to millions of commuters, this site offers unmatched visibility and potential. MU (Mixed-Use Commercial/ This is the ultimate billboard. Zoning: Residential) Building Main Building: 46,275 SF Sizes: 5 Out Buildings: 3,854 SF (Total) Building Increasing Property Exposure: Addition to Site 36.3% of Extra Lanes on I-15 to Accomodate Ratio: Growing Traffic is Nearly Complete 91 Total Stalls 49 Covered Stalls Parking 42 Uncovered Stalls 153,000 AADT (2016) Count: *Additional Unpaved Parking is Available On-Site on the Gravel Area on the South End of the Lot 2016 Interstate-15 Adjacent to Subject: Traffic Over 153,000 AADT (2016) Counts: Seven Peaks Lehi Redevelopment Site | Offering Memorandum COLLIERS INTERNATIONAL P. 3 PROPERTY OVERVIEW Property Overview Building Construction Year Built Level Size (SF) Lower 18,200 Main 13,000 Main Building Metal 2007 Second 10,233 Third 4,842 Total 46,275 Pavilion/ Metal 2007 Main 1,931 Carousel Picnic Wood Frame 2010 Main 540 Pavillion Small Storage Wood Frame 2010 Main 107 Shed Snack Shack/ Wood Frame 2008 Main 455 Storage Garage/ Wood Frame 2010 Main 821 Restrooms Gross Building Area: 50,129 Seven Peaks Lehi Redevelopment Site | Offering Memorandum COLLIERS INTERNATIONAL P. 4 MARKET SUMMARY Custom Map Promenade Region Map LehiLei AmericanAeian Forko / Pleasantleaant Groveoe NEW SALT LAKE CITY AIRPORT (2020) EagleEale Mountainontain OeOrem / Lindon SILICON SLOPES: UTAH’S TECH CORRIDOR AND THE HEART OF UTAH’S TECH JOB GROWTH, #1 IN THE NATION Provooo SITE Seven Peaks Lehi Redevelopment Site | Offering Memorandum COLLIERS INTERNATIONAL P. 5 Source: ©2018 Esri. October 22, 2018 ©2018 Esri Page 1 of 1 EXECUTIVE SUMMARY Zoning: Mixed Use The subject is zoned MU (mixed-use commercial/ residential zone), which is designed to foster and provide areas of mixed compatible residential, commercial and office uses. This zoning allows for a variety of residential and commercial uses. The location along Interstate- 15 provides the properties with excellent exposure and the nearby State Street provides good access to the neighborhood. Increasing Property Exposure: Addition of Extra Lanes on I-15 to Accomodate According to the zoning, possible uses for the site Growing Traffic is Nearly Complete include: • Office • Retail 3.18 ACRES • Hotel (SUBJECT PROPERTY) • Healthcare or Medical Clinics 0.39 ACRES • Financial Services (ALSO AVAILABLE) • And much more... 0.37 ACRES 0.45 ACRES (ALSO AVAILABLE) (ALSO AVAILABLE) 0.28 ACRES (ALSO AVAILABLE) Seven Peaks Lehi Redevelopment Site | Offering Memorandum COLLIERS INTERNATIONAL P. 6 MARKET SUMMARY Utah’s Growth and Silicon Slopes > IN THE NEWS • Inc Magazine (2018): 2nd Best Metro in America to Start a Business Mormons, skiing, and a herd of tech unicorns have colonized Silicon Slopes, the region with the greatest volume of high-growth companies...In recent years, the region has added five new startups valued at more than $1 billion each, including education platform Pluralsight, smart-home equipment maker Vivint, and data analytics firms InsideSales.com, Domo, and Qualtrics. • Salt Lake Tribue (2018): Utah ranks No. 1 for population growth this decade Utah ranks No. 1 among the states for its population growth rate this decade — thanks to its high birthrate plus a strong economy that attracts people from other states and abroad. • KSL.com (2018): Utah’s Tech Industry is No. 1 Fastest Growing For starters, Utah’s tech industry grew faster last year than any other state in the nation with a 3.6 percent increase in tech industry jobs from 2016 to 2017, according to a new report from the Computing Technology Industry Association. • Salt Lake Tribure (2018): What does the $8 billion deal for Utah’s Qualtrics mean for Silicon Slopes? “We build companies that stand up against anyone in the world,” said Clint Betts, executive director of Silicon Slopes, the nonprofit collective of firms and government officials representing Utah’s tech “ecosystem” centered on the I-15 stretch linking Salt Lake and Utah counties. • Salt Lake Tribune (2018): Utah County No. 2 for job growth and No. 6 for wage increases Utah County ranks No. 2 in the nation for job growth — with an increase of more than three times the national rate, new federal data show. It also ranked No. 6 for wage increases. Seven Peaks Lehi Redevelopment Site | Offering Memorandum COLLIERS INTERNATIONAL P. 7 MARKET SUMMARY Utah’s Growth and Silicon Slopes > IN THE NEWS • ComputerWorldUK (2018): Utah’s four SaaS unicorns come of age As Skonnard put it: “In Utah the thing that’s different is that all of these tech companies are committed to the greater good of Utah and our community there. So while we are all really competitive and fight for the best talent, we are still unified in our collective commitment toaking m Utah a better tech ecosystem and that is what brings us together and aligns us and that is really unique, I haven’t seen that in any other place.” • Inc Magazine (2018): Move Over Boulder: This Ski Slope City is Becoming a Booming Startup Scene Salt Lake City and the surrounding area, home of Brigham Young University, is most famous for being the world headquarters of the Mormon church.
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