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Offering Memorandum $4,750,000 Investment Details 898 South 2550 898 South 2550 East, Spanish Fork, Utah 84660 $4,750,000 Investment Details New 20 year NNN ground lease to commence upon completion of construction Ground lease includes gas depot New 2017 construction Scheduled for delivery early November 2017 10% rent escalations every ten years to hedge against inflation Standard & Poor’s AA rated Actual Site Photo tenant, guaranteed by WalMart Offering Memorandum Inc – Corporate guarantee NON- ENDORSEMENT AND DISCLAIMER NOTICE Confidentiality and Disclaimer The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant's plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved. Non-Endorsement Notice Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation's logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY AND ONLY FIRST BY OBTAINING TENANTS PERMISSION. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. WALMART NEIGHBORHOOD MARKET Spanish Fork, UT ACT ID Y0121300 2 TENANT OVERVIEW Parent Company: Wal-Mart Stores, Inc Walmart is the world’s largest retailer and employer with 11,000 +/- stores Corporate Guaranteed Lease: Wal-Mart Stores, Inc worldwide Headquarters – Bentonville, AK Public Ownership: NYSE:WMT Website – www.Walmart.com SITE PHOTO TENANT INFO Future Retail Development Walmart Neighborhood Markets (WNM) was designed in 1998 as a smaller foot print option for communities in need of a pharmacy, affordable groceries and general merchandise. Each store is approximately 38,000 +/- square feet and employs up to 95 associates. WNM offer fresh produce, meat an dairy products, bakery and deli items, household supplies, health and beauty aids and a pharmacy. The Walton family still owns 51% of Walmart stock. Walmart is the world’s largest retailer and employer. With fiscal year 2016 net sales net sales of $485.2 billion, Walmart employs 2.3 million associates worldwide and 1.4 million associates in the United States alone. Walmart is known for its low pricing and wide selection of goods. Each week, more than 245 million customers and members visit nearly 11,000 Walmart stores under 65 banners in 28 countries and e-commerce websites in 11 countries. Other concepts / Divisions of Walmart: Standard & Poor’s AA rated Sam’s Club Massmart Standard & Poor’s 100 Asda Moosejaw Standard & Poor’s 500 Amigo Supermarkets Modcloth CLICK HERE Vudu PROPERTY NAME Walmart Stores, Inc. CREDIT RATING: A2 www.fdreports.com | www.creditntell.com | April 30, 2017 General Information Key Personnel 702 S.W. 8th Street , Bentonville, Arkansas, Chief Executive Officer & President Doug McMillon Address 72716, United States CFO & EVP M. Brett Biggs Phone 479-273-4000 Chairman Greg Penner Website www.walmartstores.com Store Base Financial Markets Store Count 11,723 Stock Ticker WMT TTM Sales $486,976,000,000 Current Price $79.86 as of 9/13/17 52 Week High/Low $81.99 / $65.28 # THE OFFERING Marcus & Millichap is pleased to announce the exclusive right to list for sale the within Walmart Neighborhood Market. Offering a passive investor the opportunity to purchase a newly constructed ground lease with the world’s largest employer and retailer. A true sleep at night passive investment, on a new 20 year NNN lease with rental escalations every ten years and option periods. With 211 parking spaces. Overview Price $4,750,000 Years Rent Gross Leasable Area 48,762 + GAS 763 SF = 49,525 Years 1-10 $190,000 Lot Size 6.36 acres Years 11-20 $209,000 Net Operating Income $190,000 Option 1 $219,450 CAP Rate 4.00% Option 2 $230,422 Year Built 2017 Option 3 $241,943 Lease Abstract Option 4 $254,040 Lease Type NNN Ground Lease Option 5 $266,742 Lease Term 20 years Option 6 $280,079 Lease Start estimated 11/1/2017** ** Lease start date subject to construction completion Renewal Options 6x5 Increases 10% every 10 years & written into lease during options Roof and Structure Tenant Sierra Bonita Maple Elementary Mountain High School Church of Latter Day Church of Saints Latter Day Saints Church of Latter Day Saints Future Retail Development Church of Latter Day Saints DEMOGRAPHICS MAJOR EMPLOYERS # OF EMPLOYER EMPLOYEES * Klune Industries Inc 383 Olsons Greenhouse Gardens Inc 350 Utah County Sheriff Department 300 Walmart 300 New Hven Rsidential Trtmnt Ctr 285 Nebo School District 261 Natures Sunshine 250 Sunroc 240 Costco Wholesale Corporation 202 Longview Fibre Ppr & Packg Inc 200 Maple Mountain Enterprises Inc 200 Neways Inc 200 AREA DESCRIPTION PROVO-OREM OVERVIEW The Provo-Orem metro is formed of Utah and Juab counties and has a population of 590,000. The metro is located at the METRO HIGHLIGHTS southern end of the Wasatch Front, around 40 miles south of Salt DIVERSIFYING ECONOMY Lake City. The Wasatch Mountains provide vistas to the east, The local economy has shifted toward technology-related companies during while Toole County lies to the west. Provo is the largest city in the recent decades. metro with roughly 120,000 residents, followed by Orem. HIGHLY EDUCATED WORKFORCE More than 36 percent of residents age 25 and older hold a bachelor’s degree, including 11 percent who also have earned a professional or graduate degree. INTERSTATE NETWORK AND INFRASTRUCTURE Interstate 15 connects the metro to the rest of the Wasatch Front; U.S. 89 and U.S. 189 are other major arteries. ECONOMY . The region’s economy has shifted toward high-tech, computer-related businesses over the past two decades, supported by companies such as Adobe, Oracle, Micro Focus and Sento Corp. Education remains an economic driver, with Utah Valley University and Brigham Young University enrolling more than 25,000 students each. Provo is home to the largest Missionary Training Center for the Church of Jesus Christ of Latter-day Saints, which supports a large resident base. DEMOGRAPHICS 2016 2016 2016 2016 MEDIAN POPULATION: HOUSEHOLDS: MEDIAN AGE: HOUSEHOLD INCOME: 590K 163K 24.4 $62,400 Growth Growth U.S. Median: U.S. Median: 2016-2021*: 2016-2021*: 10.6% 10.7% 37.7 $57,200 * Forecast Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s Analytics; U.S. Census Bureau 13 DEMOGRAPHICSWALMARTPROPERTY NEIGHBORHOOD NAME MARKET PRICINGPRICING ANDANDLOCATION VALUATIONVALUATIONTENANTMARKETINGDEMOGRAPHICS OVERVIEWSUMMARY MATRIXMATRIX TEAM CREATED ON SEPTEMBER 13, 2017 1 Miles 3 Miles 5 Miles POPULATION 2021 Projection 15,160 46,543 90,218 2016 Estimate 12,523 40,963 80,408 2010 Census 10,879 36,234 71,253 2000 Census 4,174 21,829 46,626 INCOME Average $82,797 $77,784 $77,846 Median $73,553 $65,865 $64,332 Per Capita $19,736 $20,952 $21,538 HOUSEHOLDS 2021 Projection 3,637 12,471 24,813 2016 Estimate 2,981 11,011 22,169 2010 Census 2,551 9,644 19,423 2000 Census 966 6,019 12,928 HOUSING 2016 $231,704 $215,697 $217,274 EMPLOYMENT 2016 Daytime 7,867 32,594 71,574 Population 2016 4.29% 4.36% 3.76% Unemployment 2016 Median Time 22 22 22 Traveled RACE & ETHNICITY White 90.61% 90.95% 91.27% Native American 0.86% 0.72% 0.62% African American 0.44% 0.40% 0.45% Asian/Pacific 0.88% 0.68% 0.62% Islander NET LEASED DISCLAIMER Marcus & Millichap hereby advises all prospective purchasers of Net Leased property as follows: The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Marcus & Millichap has not and will not verify any of this information, nor has Marcus & Millichap conducted any investigation regarding these matters. Marcus & Millichap makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided. As the Buyer of a net leased property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase.
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