American Fork Shopping Center

AMERICAN FORK

SHOPPING CENTER SCOTT BRADY GARRETT BLOMQUIST [email protected] [email protected] 648 EAST STATE STREET direct 801.456.8804 direct 801.727.4414 AMERICAN FORK, UT 84003 View Profile View Profile TABLE OF CONTENTS

INVESTMENT SUMMARY PROPERTY FEATURES & MAPS DEMOGRAPHICS AREA WHY UTAH 4 & FINANCIALS 9 LAND OVERVIEW 10 14 15 INFORMATION 16

AMERICAN FORK SHOPPING CENTER 2 312 East South Temple l Salt Lake City, UT 84111 l Office 801.456.8800 l www.mtnwest.com AMERICAN FORK SHOPPING CENTER AMERICAN FORK CONFIDENTIALITY SHOPPING CENER AND DISCLOSURE

648 EAST STATE STREET Mountain West Commercial Real Estate has been retained on an exclusive basis to market the AMERICAN FORK, UT 84003 property described as 648 East State Street, American Fork, UT 84003. 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 PREPARED BY 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 SCOTT BRADY Seller choosing to open negotiations with you, you will be asked to provide financial references. The [email protected] eventual purchaser will be chosen based upon an assessment of price, terms, ability to close the direct 801.456.8804 View Profile 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 GARRETT BLOMQUIST investors for the acquisition of the Property. The Material is not to be copied and /or used for any [email protected] other purpose or made available to any other person without the express written consent of Broker direct 801.727.4414 or Seller. The Material does not purport to be all-inclusive or to contain all of the information that View Profile 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.

312 East South Temple l Salt Lake City, UT 84111 l Office 801.456.8800 l www.mtnwest.com 3 INVESTMENT SUMMARY INVESTMENT HIGHLIGHTS

LISTING PRICE • 100% Occupied on NNN Leases | Over 85% of Tenants Are $24,460,000 Nationally Recognized • Shopping Center is Anchored by VASA Fitness, Big Lots, & Jo-Ann NOI Fabric & Crafts $1,673,009 • Strong Historical Occupancy | 14.5 Year Average Tenant History • Located in the Heart of Utah County and Just South of Utah’s CAP RATE “Silicon Slopes” 7.00% • New 10 year lease with Dollar Tree • Potential For Additional Income | Undeveloped Pad Site Included CURRENT OCCUPANCY • Recent 5 year extension with Big Lots 100% • Top performing VASA Fitness • High Grossing Del Taco that has been at this location for 40+ years TOTAL GLA (SF) 149,928

TOTAL LAND SIZE (ACRES) 13.35

PRICE/SF $163.14

AMERICAN FORK SHOPPING CENTER 4 312 East South Temple l Salt Lake City, UT 84111 l Office 801.456.8800 l www.mtnwest.com AMERICAN FORK SHOPPING CENTER INVESTMENT SUMMARY

INVESTMENT SUMMARY EXISTING CMBS LOAN *(MUST BE ASSUMED) INCOME: Buyer Assumption Fee (0.50%) $66,250 Gross Rental Income $1,688,566 Down Payment 46% $11,210,000 CAM Reimbursement $198,924 Loan Amount 54% $13,250,000 Tax Reimbursement & Additional CAM Reconciliation $181,154 Interest Rate 4.47% 2019 Miscellaneous Income $9,862 Funding Month October-20 GROSS INCOME $2,078,506 Loan Due August-25 Economic Vacancy Factor (Excluding Vasa, Jo-Ann, Big Lots & Dollar Tree) 5% ($25,418.64) Amortization Period (Years) 30 EFFECTIVE GROSS INCOME $2,053,087 Debt Coverage Ratio (DCR) 2.08 Annual Debt Service ($802,798) EXPENSES Repairs: General $2,875 *Defeasance Cost (ONLY IF LOAN IS NOT ASSUMED) $1,900,000 Repairs: Electrical $5,315 Repairs: Plumbing $1,667 CASH ON CASH RETURNS - YEAR 1 Landscaping $10,077 Cash Flow After Debt Service (Year 1) $870,211 Fire Sprinkler Alarm $7,801 Cash on Cash Return Before Principal Reduction (Year 1) 7.76% Management Fee $75,458 Principal Reduction (Year 1) $214,890 Insurance - Property $27,720 Cash on Cash Return After Principal Reduction (Year 1) 9.68% Property Tax $177,657 Parking Lot Sweeping $5,973 Snow Removal $20,038 Parking Lot Repairs $2,568 Taxes $300 Electricity $7,060 Water & Sewer $30,984 Grease Trap $500 Roof Repairs and Maintenance $4,085 TOTAL EXPENSES ($380,078.38)

NET OPERATING INCOME $1,673,009 Cap Rate 7.00%

Market Value (Income Capitalization) $23,900,000 Undeveloped Pad Site (Land Value) $560,000

TOTAL PURCHASE PRICE $24,460,000 Price/SF $163.14

312 East South Temple l Salt Lake City, UT 84111 l Office 801.456.8800 l www.mtnwest.com 5 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 Anchor 1 VASA Fitness 57,670 38.47% $0.79 $3,774 $45,288.00 NNN 12.1 Years 9/1/02 7/31/32 $10.77 $51,769 $621,228 Rent Increase Contract Rent 8/1/22 7/31/27 $11.85 $56,945 $683,340 Rent Increase Contract Rent 8/1/27 7/31/32 $13.03 $62,640 $751,680 Anchor 2 Big Lots 28,011 18.68% $0.67 $1,564 $18,768.00 NNN 4.6 Years 3/1/04 1/31/25 $7.58 $17,694 $212,323

Anchor 3 Jo-Ann Fabric & Crafts 25,436 16.97% $0.82 $1,744 $20,928.00 NNN 7.5 Years 9/1/01 12/31/27 $9.50 $20,137 $241,642 Rent Increase Contract Rent 1/1/23 12/31/27 $10.50 $22,257 $267,078 B Mandalyn Academy 3,570 2.38% $3.01 $895 $10,740.00 NNN MTM 5/1/05 12/31/18 $16.81 $5,000 $60,000

L The Forum Academy 7,100 4.74% $3.10 $1,835 $22,020.00 NNN 7.9 Years 6/1/18 5/31/28 $12.18 $7,207 $86,478 Rent Increase Contract Rent 7/1/21 6/30/22 $12.36 $7,315 $87,775 Rent Increase Contract Rent 7/1/22 6/30/23 $12.55 $7,424 $89,092 Rent Increase Contract Rent 7/1/23 6/30/24 $12.74 $7,536 $90,428 Rent Increase Contract Rent 7/1/24 6/30/25 $12.93 $7,649 $91,785 Rent Increase Contract Rent 7/1/25 6/30/26 $13.12 $7,763 $93,161 Rent Increase Contract Rent 7/1/26 6/30/27 $13.32 $7,880 $94,559 Rent Increase Contract Rent 7/1/27 5/31/28 $13.52 $8,000 $95,997 G, H, I Dollar Tree 10,000 6.67% $2.82 $2,350 $28,200.00 NNN 10.3 Years 10/1/20 9/30/30 $10.50 $8,750 $105,000

S Grease & Go 2,920 1.95% $3.24 $788 $9,456.00 NNN 0 Years 8/1/06 6/30/20 $14.94 $3,637 $43,639

F China Kitchen 2,616 1.74% $3.24 $706 $8,472.00 NNN 4.9 Years 1/1/06 5/31/25 $17.09 $3,726 $44,717 Option 2 (4 Year) R Del Taco 1,980 1.32% $0.90 $149 $1,788.00 NNN 4.5 Years 3/1/79 12/31/24 $35.38 $5,838 $70,062 Rent Increase Contract Rent 1/1/22 12/31/24 $37.86 $6,247 $74,966 C, D Bobby Lawrence Karate 3,005 2.00% $3.10 $777 $9,324.00 NNN 10.1 Years 2/1/10 7/31/30 $15.97 $4,000 $48,000 Rent Increase Contract Rent 5/1/21 4/30/22 $16.45 $4,120 $49,440 Rent Increase Contract Rent 5/1/22 4/30/23 $16.95 $4,244 $50,923 Rent Increase Contract Rent 5/1/23 4/30/24 $17.45 $4,371 $52,451 Rent Increase Contract Rent 5/1/24 4/30/25 $17.98 $4,502 $54,024 Rent Increase Contract Rent 5/1/25 4/30/26 $18.52 $4,637 $55,645 Rent Increase Contract Rent 5/1/26 4/30/27 $19.07 $4,776 $57,315 Rent Increase Contract Rent 5/1/27 4/30/28 $19.65 $4,920 $59,034 Rent Increase Contract Rent 5/1/28 4/30/29 $20.23 $5,067 $60,805 Rent Increase Contract Rent 5/1/29 4/30/30 $20.84 $5,219 $62,629

AMERICAN FORK SHOPPING CENTER 6 312 East South Temple l Salt Lake City, UT 84111 l Office 801.456.8800 l www.mtnwest.com AMERICAN FORK SHOPPING CENTER RENT ROLL

CAM INCOME & RECOVERY METHOD LEASE TERMS WITH OPTIONS & ESCALATIONS SUITEO # WeightTENANT Watchers NAME SQ.1,746 FT. %1.16% GLA $3.24 $471 $5,652.00 NNN 5.2 Years 9/1/03 9/15/25 $17.01 $2,476 $29,706 PSF MONTHLY ANNUAL LEASE TYPE REMAINING START EXPIRES PSF MONTHLY ANNUAL Rent Increase Contract Rent 9/1/21 8/31/22 $17.52 $2,550 $30,597 Anchor 1 VASA Fitness 57,670Rent38.47% Increase $0.79 $3,774 $45,288.00 NNN Contract12.1 Years Rent 9/1/029/1/22 7/31/328/31/23 $10.77$18.05 $51,769$2,626 $621,228$31,515 RentRent IncreaseIncrease ContractContract RentRent 9/1/238/1/22 8/31/247/31/27 $18.59$11.85 $56,945$2,705 $683,340$32,461 RentRent IncreaseIncrease ContractContract RentRent 9/1/248/1/27 9/15/257/31/32 $19.15$13.03 $62,640$2,786 $751,680$33,434 AnchorP 2 LittleBig Lots Caesars 28,0111,570 18.68%1.05% $3.10$0.67 $1,564$406 $18,768.00$4,872.00 NNNNNN 7.34.6 YearsYears 11/1/153/1/04 10/31/271/31/25 $29.80$7.58 $17,694$3,899 $212,323$46,791 Rent Increase Contract Rent 12/1/20 11/30/21 $30.55 $3,997 $47,960 Rent Increase Contract Rent 12/1/21 11/30/22 $31.31 $4,097 $49,159 Anchor 3 Jo-Ann Fabric & Crafts 25,436Rent16.97% Increase $0.82 $1,744 $20,928.00 NNN Contract7.5 Years Rent 12/1/229/1/01 12/31/2711/30/23 $32.09$9.50 $20,137$4,199 $241,642$50,388 RentRent IncreaseIncrease ContractContract RentRent 12/1/231/1/23 11/30/2412/31/27 $32.90$10.50 $22,257$4,304 $267,078$51,648 B Mandalyn Academy 3,570 Rent 2.38%Increase $3.01 $895 $10,740.00 NNN ContractMTM Rent 12/1/245/1/05 12/31/1811/30/25 $16.81$33.72 $5,000$4,412 $60,000$52,939 Rent Increase Contract Rent 12/1/25 11/30/26 $34.56 $4,522 $54,263 Rent Increase Contract Rent 12/1/26 10/31/27 $35.43 $4,635 $55,619 EL USThe Nails Forum Academy 7,100900 0.60%4.74% $3.17$3.10 $1,835$238 $22,020.00$2,856.00 NNNNNN 2.87.9 YearsYears 4/1/036/1/18 3/31/235/31/28 $19.67$12.18 $1,475$7,207 $17,700$86,478 RentRent IncreaseIncrease ContractContract RentRent 4/1/217/1/21 3/31/236/30/22 $20.33$12.36 $1,525$7,315 $18,300$87,775 Rent Increase Contract Rent 7/1/22 6/30/23 $12.55 $7,424 $89,092 N Foodtruck Stop 1,600 Rent1.07% Increase $3.11 $414 $4,968.00 NNN Contract3.1 Years Rent 4/1/177/1/23 7/31/236/30/24 $15.75$12.74 $2,100$7,536 $25,200$90,428 Rent Increase Contract Rent 7/1/24 6/30/25 $12.93 $7,649 $91,785 Q Cricket Wireless 1,804 Rent1.20% Increase $3.10 $466 $5,592.00 NNN Contract3.6 Years Rent 2/1/177/1/25 1/31/246/30/26 $20.00$13.12 $3,007$7,763 $36,080$93,161 Rent Increase Contract Rent 7/1/26 6/30/27 $13.32 $7,880 $94,559 RentRent IncreaseIncrease ContractContract RentRent 2/1/227/1/27 1/31/245/31/28 $22.00$13.52 $3,307$8,000 $39,688$95,997 TOTALS 149,928 100.00% $2.49 $16,577 $198,924 $16.86 $140,714 $1,688,566 G, H, I Dollar Tree 10,000 6.67% $2.82 $2,350 $28,200.00 NNN 10.3 Years 10/1/20 9/30/30 $10.50 $8,750 $105,000 Occupied 149,928 100.00% Vacant 0.00% S Grease & Go 2,920 1.95% $3.24 $788 $9,456.00 NNN 0 Years 8/1/06 6/30/20 $14.94 $3,637 $43,639 Notes: 1. Due to Covid-19, VASA's rent is abated in full for April 2020, May 2020, January 2021, & February 2021. F China Kitchen 2,616 1.74% $3.24 $706 $8,472.00 NNN 4.9 Years 1/1/06 5/31/25 $17.09 $3,726 $44,717 2. Due to Covid-19, Jo-Ann's rent is abated in full for April 2020, and abated by 50% for May 2020 - August 2020. 3. Jo-Ann's CAM has not yet changed for 2020.Option 2 (4 Year) 4. TheR ForumDel Academy's Taco rent is based off1,980 of their rent1.32% increase$0.90 in July 2020.$149 $1,788.00 NNN 4.5 Years 3/1/79 12/31/24 $35.38 $5,838 $70,062 5. Weight Watchers' rent is based off of their scheduledRent Increase rent increase in September 2020. Contract Rent 1/1/22 12/31/24 $37.86 $6,247 $74,966 C, D Bobby Lawrence Karate 3,005 2.00% $3.10 $777 $9,324.00 NNN 10.1 Years 2/1/10 7/31/30 $15.97 $4,000 $48,000 Rent Increase Contract Rent 5/1/21 4/30/22 $16.45 $4,120 $49,440 Rent Increase Contract Rent 5/1/22 4/30/23 $16.95 $4,244 $50,923 Rent Increase Contract Rent 5/1/23 4/30/24 $17.45 $4,371 $52,451 Rent Increase Contract Rent 5/1/24 4/30/25 $17.98 $4,502 $54,024 Rent Increase Contract Rent 5/1/25 4/30/26 $18.52 $4,637 $55,645 Rent Increase Contract Rent 5/1/26 4/30/27 $19.07 $4,776 $57,315 Rent Increase Contract Rent 5/1/27 4/30/28 $19.65 $4,920 $59,034 Rent Increase Contract Rent 5/1/28 4/30/29 $20.23 $5,067 $60,805 Rent Increase Contract Rent 5/1/29 4/30/30 $20.84 $5,219 $62,629 O Weight Watchers 1,746 1.16% $3.24 $471 $5,652.00 NNN 5.2 Years 9/1/03 9/15/25 $17.01 $2,476 $29,706 Rent Increase Contract Rent 9/1/21 8/31/22 $17.52 $2,550 $30,597 Rent Increase Contract Rent 9/1/22 8/31/23 $18.05 $2,626 $31,515 Rent Increase Contract Rent 9/1/23 8/31/24 $18.59 $2,705 $32,461 Rent Increase Contract Rent 9/1/24 9/15/25 $19.15 $2,786 $33,434 P Little Caesars 1,570 1.05% $3.10 $406 $4,872.00 NNN 7.4 Years 11/1/15 10/31/27 $29.80 $3,899 $46,791

Rent Increase 312 East SouthContract Temple Rent l Salt12/1/20 Lake City, UT 8411111/30/21 l Office 801.456.8800$30.55 l www.mtnwest.com$3,997 $47,9607 Rent Increase Contract Rent 12/1/21 11/30/22 $31.31 $4,097 $49,159 Rent Increase Contract Rent 12/1/22 11/30/23 $32.09 $4,199 $50,388 Rent Increase Contract Rent 12/1/23 11/30/24 $32.90 $4,304 $51,648 Rent Increase Contract Rent 12/1/24 11/30/25 $33.72 $4,412 $52,939 Rent Increase Contract Rent 12/1/25 11/30/26 $34.56 $4,522 $54,263 Rent Increase Contract Rent 12/1/26 10/31/27 $35.43 $4,635 $55,619 E US Nails 900 0.60% $3.17 $238 $2,856.00 NNN 2.8 Years 4/1/03 3/31/23 $19.67 $1,475 $17,700 Rent Increase Contract Rent 4/1/21 3/31/23 $20.33 $1,525 $18,300 N Foodtruck Stop 1,600 1.07% $3.11 $414 $4,968.00 NNN 3.1 Years 4/1/17 7/31/23 $15.75 $2,100 $25,200

Q Cricket Wireless 1,804 1.20% $3.10 $466 $5,592.00 NNN 3.6 Years 2/1/17 1/31/24 $20.00 $3,007 $36,080 Rent Increase Contract Rent 2/1/22 1/31/24 $22.00 $3,307 $39,688 TOTALS 149,928 100.00% $2.49 $16,577 $198,924 $16.86 $140,714 $1,688,566 Occupied 149,928 100.00% Vacant 0.00% Notes: 1. Due to Covid-19, VASA's rent is abated in full for April 2020, May 2020, January 2021, & February 2021. 2. Due to Covid-19, Jo-Ann's rent is abated in full for April 2020, and abated by 50% for May 2020 - August 2020. 3. Jo-Ann's CAM has not yet changed for 2020. 4. The Forum Academy's rent is based off of their rent increase in July 2020. 5. Weight Watchers' rent is based off of their scheduled rent increase in September 2020. SITE PLAN

SUITE TENANT SF SUITE TENANT SF

Anchor 1 Vasa Fitness 57,670 L The Forum Academy 7,100 Potential Anchor 3 Jo-Ann 25,436 N Foodtruck Stop 1,600 3,400 SF Drive Thru Pad Anchor 2 Big Lots 28,011 O Weight Watchers 1,746 B Mandalyn Academy 3,570 P Little Caesars 1,570 C,D Bobby Lawrency Karate 3,069 Q Cricket Wireless 1,804 E US Nails 900 R Del Taco 1,980 F China Kitchen 2,616 S Grease ‘N’ Go 2,920 G,H,I Dollar Tree 10,000 PAD Potential Drive Thru Pad 3,400

State Road 28,152 ADT

P PAD R

NOT A PART

L N O F B C,D E S G,H,I

N G I

AMERICAN FORK SHOPPING CENTER 8 312 East South Temple l Salt Lake City, UT 84111 l Office 801.456.8800 l www.mtnwest.com AMERICAN FORK SHOPPING CENTER PROPERTY FEATURES & LAND OVERVIEW

PROPERTY FEATURES

Location: Frontage & Access:

On the south side of State The subject property has E 0 0 Street and just east of 600 approximately 1,117 feet 7 East. Minutes from Interstate along State St. There are 3 15, Utah Valley University, direct access points to the T +,89 P D 28,1 AC and Lehi’s booming “Silicon property on State St. There A 5 I 2 AD FIC 200 S 500 T DR Slopes”. are multiple shared access ST ATE Land Area: points to the property on RD Consists of 13.35 Acres or State St, 600 E & 740 E. 581,526 SF of land area. Traffic Counts: Building Area: State Road - 28,152 ADT

The subject property consists E 130580022

0 0

of a shopping center and 6 1.2 AC retail pad buildings totaling 130580331 approximately 149,992 SF of 12.2 AC gross leasable area.

7 LAND OVERVIEW

APN # ACRES SF 130580331 12.2 529,254 130580022 1.2 52,272 300 S TOTAL 13.4 583,704 280 S AMERICAN FORK SHOPPING CENTER

AMERICAN FORK, UTAH F:\PROJECTS\SL\JONES\AMERICANFORKSHOPPINGCENTER\CLOSEUP.MXD - 3/16/2020 LPLANT

312 East South Temple l Salt Lake City, UT 84111 l Office 801.456.8800 l www.mtnwest.com 9 AREA RETAIL

140 N

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5 6 G DR 1 00 N 1,032 ADT 100 N

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ST 8 T 21,640 SF

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NEW HOPE 0 L 0 0 GO ACADEMY PIONEER HIGH 0 5 27,094 ADT MAIN ST 34,034 ADT SCHOOL FOR THE 9 6,244 ADT MAIN ST PERFORMING ARTS 10 S 26,479 SF 20 S

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7 30 S 5 0 S ELM ST

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T 6,472 ADT 50 S 7900 N

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T B D ERG S E R DR 180 S

T 93 0 E

C 200 S 500 ADT PA 28,1 CIF 52 IC D ADT R GREENWOOD SCHOOL 717 STUDENTS YALE CIR

250 S

3 E HARVARD CIR

0 T

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6 300 S

9 0 Site

1 300 S 1 2 2 , 8 90 R 0 S S

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5 0 0 E A AMERICANST STAT EFORK ST SHOPPING CENTER AMERICAN FORK, UTAH F:\PROJECTS\SL\JONES\AMERICANFORKSHOPPINGCENTER\TT_MAP.MXD - 2/11/2020 MLIAPIS 10 312 East South Temple l Salt Lake City, UT 84111 l Office 801.456.8800 l www.mtnwest.com 34,0 34 A DT 2

21,240 SF

1 AREA 1 DEVELOPMENT

500 ADT D

ST A AT

E 1 RD 28 Future Lots 49 8 ,15 7 2 A , DT 4 SITE 1 24 +,89 24 T 24 D 15 A 15 15 8 24 9 ATHENIAN ROTARY 1 15 Broadstone PARK , 1 EACADEMY Square 2 588 STUDENTS STA TE Occupied Lots 0 ST 25,4 21,438 SF 51 Total Lots 64 ADT E

0 10 0 Occupied Lots 0 5 860 PLACE 34 Total Lots 84 TOWNHOMES 49 2 200 UNITS RIVULET 252 UNITS 2 MAPLE VILLAGE 20 APARTMENTS 12 RIVULET APARTMENTS 39 UNITS 252 UNITS PARC ON 5TH 250 UNITS 49 32 52

GREENWOOD PARK 12 24 PARC ON 5TH 2 PHASE II 24 44 UNITS 2 VIEWPOINTE 2 2 288 UNITS

94 T W , D 28 A

0 5

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D 0

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0 COURTYARD POINTE II 2

5 28,592 SF 15 0 &'% 0 ODYSSEY E CHARTER SCHOOL S ARISTOTLE B ACADEMY 431 STUDENTS 8 6 88

5 8 8 0 Utah Valley 8 0 276 Business Park MAYFIELD URBAN GROVE

E NORTH 110,614 SF N 29,400 SF B BUILDING #7

T 53,600 SF D A 8 F 1 R ,1 O 1 1 N NORTHSHORE 8 ICO MAYFIELD 3 T R 7 214 UNITS U ,2 N BUSINESS PARK 2 N 4 E 8 BUILDING #2 R S 23,000 SF A O D U 23,124 SF T T LIAHONA H PREPARATORY 1 BUILDING #4 ACADEMY 4 BUILDING #5 , 6 53,480 SF 6 38,868 SF 4

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, 2 F:\Projects\SL\Brady\AmericanForkShoppingCtr\Housing.mxd - 3/16/112020 lplant LOCATION

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AMERICAN FORK SHOPPING CENTER 12 312 East South Temple l Salt Lake City, UT 84111 l Office 801.456.8800 l www.mtnwest.com FACING SOUTH

Viewpointe Apartments ICO Mayfield 288 Units 214 Units Rivulet Apartments 252 Units Easton Park Broadstone 118 Lots Cityscape at Square 133 Single 533 Students Mahogany Family Permits 31 Lots

The Fields at Timpanogos 192 Units

STATE ROAD

28,152 ADT

600 EAST

13 DEMOGRAPHICS

POPULATION BUFFERS - 1, 3, 5 MILES

Draper

Alpine RD B LOOP 5 MIN 15 MIN 25 MIN N INE D LP V A

13,234 73,238 151,907 D N A HL

G I

2019 EST. 2019 EST. 2019 EST. H Y

TIMPANOGOS HWY W

POPULATION POPULATION POPULATION W E

0 Highland

4 Cedar Hills 5 Miles C

A 2100 N N Y

O Lehi N 9600 N R

E D

2 1 3 Miles

HOUSEHOLDS & AVERAGE INCOME W

MAIN ST

5 MIN 15 MIN 25 MIN 1 American Fork 11 Mile

E 4,420 21,724 43,258 F

R 0 ONT

R 0 UNN PIONE R ER ST 1 E XING SO ATE 2019 EST. 2019 EST. 2019 EST. UTH RD

^0 Pleasant

5 HOUSEHOLDS HOUSEHOLDS HOUSEHOLDS 2 ^ 0

0 D V Grove 0 L B W VE RO G T

S A E L P 5 MIN 15 MIN 25 MIN 700 N 89

15 S T $68,333 $93,845 $105,542 G A

E T

N E

E Lindon S

2019 EST. 2019 EST. 2019 EST. V T

R 200 S 2000 N INCOME INCOME INCOME D

600 S 1600 N

Vineyard 800 N Saratoga Orem Springs

R E CENTER ST D W O O D R D F:\Projects\SL\Jones\AmericanForkShoppingCenter\DemoRings.mxd - 2/4/2020 mliapis

AMERICAN FORK SHOPPING CENTER 14 312 East South Temple l Salt Lake City, UT 84111 l Office 801.456.8800 l www.mtnwest.com UTAH COUNTY, UT (2019) AREA INFORMATION POPULATION MEDIAN AGE HOUSEHOLDS 647,894 25.9 176,071 AMERICAN FORK MEDIAN HOUSEHOLD INCOME “Perhaps no community catches the Spirit of America more than the City of American Fork. Tenderly balancing the small-town charm it was founded upon with big-city retail and opportunity, American Fork enjoys steady $72,567 growth in industry and population.

Education More than 30 percent of American Fork residents have a bachelors degrees or higher.T he State of Utah has an unmatched number of bilingual residents of all ages. Utah Valley University, Brigham Young University, Mountainland Applied Technology College, and Provo College are just minutes away. The City is served by the Alpine School District and is also home to a number of private, charter and vocational schools.

Quality of Life The community is enriched by the American Fork Arts Council, which presents a variety of programs throughout the year. The City also enjoys UTAH PROVO/OREM UTAH the talents of the American Fork Symphony and the Utah Regional Ballet. The American Fork High School Bands have established a reputation for #2 BEST excellence. The American Fork High School Marching Band finished as a #1 BEST Semi-Finalist in the Grand Nationals competition in 2008 and 2013, and STATE TO #2 BEST have been State Champions for more than 20 years. PERFORMING ECONOMY Leisure START A U.S. NEWS & The City is popular for its outdoor trails, biking, hiking and outdoor LARGE CITY WORLD REPORT MILKEN INSTITUTE recreational opportunities. Recreational and camping opportunities BUSINESS MAY 13, 2019 abound, from the American Fork Boat Harbor at Utah Lake to Timpanogos WALLETHUB JAN. 2019 Cave National Monument and the Alpine Scenic Loop, located in beautiful JULY 2, 2018 American Fork Canyon. The City’s central location puts it within a half day’s drive of Utah’s 15 spectacular national parks, monuments, and recreation areas.” Source: https://www.afcity.org/499/About-American-Fork UTAH

#1 STATE FOR ENTREPRENEURS 15 FORBES — NOVEMBER 13, 2019 2020 UTAH OUTLOOK

“The Utah economy continues to prosper. Like the nation, the state’s decade- long economic expansion became the longest on record in 2019. Every major industrial sector expanded over the last year, adding 45,600 new jobs to the economy. The annual employment growth rate of 3.0 percent in 2019 was at the state’s long-term average and among the strongest in the nation. Fueled by record-level residential and near-record commercial activity, Utah’s construction sector added 4,500 jobs and posted the state’s fastest pace of job growth in 2019, 4.3 percent. The boom in the multifamily sector, primarily apartment construction, drove a 10.9 percent increase in the value of all permit-authorized residential construction to $5.7 billion. The value of permitauthorized nonresidential construction grew 6.2 percent in 2019 to $2.3 billion, the highest posting since 2016’s $2.7 billion. Low unemployment and rising wages for Utahns, along with an increase in travel and tourism activity, supported strong job growth of 4.1 percent in the state’s leisure and hospitality sector over the past year. Above-average snowfall and an extended 2018-2019 ski season led to a record $1.4 billion in skier spending. With increased marketing emphasis on places to visit in addition to the Mighty 5® national parks, Utah’s state parks hosted a record number of visitors in 2019. Utah’s population grew by 53,600 to reach 3.2 million in 2019. About 47 percent of this growth came from net in-migration as people moved to the state to take advantage of economic opportunity. Natural increase continued to generate the majority of growth, 53 percent, despite births dropping to the lowest level since 2000. The consensus forecast predicts increasing uncertainty and moderation, but still healthy growth for the Utah economy. Internal risks in 2020 and beyond include a tight labor market, increasing costs, housing affordability, declining fertility rates, and air quality. Externally, a late U.S. business cycle, trade tensions, and geopolitical instability add risk to the forecast. State tax cuts and infrastructure spending present an upside risk for the 2020 Utah economy. Favorable demographics, a supportive business climate, and economic diversity will continue to advantage the economy. As long as major risks to the national expansion are not realized, Utah’s economy will once again be one of the top performing economies in the nation in 2020.” Source: 2020 Economic Report to the Governor by the Utah Economic Council

AMERICAN FORK SHOPPING CENTER 16 312 East South Temple l Salt Lake City, UT 84111 l Office 801.456.8800 l www.mtnwest.com 2019: Ten years of economic expansion 2020: Uncertainty and moderation, but still healthy growth

national parks, Utah’s state parks hosted a record number of Internal risks in 2020 and beyond include a tight labor market, visitors in 2019. increasing costs, housing affordability, declining fertility rates, and Utah’s population grew by 53,600 to reach 3.2 million in 2019. air quality. Externally, a late U.S. business cycle, trade tensions, and About 47 percent of this growth came from net in-migration geopolitical instability add risk to the forecast. as people moved to the state to take advantage of economic State tax cuts and infrastructure spending present an upside opportunity. Natural increase continued to generate the majority risk for the 2020 Utah economy. Favorable demographics, a of growth, 53 percent, despite births dropping to the lowest level supportive business climate, and economic diversity will continue since 2000. to advantage the economy. As long as major risks to the national The consensus forecast predicts increasing uncertainty and expansion are not realized, Utah’s economy will once again be one moderation, but still healthy growth for the Utah economy. of the top performing economies in the nation in 2020.

Utah Value of New Construction, $ millions Utah National Park and Skier Visits, millions

$10,000 $10,000 ResidentialResidential NonresidentialNonresidential 1212 NationalNational Park Park Visits Visits Additions/Alterations/RepairsAdditions/Alterations/Repairs TotalTotal Value Value Skier Skier Days Days

1010 $8,000 $8,000

8 8 $6,000 $6,000

6 6 $4,000 $4,000

4 4

$2,000 $2,000 HACHMAN INDEX OF ECONOMIC2 2 DIVERSITY $- $- 0 0 According to the Hachman Index, a measure of economic diversity, Utah and Missouri led the nation in economic diversity 2000 2000 2001 2001 2002 2002 2003 2003 2004 2004 2005 2005 2006 2006 2007 2007 2008 2008 2009 2009 2010 2010 2011 2011 2012 2012 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 20092009 20102010 20112011 20122012 20132013 20142014 20152015 20162016 20172017 20182018 2019*2019* in 2018 with scores of 97.1 and 96.8, respectively, based on gross domestic product by industry. A higher score, closer to *2019 skier days will be released in June 2020. Skier days include season that begins with 100, indicates more economic diversity. A timely yearexample shown (e.g. of 2018 the = advantage 2018-2019 ski season). of diversity is the impact of globalization and tariffs on state economies. Those states with employment concentrations in auto, textiles, or steel production experienced severe job losses. In contrast, Utah’s economic diversity provided added protection from the negative impacts of tariffs. Hachman Index of EconomicSource: Diversity 2020 Economic Report WA to the Governor by 85.1 According to the Hachman Index, a MT MEOR the Utah Economic Council ND 91.0 measure of economic diversity, Utah 83.2 49.0 MNMN VTVT 89.4 OROR 94.0 94.0 NNHH 94.5 and Missouri led the nation in economic 93.493.4 ID WI NY 82.3 SD WI MAMA 89.4 89.4 91.5 MI 79.1 diversity in 2018 with scores of 97.1 and WY 60.7 91.5 91.2MI RRII 89.1 32.0 91.2 96.8, respectively, based on gross domestic IA PAPA CTC T 91.0 NE 95.7 NV 75.8 OH NNJJ 93.8 product by industry. A higher score, closer 73.0 IL 67.5 UTUT IL IN 93.693.6 95.5 MDMD 88.3 88.3 97.197.1 COCO 95.5 76.5 WV to 100, indicates more economic diversity. KS VA DEDE 56.0 56.0 CA 93.293.2 KS MO 64.1 CA 92.4 KY 89.1 A timely example of the advantage of 92.8 92.4 96.8 89.6 DCDC 48.9 NCNC diversity is the impact of globalization TN 93.5 AZAZ 93.5 OK 92.192.1 96.0 AR SC and tariffs on state economies. Those 96.0 NM 47.7 SC 88.1 91.0 60.1 91.0 states with employment concentrations MS AL GAGA Hachman Index Index Score Score 86.3 90.6AL 95.995.9 95.0 + + (Most (Most Diverse) Diverse) in auto, textiles, or steel production 90.6 TX LA 90.0-94.990.0 - 94.9 73.6 experienced severe job losses. In contrast, 83.9 FL 85.0-89.985.0 - 89.9 AK 92.0 Utah’s economic diversity provided added 33.8 FL 75.0-84.975.0 - 84.9 92.0 protection from the negative impacts of < 75.0 (Least (Least Diverse) Diverse) HIHI tariffs. 72.2

Note: All 2019 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.UTAH RANKINGS

Demographic State Rank3 Value Year Economic State Rank3 Value Period

Population Growth Rate 3rd 1.9% 2018 Employment Change1,2,4 2nd 2.7% HighlightsAugust -19 Annual

Total Fertility Rate 2nd 2.12 2017 Unemployment Rate1,2 8th 2.8% August -19 Life Expectancy 10th 80.2 2010 Median Household Income 7th $77,067 2018 Median Age 1st 31.0 2018 Per Capita Personal Income 41st $45,340 2018 Household Size 1st 3.13 2017 Total Personal Income (% Change) 14th 4.4% Q1-19 Annual Social Indicators Notes: 1. Rankings are based on the most recent data available for all states; may Poverty Rate 6th 9.7% 2017 differ from other data. Educational Attainment 2. Job growth and unemployment rates are based on seasonally adjusted data from the Bureau of Labor Statistics and may differ from estimates published Persons 25+ w/high school degree 10th 92.1% 2017 by other sources. Persons 25+ w/high school degree 12th 34.6% 2017 3. Rank is most favorable to least favorable. 4. Employment change based on nonfarm employment totals. Source: 2019 September Economic Summary by the Kem C. Gardner Policy Institute at the University of Utah 17 2020 Economic Report to the Governor

The Utah economy continues to prosper. Like the nation, the drove a 10.9 percent increase in the value of all permit-authorized state’s decade-long economic expansion became the longest on residential construction to $5.7 billion. The value of permit- record in 2019. Every major industrial sector expanded over the authorized nonresidential construction grew 6.2 percent in 2019 to last year, adding 45,600 new jobs to the economy. The annual 2019$2.3 billion, JOB the highest GROWTH posting since 2016’s $2.7 billion. employment growth rate of 3.0 percent in 2019 was at the state’s Low unemployment and rising wages for Utahns, along with an long-term average and among the strongest in the nation. “Utah’sincrease economy in travel continued and tourism to grow inactivity, 2019. While supported national gainsstrong were job modest, growth Utah remained among Fueled by record-level residential and near-record commercial theof 4.1 fastest-growing percent in states. the state’s The state leisure posted and yearover-year hospitality job sector growth over at 3.0%, the near double the national activity, Utah’s construction sector added 4,500 jobs and posted increasepast year. of 1.6%. Above-average This corresponds snowfall to more and than an 45,600 extended jobs added 2018-2019 to Utah’s economy. ski In 2019 the Economic Development Corporation of Utah and the Utah Governor’s Office of Economic Development MiningMining 200200 (2.1%) (2.1%) NevadaNevada 3.3%3.3% the state’s fastest pace of job growth in 2019, 4.3 percent. The workedseason together led to ato record support $1.4 42 companies billion in to skier relocate spending. or expand With in Utah, increased adding over 9,500 jobs to the ConstructionConstruction 4,5004,500 (4.3%) (4.3%) boom in the multifamily sector, primarily apartment construction, state’smarketing UtaheconomyUtah emphasis and retaining on places over 3,500 to visitadditional in addition jobs. These to thecompanies Mighty3.0%3.0% made 5® capital investments in ManufacturingManufacturing 4,5004,500 (3.4%) (3.4%) Utah totaling more than $500 million.” Mining 200 (2.1%) ArizonaArizonaNevada 2.6%2.6% 3.3% Trade,Trade, Trans., Trans., Utilities Utilities 6,2006,200 (2.2%) (2.2%) Source: 2020 Economic Report to the Governor by the Utah Economic Council Construction 4,500 (4.3%) Utah EmploymentInformationInformation Growth, 1,400Level1,400 (3.6%) (3.6%) and Percent, 2018–2019 StatesFloridaFloridaUtah with Strongest Job Growth, 2018–20192.5%2.5% 3.0% Manufacturing 4,500 (3.4%) STATES WITH THE STRONGEST JOB GROWTH 2018-2019 +45,600 jobsFinancialFinancial Activity Activity 2,4002,400 (2.8%) (2.8%) WashingtonWashingtonArizona 2.5%2.5%2.6% Trade, Trans., UtilitiesMining 200 (2.1%) 6,200 (2.2%) Nevada 3.3% ProfessionalProfessional & Business& Business Services Services 8,2008,200 (3.8%) (3.8%) IdahoIdaho 2.4%2.4% ConstructionInformation 1,400 (3.6%) 4,500 (4.3%) Florida 2.5% EducationEducation & Health& Health Services Services 6,1006,100 (3%) (3%) Utah 3.0% FinancialManufacturing Activity 2,400 (2.8%)4,500 (3.4%) WashingtonTexasTexas 2.5%2.5% LeisureLeisure & Hospitality& Hospitality 6,1006,100 (4.1%) (4.1%) Arizona 2.6% Trade, Trans., Utilities 6,200 (2.2%) Professional & Business Services 8,200 (3.8%) SouthSouth Dakota DakotaIdaho 2.1%2.1% 2.4% OtherOther Services Services 1,1001,100 (2.7%) (2.7%) Florida 2.5% Education & HealthInformation Services 1,400 (3.6%) 6,100 (3%) GovernmentGovernment 4,9004,900 (2%) (2%) U.S.Texas U.S. 1.6%1.6% 2.5% LeisureFinancial & Hospitality Activity 2,400 (2.8%) 6,100 (4.1%) Washington 2.5% South Dakota 2.1% Professional & BusinessOther Services 1,100 (2.7%) 8,200 (3.8%) Idaho 2.4% Education & HealthGovernment Services 6,100 (3%) U.S. 1.6% 4,900 (2%) Texas 2.5% Leisure & Hospitality 6,100 (4.1%) South Dakota 2.1% Other Services 1,100 (2.7%) Government 4,900 (2%) U.S. 1.6% 80,00080,000 NetNet Migration Migration NaturalNatural Increase Increase Government,Government, 16.2% 16.2% Mining,Mining, 0.6% 0.6% Utah ComponentsPopulationPopulation Changeof Change Population Change OtherOtherTotal Services, Services, Share 2.7% 2.7% of Utah Jobs by Sector, 2019 Construction,Construction, 7.0% 7.0% 60,00060,000 2019 BUSINESS CLIMATE 80,000 Net Migration LeisureLeisure & & Manufacturing,Manufacturing, 8.8% 8.8% Natural Increase Government,Hospitality,Hospitality, 9.9% 16.2% 9.9% Mining, 0.6% 40,00040,000 Population Change “Utah’sOther Services, young, 2.7% educated workforce20192019 continues total total to grow, state Construction,and local governments 7.0% remain fiscally 60,000 responsible and stable, and the jobcostjob count:of count: doing business remains lower than the national average. Utah continuesLeisure to & receive recognition as a leading global businessManufacturing, destination, 8.8% enjoying accolades 20,00020,00080,000 Net Migration EducationEducation & Health& Health fromGovernment,Hospitality, national 16.2% 9.9%sources like Forbes,1.561.56 which million million has ranked Utah theTrade,Mining,Trade, #1 Trans.,Best Trans., 0.6% State for Business in six of 40,000 Natural Increase Services,Services, 13.4% 13.4% 2019 total Utilities,Utilities, 18.7% 18.7% Population Change theOther past Services, nine years2.7% and second in 2018. In November, ForbesConstruction, also named 7.0% Utah the Best State for 60,0000 0 Entrepreneurs in 2020. Utah also rankedjob count: fourth on CNBC’s “America’s Top States for Business 2019.” 20,000 FactorsEducationProfessional ProfessionalthatLeisure & Healthcontribute & to this ranking1.56 includemillion the economy, Manufacturing,Trade,high qualityTrans., of 8.8% life, business friendliness, andHospitality, qualityServices,& Business& Business infrastructure.” 13.4% 9.9% Information,Information,Utilities, 18.7% 2.5% 2.5% 40,000 -20,000-20,000 Services,Services, 14.4% 14.4% 2019 total FinancialFinancial Activity, Activity, 5.8% 5.8% Source: 2020 Economic Report to the Governor by the Utah Economic Council 0 job count: 1980 1980 1982 1982 1984 1984 1986 1986 1988 1988 1990 1990 1992 1992 1994 1994 1996 1996 1998 1998 2000 2000 2002 2002 2004 2004 2006 2006 2008 2008 2010 2010 2012 2012 2014 2014 2016 2016 2018 2018 Professional 20,000 Education &AMERICAN Health FORK SHOPPING CENTER Trade, Trans., 18 & Business 1.56 million Information, 2.5% Services,312 13.4% East South Temple l Salt Lake City, UT 84111 l Office 801.456.8800Utilities, l www.mtnwest.com 18.7% -20,000 Services, 14.4% Financial Activity, 5.8% 0 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 Professional & Business Information, 2.5% -20,000 Services, 14.4% Financial Activity, 5.8% Utah Annual Job Growth History Utah International Exports, $ billions 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 8.0%8.0% 3.0%3.0% long-term long-term average average $20$20 $19.0$19.0$19.3$19.3 GoldGold AllAll Other Other Commodities Commodities $17.4$17.4 6.0%6.0% $16.1$16.1

8.0% 3.0% long-term average $15$20$15 $19.0 $19.3 $14.4$14.4 4.0%4.0% $13.8$13.8 Gold$13.3$13.3All Other Commodities $12.2$12.2 $17.4 $12.1$12.1$11.6$11.6 2.0%2.0%6.0% $16.1 $10$15$10 $14.4 0.0%8.0%0.0%4.0% 3.0% long-term average $20 $13.8 $19.0 $19.3 $13.3 $12.2Gold All Other Commodities $12.1 $11.6 $17.4 -2.0%-2.0%6.0%2.0% $16.1 $5$10$5 0.0% $15 $14.4 -4.0%-4.0%4.0% $13.8 $13.3 $12.2 $12.1 -2.0% $11.6 -6.0%-6.0%2.0% $0$5$0 $10 -4.0%0.0% 1980 1980 1982 1982 1984 1984 1986 1986 1988 1988 1990 1990 1992 1992 1994 1994 1996 1996 1998 1998 2000 2000 2002 2002 2004 2004 2006 2006 2008 2008 2010 2010 2012 2012 2014 2014 2016 2016 2018 2018 20102010 20112011 20122012 20132013 20142014 20152015 20162016 20172017 20182018 20192019

-2.0%-6.0% 2020 Economic Report to the Governor $5$0 -4.0% 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

-6.0% $0

1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2019 TRENDS

Utah’s strategic industry clusters employed over 258,000 Utahns in 2019, up from 247,000 in 2018, demonstrating 4.2% growth. Utah’s industry clusters include aerospace and defense, energy and natural resources, financial services, life sciences, outdoor products, and software development and information technology. Utah-based companies raised $998 million in venture capital in 2018. Strong investment activity continued in 2019, with companies raising over $1.2 billion as of November 19th. Utah also saw nearly $9.3 billion worth of mergers and acquisitions by November 19, 2019. *Source: 2020 Economic Report to the Governor by the Utah Economic Council

UTAH EMPLOYMENT GROWTH, LEVEL AND PERCENT 2018–2019

+45,600 jobs Mining 200 (2.1%) Construction 4,500 (4.3%) Manufacturing 4.500 (3.4%) Trade, Trans., Utilities 6,200 (2.2%) Information 1,400 (3.6%) Financial Activity 2,400 (2.8%) Professional & Business Services 8,200 (3.8%) Education & Health Services 6,100 (3%) Leisure & Hospitality 6,100 (4.1%) Other Services 1,100 (2.7%) Government 4,900 (2%)

*Source: 2020 Economic Report to the Governor by the Utah Economic Council

19 PREPARED BY

SCOTT BRADY [email protected] direct 801.456.8804 View Profile

GARRETT BLOMQUIST [email protected] direct 801.727.4414 View Profile

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