Panorama at Riverwoods 400 Park Circle Center | Provo, Ut Offering Memorandum

PANORAMA AT RIVERWOODS 400 PARK CIRCLE CENTER | PROVO, UT OFFERING MEMORANDUM

Rawley Nielsen Brandon Fugal +1 801 441 5922 +1 801 947 8300 BEGIN [email protected] [email protected]

This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties www.colliers.com arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). ©2018. All rights reserved. DISCLOSURE AND CONFIDENTIALITY PANORAMA AT RIVERWOODS | OFFERING MEMORANDUM

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DISCLOSURE The information contained in this Offering Memorandum is confidential, furnished solely This Offering Memorandum is subject to prior placement, errors, omissions, changes or for the purpose of review by a prospective purchaser of 400 Park Circle Center, Provo, withdrawal without notice and does not constitute a recommendation, endorsement or advice UT (the “Property”) and is not to be used for any other purpose or made available to any as to the value of the Property by Colliers or the Owner. Each prospective purchaser is to rely other person without the expressed written consent of Colliers International (“Colliers”) or upon its own investigation, evaluation and judgment as to the advisability of purchasing the the “Owner”. The material is based in part upon information supplied by Owner and in part Property described herein. upon information obtained by Colliers from sources it deems reasonably reliable. Summaries EXECUTIVE EXECUTIVE SUMMARY of any documents are not intended to be comprehensive or all inclusive but rather only Owner and Colliers expressly reserve the right, at their sole discretion, to reject any or all an outline of some of the provisions contained therein. No warranty or representation, expressions of interest or offers to purchase the Property and/or to terminate discussions expressed or implied, is made by Owner, Colliers, or any of their respective affiliates, as to with any party at any time with or without notice. Owner shall have no legal commitment or the accuracy or completeness of the information contained herein or any other written or oral obligation to any interested party reviewing this Offering Memorandum or making an offer to communication transmitted to a prospective purchaser in the course of its evaluation of the purchase the Property unless a written agreement for the purchase of the Property has been

INVESTMENT Property. No legal liability is assumed or to be applied in connection with the information or fully executed and delivered by the Owner and such party and any conditions to Owner’s SUMMARY such other communications. Without limiting the generality of the foregoing, the information obligations thereunder have been satisfied or waived and then only to the extent expressly shall not be deemed a representation of the state of affairs of the Property or constitute an provided for therein. Colliers is not authorized to make any representations or agreements indication that there has been no change in the business or affairs of the Property since on behalf of Owner. the date of preparation of the information. Prospective purchasers should make their own

LOCATION AERIALS projections and conclusions without reliance upon the materials contained herein and This Offering Memorandum is the property of Colliers and may be used only by parties conduct their own independent due diligence, including engineering and environmental approved by Colliers and Owner. The Property is privately offered and, by accepting delivery inspections, to deter- mine the condition of the Property and the existence of any potentially of this Offering Memorandum, the party in possession hereof agrees (i) to return it to Colliers hazardous material located at the site. immediately upon request of Colliers or Owner and (ii) that this Offering Memorandum and its contents are of a confidential nature and will be held and treated in the strictest confidence. This Offering Memorandum was prepared by Colliers and has been reviewed by Owner. No portion of this Offering Memorandum may be copied or otherwise reproduced or disclosed It contains select information pertaining to the Property and does not purport to be all to anyone without the prior written authorization of Colliers and Owner. FINANCIAL FINANCIAL

ANALYSIS inclusive or to contain all of the information which a prospective purchaser may desire. All financial projections are provided for general reference purposes only and are based on assumptions relating to the general economy, competition and other factors beyond control and, therefore, are subject to material change or variation. An opportunity to inspect the Property will be made available to qualified prospective purchasers. PROPERTY PROPERTY DETAILS In this Offering Memorandum, certain documents and other materials are described in summary form. The summaries do not purport to be complete nor, necessarily, accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected to independently review all documents. INFORMATION MARKET MARKET

Colliers International 111 Main Street | Suite 2200 Salt Lake City, UT 84111 P: +1 801 947 8300 2 EXECUTIVE SUMMARY PANORAMA AT RIVERWOODS | OFFERING MEMORANDUM

MENU This unique offering gives a qualified investor the opportunity to buy a world-class, 122,514 square foot CLICK TO To be determined by NAVIGATE asset that has been home to some of the tech companies that are largely responsible for putting what has Price: market DISCLOSURE come to be known as “Silicon Slopes” on the map. The widely-known, $8 Billion tech company, Qualtrics, called the building home for years until they recently outgrew the space and purchased the building directly 400 Park Circle Center Address: next door. Provo, UT 84604 Building Size: 122,514 sq. ft. When Qualtrics’ lease expired on January 1, 2017, another large technology firm, Imagine Learning, moved in to the first two floors for the commencement of their approximately 6-year lease as anchor tenant. Shortly Total Land Area: 7.5 acres EXECUTIVE EXECUTIVE SUMMARY thereafter, another one of Utah’s most-celebrated tech companies, Chatbooks, signed their 5-year lease on the third floor — which commenced July 2017. Stated simply, this is a building that attracts attention from the Parcel: 51:176:0001 exact companies that have brought attention to Utah’s “Silicon Slopes.” Year Built: 1992 400 Park Circle Center is a beautifully designed contemporary work environment, in a premium location, with

INVESTMENT an abundance of building amenities and creative finishes that have become expected for the talent this area Year Remodeled: 2011 - 2017 SUMMARY and these companies attract. Net Operating Income (Yr 1) Located in the prestigious Riverwoods Business Park in Provo, Utah, Business Insider’s #2 city in the country that is driving the future, this exact location has been strategically chosen as long-term headquarters by

LOCATION AERIALS renowned tech companies like Qualtrics, Vivint, in addition to Chatbooks, Imagine Learning, and others. Riverwoods Business Park’s close proximity to powerhouse educational institutions Brigham Young University MINUTES TO: and Utah Valley University, the Shops at Riverwoods, Provo River Parkway,Provo Canyon, Sundance Resort, the gorgeous Wasatch Mountains, and some of the most affordable living in the country make it easy to attract Brigham Young University (33,000+ Students) 7 and retain top talent. Utah Valley University (39,000+ Students) 10 The Shops at Riverwoods 1 FINANCIAL FINANCIAL ANALYSIS Provo River Parkway 3 Sundance Resort 20 Salt Lake City 45 PROPERTY PROPERTY

DETAILS Park City 45

Orem/Provo is the #1 Best Performing Economy in the Nation INFORMATION (Milken Institute, 2018) MARKET MARKET

Colliers International 111 Main Street | Suite 2200 Salt Lake City, UT 84111 P: +1 801 947 8300 3 INVESTMENT SUMMARY PANORAMA AT RIVERWOODS | OFFERING MEMORANDUM

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DISCLOSURE Colliers International is pleased to offer for sale Panorama at Riverwoods, PROPERTY HIGHLIGHTS an institutional grade Class A offering in the heart of Provo, the #1 fastest • Strong prominent tenants in one of the growing job market in the nation and the leader of growth in what Forbes important office parks in Utah has called the “Best State for Business” four of the last five years. (Milken Institute) • Very rare features to Provo/Orem

EXECUTIVE EXECUTIVE submarket: underground parking and SUMMARY This offering brings investors an ideally located building consisting of 122,514 secure storage square feet of Class A office space on seven and one-half acres. Panorama at Riverwoods benefits from its location minutes from two of the largest • Multiple deluxe, modern kitchens and strongest universities in the state, Brigham Young University and Utah available on each floor Valley University, composed of over 73,000 students. • Fully remodeled from 2011-2017 INVESTMENT SUMMARY • Back-up generator enclosure available Name Panorama at Riverwoods • Employee fitness center and showers 400 Park Circle Center Address • Creative finishes Provo, UT 84604 LOCATION AERIALS • Exposed ceilings Building Size 122,514 sq. ft. • New bathrooms Total Land Area 7.5 acres • Loading dock and freight elevator

Parcel Number 51:176:0001 • Fiber connectivity 1992 • State-of-the-art electronic card reader FINANCIAL FINANCIAL ANALYSIS Year Built (remodeled 2011-2017) access to the building, elevators and common area lobbies Zoning Research and Business • Abundant parking; 3.7 / 1000 Parking 439 stalls (16 covered); 3.7/1,000 sq ft • Convenient location: directly accessible PROPERTY PROPERTY

DETAILS from University Avenue, a four lane Sales Price To be determined by market arterial connecting to I-15 to the south, Net Operating Income or from 800 North in Orem. (Yr 1 Proforma) INFORMATION

MARKET MARKET CONNECTIVITY Utah: #1 State for Entrepreneurs (Forbes, 2019)

Colliers International 111 Main Street | Suite 2200 Salt Lake City, UT 84111 P: +1 801 947 8300 4 LOCATION AERIALS PANORAMA AT RIVERWOODS | OFFERING MEMORANDUM

MENU CLICK TO PARCEL AERIAL AMENITIES CITY AERIAL NAVIGATE DISCLOSURE EXECUTIVE EXECUTIVE SUMMARY SITE INVESTMENT SUMMARY

Qualtrics Dr.

University Ave

LOCATION AERIALS er iv R vo ro P

300 West

FINANCIAL FINANCIAL

ANALYSIS

PROPERTY PROPERTY DETAILS

4800 North INFORMATION MARKET MARKET

Colliers International 111 Main Street | Suite 2200 Salt Lake City, UT 84111 P: +1 801 947 8300 5 LOCATION AERIALS PANORAMA AT RIVERWOODS | OFFERING MEMORANDUM

MENU CLICK TO PARCEL AERIAL AMENITIES CITY AERIAL NAVIGATE DISCLOSURE EXECUTIVE EXECUTIVE SUMMARY INVESTMENT SUMMARY

n yo an C LOCATION AERIALS o rov P

800 North University

Ave FINANCIAL FINANCIAL ANALYSIS

r e iv R

o v PROPERTY PROPERTY o

DETAILS r P

SITE

300 West

INFORMATION

MARKET MARKET 4800 North

Colliers International 111 Main Street | Suite 2200 Salt Lake City, UT 84111 P: +1 801 947 8300 6 LOCATION AERIALS PANORAMA AT RIVERWOODS | OFFERING MEMORANDUM

MENU CLICK TO PARCEL AERIAL AMENITIES CITY AERIAL NAVIGATE DISCLOSURE EXECUTIVE EXECUTIVE SUMMARY

ON CANY VO RO

INVESTMENT 800 N. (Orem) P SUMMARY

Center St. (Orem) SITE 39,931 Students State Street LOCATION AERIALS

University Pkwy

University Ave. FINANCIAL FINANCIAL ANALYSIS 33,517 Students PROPERTY PROPERTY DETAILS INFORMATION MARKET MARKET Center St. (Provo)

Colliers International 111 Main Street | Suite 2200 Salt Lake City, UT 84111 P: +1 801 947 8300 7 FINANCIAL ANALYSIS PANORAMA AT RIVERWOODS | OFFERING MEMORANDUM

MENU CLICK TO NAVIGATE RENT ROLL TENANT INFORMATION 1 TENANT INFORMATION 2 ARGUS DISCLOSURE

Annual Suite Tenant Sq. Ft. Monthly Annual Rent PSF Lease Monthly Recoveries Base Year Lease Lease Escalations Rent Rent Type CAM PSF Start Expiration EXECUTIVE EXECUTIVE SUMMARY

100, 200 Imagine Learning, Inc. 74,973 $136,513 $1,638,160 $21.85 Office Net $5,352 $0.86 12/1/2017 2/17/2017 10/31/2022 2% Annual Escalations

"3% Annual Escalations INVESTMENT

SUMMARY 300A Chatbooks, Inc. 26,996 $53,722 $644,664 $23.88 Office Net $1,027 $0.46 12/1/2017 8/7/2017 8/31/2022 Tenant pays $4,769/ mo. in TIs through Lease Expiration"

Asking lease rate of Basement Vacant - Office 9,180

LOCATION AERIALS $14.00 psf

Total Office Sq. Ft. 111,149 $190,235 $2,282,825 $6,379

Basement Chatbooks, Inc. 1,370 $1,370 $16,440 $12.00 Office Gross 9/1/2017 MTM Basement storage FINANCIAL FINANCIAL ANALYSIS

Basement Vacant - Storage 9,995 PROPERTY PROPERTY

DETAILS Total Storage Sq. Ft. 11,365 $1,370 $16,440 $6,379

Building Totals

Occupied Sq. Ft. 103,339 84.3% INFORMATION

MARKET MARKET Vacant Sq. Ft. 19,175 15.7% Total Building Sq. Ft. 122,514

Colliers International 111 Main Street | Suite 2200 Salt Lake City, UT 84111 P: +1 801 947 8300 8 FINANCIAL ANALYSIS PANORAMA AT RIVERWOODS | OFFERING MEMORANDUM

MENU CLICK TO NAVIGATE RENT ROLL TENANT INFORMATION 1 TENANT INFORMATION 2 ARGUS DISCLOSURE

Imagine Learning is a Provo, Utah headquartered technology firm Lease Start: 1/1/2017 that provides computer-based language and literacy instruction to hundreds of thousands of students throughout the United States. Lease End Date: 8/31/2022 EXECUTIVE EXECUTIVE

SUMMARY Used in 6,500 schools nationwide, as well as in nearly a dozen countries, the company serves English language learners, struggling Space leased: 74,973 sq. ft. readers and early childhood students. Current Rate: $21.85 psf

Over the past decade, Imagine Learning grew from a fledgling startup to a flourishingmultimillion-dollar company. The Lease Type: Full service company grew from about $500,000 in revenue in 2004 to estimated revenues of nearly $50 million one decade INVESTMENT SUMMARY later. In 2014, the company was purchased by Weld North Holdings, a private equity and venture specializing in education Extension Options: Two 5-year services companies. LOCATION AERIALS FINANCIAL FINANCIAL ANALYSIS PROPERTY PROPERTY DETAILS INFORMATION MARKET MARKET

Colliers International 111 Main Street | Suite 2200 Salt Lake City, UT 84111 P: +1 801 947 8300 9 FINANCIAL ANALYSIS PANORAMA AT RIVERWOODS | OFFERING MEMORANDUM

MENU CLICK TO NAVIGATE RENT ROLL TENANT INFORMATION 1 TENANT INFORMATION 2 ARGUS DISCLOSURE Since its founding in 2014, Chatbooks has experienced explosive Lease Start: 9/1/2017 growth nationally and, recently, internationally. Based on revenue and employment growth, Chatbooks was recognized as the #1 Lease End Date: 08/31/2022 company in that State of Utah among all companies younger than 5 years old (UVEF, 2016). Chatbooks is an app and website that enables Space leased: 26,996 sq. ft.

EXECUTIVE EXECUTIVE people to literally and figuratively “hold on to what matters” by creating SUMMARY subscription-based automated photo books. Current Rate: $23.88 psf Founded in 2014, the Utah-based 100-person company has raised a total of $23 million in venture capital backing, Chatbooks recently gained recognition for its groundbreaking video ad, “Stop Wasting Hours Making Photo Books,” which quickly went Lease Type: Full service viral and was viewed over 50 million times in its first three months. By focusing on the unique needs of mobile-first parents, Chatbooks has proven that people still want to hold on to their photos and videos in physical form—they just want the Extension Options: One 5-year INVESTMENT

SUMMARY experience to be automated, easy, and affordable. The company has credited their Utah location as a significant contributor to their success, and this latest funding round is no exception. “There’s an incredible venture capital and startup ecosystem in Utah that just keeps getting stronger,” said Chatbooks CEO Nate Quigley. LOCATION AERIALS FINANCIAL FINANCIAL ANALYSIS PROPERTY PROPERTY DETAILS INFORMATION MARKET MARKET

Colliers International 111 Main Street | Suite 2200 Salt Lake City, UT 84111 P: +1 801 947 8300 10 FINANCIAL ANALYSIS PANORAMA AT RIVERWOODS | OFFERING MEMORANDUM

MENU CLICK TO NAVIGATE RENT ROLL TENANT INFORMATION 1 TENANT INFORMATION 2 ARGUS

DISCLOSURE Panorama at Riverwoods Software: ARGUS Ver. 15.0.1.26 File: Panorama at Riverwoods Property Type: Office/Industrial Portfolio: SCHEDULE OF PROSPECTIVE CASH FLOW IN INFLATED DOLLARS FOR THE FISCAL YEAR BEGINNING 1/1/2018 Date: 7/20/17 Time: 3:48 pm Ref#: ABD Page: 1 Schedule Of Prospective Cash Flow EXECUTIVE EXECUTIVE SUMMARY In Inflated Dollars for the Fiscal Year Beginning 1/1/2018

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 For the Years Ending ______Dec-2018 ______Dec-2019 ______Dec-2020 ______Dec-2021 ______Dec-2022 ______Dec-2023 Potential Gross Revenue Base Rental Revenue $2,051,807 $2,261,209 $2,455,580 $2,512,317 $2,599,927 $2,714,887 Absorption & Turnover Vacancy (377,070) Base Rent Abatements (449,938) INVESTMENT ______SUMMARY Scheduled Base Rental Revenue 2,051,807 2,261,209 2,455,580 2,512,317 1,772,919 2,714,887 CAM Revenue 58,000 59,740 61,532 63,378 65,280 67,238 Storage and Other Income 12,000 12,360 12,731 13,113 13,506 13,911 ______Total Potential Gross Revenue 2,121,807 2,333,309 2,529,843 2,588,808 1,851,705 2,796,036 ______Effective Gross Revenue 2,121,807 2,333,309 2,529,843 2,588,808 1,851,705 2,796,036 ______Operating Expenses LOCATION AERIALS Maintenance - Housekeeping Janitorial - CAM 96,900 98,838 100,815 102,831 104,888 106,985 Maintenance - Landscaping - CA 6,358 6,485 6,615 6,747 6,882 7,020 Maintenance - Electrical - CAM 3,062 3,123 3,186 3,250 3,315 3,381 Maintenance - Elevators - CAM 4,881 4,978 5,078 5,180 5,283 5,389 Maintenance - Plumbing - CAM 965 985 1,004 1,024 1,045 1,066 Maintenance - HVAC - CAM 13,260 13,525 13,796 14,072 14,353 14,640 Maintenance - Parts and Genera 2,681 2,734 2,789 2,845 2,902 2,960 Maintenance - Vendors - CAM 31,713 32,347 32,994 33,654 34,327 35,013 Maintenance Payroll Expense - 1,346 1,373 1,401 1,429 1,457 1,486 Painting Supplies - CAM 458 467 476 486 495 505 Carpets and Floors - CAM 1,286 1,312 1,338 1,365 1,392 1,420 FINANCIAL FINANCIAL ANALYSIS General Repair - CAM 3,311 3,378 3,445 3,514 3,584 3,656 Electricity - CAM 168,300 171,666 175,099 178,601 182,173 185,817 Gas - CAM 27,288 27,834 28,391 28,958 29,537 30,128 Water and Sewer - CAM 19,924 20,323 20,729 21,144 21,567 21,998 Waste Disposal - CAM 15,960 16,279 16,605 16,937 17,275 17,621 Property Management 95,481 104,999 113,843 116,496 83,327 125,822 Burglar Alarm Service - CAM 582 594 606 618 630 643 PROPERTY PROPERTY Fire Protection - CAM 2,613 2,665 2,719 2,773 2,828 2,885 DETAILS Consulting and Other Professional fees 1,421 1,450 1,479 1,508 1,538 1,569 Property Insurance - CAM 17,006 17,347 17,693 18,047 18,408 18,776 Liability Insurance - CAM 3,249 3,314 3,380 3,448 3,517 3,587 Umbrella Insurance - CAM 656 669 682 696 710 724 Property Taxes - CAM 178,543 182,114 185,756 189,471 193,261 197,126 Dues and Subscriptions - CAM 7,430 7,579 7,730 7,885 8,043 8,204 Snow Removal - CAM 12,240 12,485 12,734 12,989 13,249 13,514 ______

INFORMATION Total Operating Expenses 716,914 738,863 760,383 775,968 755,986 811,935 ______

MARKET MARKET Net Operating Income 1,404,893 1,594,446 1,769,460 1,812,840 1,095,719 1,984,101 ______Debt Service Interest Payments 606,618 596,554 586,027 575,017 563,501 Principal Payments 219,076 229,141 239,667 250,677 262,194 *Assumes 70% Loan at 4.5% ______Total Debt Service 825,694 825,695 825,694 825,694 825,695 ______Leasing & Capital Costs

Colliers International 111 Main Street | Suite 2200 Salt Lake City, UT 84111 P: +1 801 947 8300 11 PROPERTY INFORMATION PANORAMA AT RIVERWOODS | OFFERING MEMORANDUM

MENU CLICK TO NAVIGATE DESCRIPTION PHOTOS 1 PHOTOS 2 GROUND LEVEL 1ST FLOOR 2ND FLOOR 3RD FLOOR DISCLOSURE Foundation: Reinforced poured concrete

Ceiling: 2 x 4 ' Drop Grid, Painted Gypsum Board, Exposed Standard

Electrical: Standard, Back-up Generator Enclosure Available EXECUTIVE EXECUTIVE SUMMARY Elevators: 2

Exterior Wall: Masonry/Concrete/Stucco Carpet/Ceramic, Porcelain, Vinyl Composite Tile, Polished concrete, Floor Cover: LVT Plank INVESTMENT SUMMARY Floor to Ceiling Height: 7'6" - 21' 7"

Frame: "A" Steel/Noncombustible

HVAC: A/C and forced air LOCATION AERIALS Interior Partitions: Painted Drywall / Glass

Economic Life: 5

Remaining Economic Life: 55

Deferred Maintenance: None FINANCIAL FINANCIAL ANALYSIS Landscaping: Small trees, shrubs, and grassed areas

Lighting: Fluorescent & LED

Plumbing: Standard PROPERTY PROPERTY DETAILS Restrooms: 8 Male, 8 Female and 4 Showers

Roof Cover: TPO Membrane

Security: Yes INFORMATION

MARKET MARKET Fire Sprinklers: Wet System

Windows: Double Pane-Aluminum

Parking Ratio: 423 Surface & 16 Covered Stalls; 3.7 / 1000

Colliers International 111 Main Street | Suite 2200 Salt Lake City, UT 84111 P: +1 801 947 8300 12 PROPERTY INFORMATION PANORAMA AT RIVERWOODS | OFFERING MEMORANDUM

MENU CLICK TO NAVIGATE DESCRIPTION PHOTOS 1 PHOTOS 2 GROUND LEVEL 1ST FLOOR 2ND FLOOR 3RD FLOOR DISCLOSURE EXECUTIVE EXECUTIVE SUMMARY INVESTMENT SUMMARY LOCATION AERIALS FINANCIAL FINANCIAL ANALYSIS PROPERTY PROPERTY DETAILS INFORMATION MARKET MARKET

Colliers International 111 Main Street | Suite 2200 Salt Lake City, UT 84111 P: +1 801 947 8300 13 PROPERTY INFORMATION PANORAMA AT RIVERWOODS | OFFERING MEMORANDUM

Colliers International 111 Main Street | Suite 2200 Salt Lake City, UT 84111 P: +1 801 947 8300 14

PROPERTY INFORMATION PANORAMA AT RIVERWOODS | OFFERING MEMORANDUM

MENU CLICK TO NAVIGATE DESCRIPTION PHOTOS 1 PHOTOS 2 GROUND LEVEL 1ST FLOOR 2ND FLOOR 3RD FLOOR DISCLOSURE

Garden Level: 20,545 RSF EXECUTIVE EXECUTIVE SUMMARY INVESTMENT SUMMARY

STORAGE SPACE LOCATION AERIALS

MECHANICAL FINANCIAL FINANCIAL ANALYSIS

9,180 RSF PROPERTY PROPERTY DETAILS INFORMATION MARKET MARKET

Colliers International 111 Main Street | Suite 2200 Salt Lake City, UT 84111 P: +1 801 947 8300 15 PROPERTY INFORMATION PANORAMA AT RIVERWOODS | OFFERING MEMORANDUM

MENU CLICK TO NAVIGATE DESCRIPTION PHOTOS 1 PHOTOS 2 GROUND LEVEL 1ST FLOOR 2ND FLOOR 3RD FLOOR DISCLOSURE 1st Level: 36,399 RSF - Imagine Learning Space C C C C C C C C C C C C C C S S S S S S S S S S S S S S 2 2 2 2 2 2 2 2 2 2 2 2 2 2 9 9 9 9 9 9 9 9 9 9 9 9 9 9 C C C C C C C C C C C C C C S S S S S S S S S S S S S S 2 2 2 2 2 2 2 2 2 2 2 2 2 2 9 9 9 9 9 9 9 9 9 9 9 9 9 9 C C C C C C C C C C C C C C S S S S S S S S S S S S S S 2 2 2 2 2 2 2 2 2 2 2 2 2 2 9 9 9 9 9 9 9 9 9 9 9 9 9 9 C C C C C C C C C C C C C C S S S S S S S S S S S S S S 2 2 2 2 2 2 2 2 2 2 2 2 2 2 9 9 9 9 9 9 9 9 9 9 9 9 9 9 C C C C C C C C C C C C C C S S S S S S S S S S S S S S 2 2 2 2 2 2 2 2 2 2 2 2 2 2 9 9 9 9 9 9 9 9 9 9 9 9 9 9 C C C C C C C C C C C C C S S S S S S S S S S S S S 2 2 2 2 2 2 2 2 2 2 2 2 2 9 9 9 9 9 9 9 9 9 9 9 9 9 EXECUTIVE EXECUTIVE C C C C C C C C C C C C S S S S S S S S S S S S SUMMARY 2 2 2 2 2 2 2 2 2 2 2 2 9 9 9 9 9 9 9 9 9 9 9 9 C C C C C C C C C C C C S S S S S S S S S S S S 2 2 2 2 2 2 2 2 2 2 2 2 9 9 9 9 9 9 9 9 9 9 9 9 C C C C C C C C C C C S S S S S S S S S S S 2 2 2 2 2 2 2 2 2 2 2 9 9 9 9 9 9 9 9 9 9 9

C C C C C C C C C C

C S 2 9 C S 2 9 C S 2 9 C S 2 S S S S S S S S S S 9

2 2 2 2 2 2 2 2 2 2

9 9 9 9 9 9 9 9 9 9

C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9

C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9

C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9

C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9

Open

C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 C S 2 9 C S 2 9 C S 2 9 C S 2 9

Kitchen 9

C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9

INVESTMENT

C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9

SUMMARY Showers Showers

C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9

Conference

C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 9 Room

Men Women I.T. Storage Area LOCATION AERIALS

Janitorial Trophy Foyer Custodial Room Cargo Office Elevator Electrical Small Small Small Small Small Conf. Conf. Conf. Conf. Conf. Room Room Room Room Room Large Conference Room Custodial Storage Large Conference Room Area Reception Server Room -Area-

Common Area Women

Existing Reception Desk Area

Gymnasium 2 4 24/48 /4

A 53/30 4 8 /2 /60 0 /6 /2 92SC 92SC 92SC 92SC 92SC 92SC 92SC 92SC 92SC 92SC 92SC 92SC 92SC 92SC 8 4 /4 FINANCIAL FINANCIAL Area 24 ANALYSIS A 53/30 92 92 92 92 92 C C C C C C C S S S S S S S S S S S S C C C C C 92 92 92 92 92 92 92 Sr. Managerial Sr. Managerial 92SC 92SC 92SC 92SC 92SC 92SC 92SC 92SC 92SC 92SC 92SC 92SC 92SC 92SC

Shipping 24 92 92 92 92 92

C C C C C C C IMAGINARIUM Visitor / 4 S S S S S S S S S S S S 8 C C C C C 92 92 92 92 92 92 92 Storage Office Office

Theatre Area 92 92 92 92 92

C C C C C C Workstations S S S S S S S S S S S C C C C C 92 92 92 92 92 92 92SC 92SC 92SC 92SC 92SC 92SC 92SC 92SC 92SC 92SC 92SC 92SC 92SC 92SC

92 92 92 92 Janitorial C C C C C C S S S S S S S S S S

C C C C

A 53/30 24

92 92 92 92 92 92

/ S

4 8

/ 92

8 4

8 4 / 24 4 /

C C C C C 24 C

S S S S S

S S Men

C 92 92

92 92 92 92 92

S 92SC 92SC 92SC 92SC 92SC 92SC 92SC 92SC 92SC 92SC 92SC 92SC 92SC 92SC C

C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 A 53/30

S Existing

C C C C C C 92

A 53/48 A 53/48 A 53/48 S

S S S S S

92 C

92 92 92 92 92

92 92

C C

S Storage

C 92 C C C C 92

S S S S

S Built-In

C 92

92 92 92 92 92

S 92SC 92SC 92SC 92SC 92SC 92SC 92SC 92SC 92SC 92SC 92SC 92SC 92SC 92SC

S C

C 92

C C C C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9

S S S C

S C

92 92 92 Cubbies

C 92 92

92 S 92

92 92SC 92SC 92SC 92SC 92SC 92SC 92SC 92SC 92SC

S 53/48A 53/30A 53/48A

S 92

53/30 A

C 92

S 92

C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9 C S 2 9

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MENU CLICK TO NAVIGATE DESCRIPTION PHOTOS 1 PHOTOS 2 GROUND LEVEL 1ST FLOOR 2ND FLOOR 3RD FLOOR DISCLOSURE 2nd Level: 38,574 RSF - Imagine Learning Space EXECUTIVE EXECUTIVE SUMMARY INVESTMENT SUMMARY

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Colliers International 111 Main Street | Suite 2200 Salt Lake City, UT 84111 P: +1 801 947 8300 17 PROPERTY INFORMATION PANORAMA AT RIVERWOODS | OFFERING MEMORANDUM

MENU CLICK TO NAVIGATE DESCRIPTION PHOTOS 1 PHOTOS 2 GROUND LEVEL 1ST FLOOR 2ND FLOOR 3RD FLOOR DISCLOSURE 3rd Level: 26,996 RSF - Chatbooks Space EXECUTIVE EXECUTIVE SUMMARY Brand New Roof Deck

-EXISTING ROOF- INVESTMENT SUMMARY

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302

EXISTING EXISTING EXECUTIVE MEN WOMEN CONFERENCE

304

LOCATION AERIALS LOBBY LOUNGE FE OPEN 301 303 AREA

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EXISTING MOP FE Roof AccessROOM EXISTING ELEVATOR EXISTING EXISTING STAIR ELECTRICAL

KIDS KITCHEN ROOM SERVER WOMENS MOTHERS MOTHERS 306 SHOWER LOUNGE LOUNGE EXISTING 327 CONFERENCE CONFERENCE 313 STAIR HALL HALL 314 311 312 308 309 307 310 PANTRY

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315 OPEN OPEN AREA AREA

OPEN EXISTING 316 AREA 325 MENS EXISTING SHOWER EXISTING STORAGE ELEVATOR 326 320 319 MEN CABIN FE LOUNGE LAB 318 317

-EXISTING ROOF- PROPERTY PROPERTY DETAILS

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324 SMALL CONFERENCE

321 CONFERENCE

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INFORMATION 323 ELECTRICAL

EXISTING MARKET MARKET STAIR

Chatbooks Provo, Utah

Colliers International 111 Main Street | Suite 2200 Salt Lake City, UT 84111 P: +1 801 947 8300 18 MARKET INFORMATION PANORAMA AT RIVERWOODS | OFFERING MEMORANDUM

MENU CLICK TO NAVIGATE WHY UTAH ? TECH OUTDOOR RECREATION SLC INTERNATIONAL DISCLOSURE UTAH PROVIDES A HIGH QUALITY OF LIFE

Utah is a national leader in high job growth, low unemployment, low cost of doing business, and talented labor. Utah Utah is a The Utah boasts a Highly Opportunities for Utah contains a EXECUTIVE EXECUTIVE SUMMARY regularly ranks among the best states for Young & High-Growth Economic Conditions Educated & Skilled Jobs & Careers Multilingual business, careers, living, health, and State in Utah are Great Workforce in Utah are Plentiful Population . Utah provides an array quality of life AMONG THE TOP STATES ONE OF THE FASTEST RANKED MORE THAN IN THE U.S. FOR JOB GROWTH OVER of employment opportunities in various GROWING STATES IN THE U.S. industries, and offers its residents numerous lifestyle 2nd 35 INVESTMENT 3.6% 120 BEST STATE FOR HIGHER EDUCATION

SUMMARY options that range from quiet rural settings to thriving 15.2% UTAH’S JOB GROWTH RATE POPULATION INCREASE OVERALL ECONOMY INSTITUTIONS IN UTAH LANGUAGES (U.S. NEWS: BEST (NATIONAL DATABASE 2017-2018 SPOKEN IN UTAH 2010-2018 (U.S. BUREAU OF urban centers. STATES RANKING) OF SCHOLARSHIPS) (DESERET NEWS) (ESRI BAO) LABOR STATISTICS)

Most of Utah's population resides along The Wasatch MEDIAN AGE OF UTAH NAMED UTAH IS EXPERINCING ABOUT OVERWHELMING JOB GROWTH IN Front, roughly 150 miles of contiguous cities and CONSTRUCTION, FINANCIAL, LOCATION AERIALS 30.6 #2 48% 15% communities, running predominantly north-south along THE YOUNGEST STATE IN BEST STATE OF UTAHNS HAVE HEALTH & OF UTAH RESIDENTS SPEAK THE U.S. BY MEDIAN AGE FOR BUSINESS OBTAINED POSTSECONDARY TECHNOLOGY A LANGUAGE OTHER the I-15 corridor and the western slope of the Wasatch (ESRI BAO) IN 2018 CERTIFICATES OR DEGREES SECTORS THAN ENGLISH AT HOME (UTAH.GOV) Mountain range, from Brigham City to Nephi. (FORBES) (UTAH.GOV) (THE SALT LAKE TRIBUNE) THERE ARE MORE THAN RANKED OVER ABOUT MORE THAN Utah is world-renowned for its bounty of public lands and recreational opportunities ranging from mountain 420 4th 69 48 246 THOUSAND BEST STATE FOR THOUSAND THOUSAND MORE PEOPLE IN UTAH VENTURE CAPITAL DEGREES AWARDED THOUSAND wilderness to desert landscapes. Utah has five national JOBS ADDED TO SPANISH SPEAKERS THAN THERE WERE IN 2010 (U.S. NEWS: BEST IN 2015 FINANCIAL FINANCIAL UTAH’S ECONOMY IN 2018 (U.S. CENSUS BUREAU) ANALYSIS STATES RANKING) parks, six national forests, numerous state parks and (ESRI BAO) (DATAUSA.IO) (UNIVERSITY OF UTAH) recreation areas, and over a dozen ski resorts.

Utah is a geographically diverse state, encompassing a convergence of three distinct geological regions: the PROPERTY PROPERTY

DETAILS Rocky Mountains, the Great Basin, and the Colorado Plateau.

The beehive is the state symbol of Utah. The Mormon settlers used the symbol to represent hard work and INFORMATION industriousness. The beehive is where all workers MARKET MARKET cooperate in the construction of something much bigger than themselves, as a model for an efficiently run society.

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MENU CLICK TO NAVIGATE WHY UTAH ? TECH OUTDOOR RECREATION SLC INTERNATIONAL DISCLOSURE

UTAH IS A THRIVING TECH-HUB SALT LAKE CITY RANKED

Utah’s “Silicon Slopes” refers to the cluster of information technology, software development, hardware manufacturing and research firms that EXECUTIVE EXECUTIVE

SUMMARY #1 have emerged along the Wasatch Front. Utah is nationally recognized as a CITY POISED TO leading technology hub. In fact, the demand for workers among the growing BECOME NEXT TECH MECCA list of tech companies is out-pacing the supply of the Utah workforce. (FORBES) • Utah is ranked #1 one in innovation and entrepreneurship, #2 in high-tech TECH EMPLOYMENT

INVESTMENT performance, and #3 in economic performance by the U.S. Chamber of Commerce

SUMMARY IN UTAH GREW Foundation • Tech companies have flocked to Utah for its lower taxes, more flexible regulatory 16% environment, and a well-educated, multilingual workforce 2012-2017 (UTAH TECHNOLOGY COUNCIL) LOCATION AERIALS • Forbes has ranked Utah as the Best State for Business 6 times since 2010, and ranking 3rd in 2018 OVER

• Utah’s tech workforce is fed by major technology and research universities: University of Utah, Brigham Young University, and Utah Valley University, all of 5,500 which offer programs intended to develop young entrepreneurs TECHNOLOGY RELATED COMPANIES IN UTAH FINANCIAL FINANCIAL ANALYSIS • Utah has high concentrations of Software Developers, Web Developers, Computer (ECONOMIC DEVELOPMNET CORPORATION OF UTAH) and Information Research Scientists, and many other IT related occupations

• Utah is one of the top states in the nation for software and information technology BETWEEN 2012-2017 OVER employment with an employee base of over 66,000 people PROPERTY PROPERTY DETAILS • There is a strong mixture of local homegrown startups (Domo, Ancestry, Qualtrics, Pluralsight, etc.), as well as major Fortune 500 companies (Adobe, Microsoft, $4.2 BILLION Oracle, Symantec, etc.) OF VENTURE CAPITAL WAS INVESTED IN UTAH INFORMATION • According to Wallethub, Salt Lake City ranks 7th among the best U.S. cities for (UTAH TECHNOLOGY COUNCIL) MARKET MARKET STEM (Science, Technology, Engineering, and Math) jobs, beating out Chicago, New York City, San Jose, and other prominent “tech forward” towns

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MENU CLICK TO NAVIGATE WHY UTAH ? TECH OUTDOOR RECREATION SLC INTERNATIONAL DISCLOSURE SOME TECH COMPANIES DOING BUSINESS IN UTAH

Develops multimedia and creativity A business software developer An online survey, market research, In June, 2017 the online social EXECUTIVE EXECUTIVE SUMMARY software products, and employs aimed at providing a data platform and consumer and employer networking service announced over 17,000 employees worldwide for easy access and decision feedback software developer. plans to build a 1-million SF data making, specializing in business center in Eagle Mountain, Utah. Completed a 280,000 SF campus intelligence tools and data Headquartered in Provo, Utah & Bringing $750 million in capital in Lehi, UT in 2012 which houses visualization Seattle, Washington investment, including more than about 1,200 employees $100 million in infrastructure that Headquartered in American Fork, In November 2018, it was Recently announced plans to announced that it would be will help to support additional Utah economic development in Eagle

INVESTMENT expand their facility which will acquired by SAP for $8 billion in an

SUMMARY more than double their Utah all cash deal Mountain and the surrounding area. workforce

LOCATION AERIALS A joint venture between Intel and Specializing in developing An online retailer that offers its In Utah, ebay operates customer Micron, manufactures and develops enterprise hardware and customers an opportunity to shop service, technology development of flash memory used in mobile software, in addition to database for bargains conveniently, while software tools, human resources, phones, hard drives, tablets, and management systems offering its suppliers an alternative and the legal and finance computers. inventory distribution channel departments. Oracle is one of the world’s largest Headquartered in Lehi, Utah corporations in the tech industry. Headquartered in Midvale, Utah Operates a 241,000 SF facility in Draper, Utah FINANCIAL FINANCIAL ANALYSIS

A smart home services provider The world’s largest online resource Provides software for professionals The world’s largest software that offers security systems, for family history involved in estimating all phases of maker by revenue, It develops, fire detection, and other home building and repair. Xactware is a manufactures, licenses, supports automation systems Headquartered in Lehi, Utah sister company of Versick and sells computer software, consumer electronics, personal Headquartered in Provo, Utah Headquartered in Lehi, Utah computers, and related services PROPERTY PROPERTY DETAILS

An online education company Develops Enterprise work The 3rd largest manufacturer of Fortune 500 company that that offers video training courses management software flash memory including memory provides cyber-security software

INFORMATION for software developers, IT cards, USB flash drives and solid and services Headquartered in Lehi, Utah

MARKET MARKET administrators, and creative state drives. professionals Acquired by Western Digital in Headquartered in Farmington, Utah 2016 for $19 billion

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MENU CLICK TO NAVIGATE WHY UTAH ? TECH OUTDOOR RECREATION SLC INTERNATIONAL DISCLOSURE UTAH'S OUTDOOR RECREATION INDUSTRY SHINES NATURALLY UTAH’S NATIONAL PARKS & SITES & STATE PARKS WERE VISITED BY OVER Utah is world-renowned for its bounty of public lands and recreational opportunities ranging from mountain wilderness to desert landscapes. A geographically diverse state, encompassing a convergence of three

EXECUTIVE EXECUTIVE 21.5 SUMMARY distinct geological regions: the Rocky Mountains, the Great Basin, and MILLION the Colorado Plateau. Utah has five national parks, six national forests, PEOPLE IN 2016 (KEM C. GARDNER INSTITUTE - numerous state parks and recreation areas, and over a dozen ski resorts. UNIVERSITY OF UTAH) • Utah is proud to be home to companies like Black Diamond, Icon Health and Fitness, Easton, Amer Sports, Lifetime Products, and many others. Utah is one of UTAH HAS OVER INVESTMENT SUMMARY the top states in the nation for outdoor recreation employment with an employee base of over 7,000 people. 7,000 • Utah has a robust outdoor products manufacturing industry and is recognized PEOPLE EMPLOYED IN THE nationally as one of the greatest states in the nation for outdoor sports and OUTDOOR RECREATION INDUSRTY LOCATION AERIALS (ECONOMIC DEVELOPMENT recreation. CORPORATION OF UTAH)

• Utah has high employee concentrations of Outdoor Products manufacturing UTAH HAS related occupations, with 5 times the national employment norm for a market the size of Utah, and employment increasing at over 25% over the last 5 years. 3 • Outdoor Recreation drives the travel and tourism industry in Utah, which UNIVERSITES WITH PROGRAMS FINANCIAL FINANCIAL ANALYSIS employs more than 65,000 people. Utah is recognized nationally as the place IN OUTDOOR PRODUCTS (ECONOMIC DEVELOPMENT to be for outdoor products, which is why over 200 leading outdoor products CORPORATION OF UTAH) companies call Utah home. PROPERTY PROPERTY DETAILS

ICON Health and Fitness is Black Diamond Equipment Browning is an industry Amer Sports is the sporting Lifetime Products is a one of the world’s largest manufactures and develops leader in the full spectrum of goods parent company leading producer of plastic

INFORMATION developers, manufacturers, rock climbing, skiing, and outdoor products, including for recognized brands, and metal products such as

MARKET MARKET and marketers of fitness other outdoor products. sporting arms, technical including Salomon, Wilson, folding tables, chairs, and equipment. hunting clothing, knives, gun Atomic, Arc’teryx, Mavic, basketball hoops. safes, flashlights, and more. Suunto, and Precor.

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MENU CLICK TO NAVIGATE WHY UTAH ? TECH OUTDOOR RECREATION SLC INTERNATIONAL DISCLOSURE SLC INTERNATIONAL CONNECTS UTAH TO THE WORLD

OVER Located about 4 miles west of Downtown Salt Lake City, Utah in the United States. The airport is the closest commercial airport for more than EXECUTIVE EXECUTIVE SUMMARY 2.5 million people and is within a 30-minute drive of nearly 1.3 million 24 jobs. MILLION PASSENGERS SLC International is currently undergoing major upgrades, while the construction and SERVED IN 2017 renovation is on-going the airport continues to function at peak capacity. Construction

INVESTMENT on the $3 billion plus initiative began in July 2014 and is projected to be complete by SUMMARY late 2020. • Ten airlines and their affiliates serve SLC International: AeroMexico, Alaska Airlines, 10 American, Delta Air Lines, Frontier, JetBlue, KLM Royal Dutch Airlines, SkyWest, AIRLINES & AFFILIATES Southwest and United LOCATION AERIALS

• The airport served 24,199,351 passengers in 2017

• SLC International ranks 23rd busiest in North America and 85th busiest airport in the world in terms of passenger numbers 370 DAILY COMMERCIAL • There are approximately 370 scheduled, commercial departures from SLC DEPARTURES FINANCIAL FINANCIAL ANALYSIS International each day, serving close to 98 cities with non-stop flights PROPERTY PROPERTY

DETAILS 23rd 21st largest employer in 41st largest employer in 46th largest employer in BUSIEST AIRPORT IN Utah by number of employees Utah by number of employees Utah by number of employees NORTH AMERICA (2018) (2018) (2018) Salt Lake City is a major hub Headquartered in St. George, Maintains corporate offices in for Delta Air Lines with about Utah. Cottonwood Heights, Utah. 70 percent of total traffic at INFORMATION SLC International. SkyWest is the largest JetBlue serves 102

MARKET MARKET regional airline in North destinations in the U.S., Delta is the world’s 2nd America by number of Mexico, the Caribbean, Central largest airline by number of passengers. America and South America. passengers.

Colliers International 111 Main Street | Suite 2200 Salt Lake City, UT 84111 P: +1 801 947 8300 23 PANORAMA AT RIVERWOODS 400 PARK CIRCLE CENTER | PROVO, UT OFFERING MEMORANDUM

Rawley Nielsen Brandon Fugal Colliers International +1 801 441 5922 +1 801 947 8300 111 Main Street | Suite 2200 [email protected] [email protected] Salt Lake City, UT 84111 P: +1 801 947 8300 www.colliers.com