In-Place Assumable Financing Available TOOELE TOWN CENTER BEN BROWN J.R. HOWA SCOTT BRADY [email protected] [email protected] [email protected] MAIN STREET (SR-36) & 1000 NORTH direct 801.456.8802 direct 801.578.5545 direct 801.456.8804 TOOELE, UTAH 84074 View Profile View Profile View Profile TABLE OF CONTENTS INVESTMENT SUMMARY 4 & FINANCIALS 10 PROPERTY FEATURES & LAND OVERVIEW 11 MAPS 14 SITE PLAN 15 TENANT PROFILES 21 DEMOGRAPHICS TOOELE TOWN CENTER 2 Mountain West Commercial | Office 801.456.8800 | www.mtnwest.com TOOELE TOWN CENTER CONFIDENTIALITY AND DISCLOSURE MAIN STREET (SR-36) & 1000 NORTH Mountain West Commercial Real Estate has been retained on an exclusive basis to market the property TOOELE, UTAH 84074 described as Main Street (SR-36) & 1000 North, Tooele, UT 84074. Broker has been authorized by seller of the property to prepare and distribute the enclosed information for the purpose of soliciting offers to purchase from interested parties. More detailed financial, title and tenant lease information may be made available upon request following the mutual execution of a letter of intent or contract to purchase PREPARED BY between the Seller and the prospective purchaser. You are invited to review this opportunity and make an offer to purchase based upon your analysis. If your offer results in the Seller choosing to open negotiations BEN BROWN with you, you will be asked to provide financial references. The eventual purchaser will be chosen based [email protected] upon an assessment of price, terms, ability to close the transaction and such other matters as the Seller direct 801.456.8802 View Profile deems appropriate. The Material is intended solely for the purpose of soliciting expressions of interest from qualified investors J.R. HOWA for the acquisition of the Property. The Material is not to be copied and /or used for any other purpose or [email protected] made available to any other person without the express written consent of Broker or Seller. The Material direct 801.578.5545 does not purport to be all-inclusive or to contain all of the information that a prospective buyer may View Profile 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, SCOTT BRADY subsidiaries, members, managers, partners, shareholders, directors, or officers, makes any representation [email protected] or warranty regarding such pro forma. Purchaser must make its own investigation of the Property and any direct 801.456.8804 existing or available financing, and must independently confirm the accuracy of the projections contained View Profile 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. Mountain West Commercial | Office 801.456.8800 | www.mtnwest.com 3 INVESTMENT SUMMARY & HIGHLIGHTS LISTING PRICE $18,100,000 INVESTMENT HIGHLIGHTS NOI • Rare opportunity to purchase a grocery-anchored shopping center in Utah that includes the grocery box that is leased by Macey’s and guaranteed by Associated Foods Stores Inc. $1,197,887 • Macey’s remodeled their store in 2016 and has seen a 29.31% increase in sales from 2016-2018, which makes this the top performing grocer in the trade area. CAP RATE • The lease is guaranteed by Associated Foods Stores Inc., a large co-op that operates 39 6.62% locations with six corporately owned store banners, including: Macey’s (11 Locations), Lin’s (7 Locations), Dan’s (3 Locations), and Dick’s (2 Locations). • The average rent on the property is only $12.84 PSF, which makes this property recession resistant with CURRENT OCCUPANCY future growth potential in the rents. 97.84% • The property is occupied by 57.89% corporate tenants that provides stability to the overall performance of the center. TOTAL GLA (SF) • The property comes with an undeveloped 0.61 acre pad. This piece of land can provide an investor 99,559 with additional upside. TOTAL LAND SIZE (ACRES) 12.55 PRICE/SF PROPERTY HIGHLIGHTS $181.80 • The property is located on Main Street with traffic counts that exceed 30,000 ADT. • The population within 15 minute drive time is 57,473 with an average household income of $75,234. • There are five different points of ingress/egress on the property so its highly accessible from all directions. TOOELE TOWN CENTER 4 Mountain West Commercial | Office 801.456.8800 | www.mtnwest.com INVESTMENT SUMMARY INVESTMENT SUMMARY Proforma ASSUMABLE LOAN BREAKDOWN INCOME: Gross Potential Income $1,288,032 Down Payment 41% $7,381,233 CAM Income $405,875 Current Loan Balance (As of June 59%2020) $10,718,767 GROSS INCOME $1,693,908 Vacancy Expense 5.00% ($37,526) Original Loan Balance $11,000,000 EFFECTIVE GROSS INCOME $1,656,382 Interest Rate 5.10% Loan Term 10-Years EXPENSES Less: Utilities ($25,500) Loan Servicer RGA Reinsurance Company Less: Janitorial ($13,000) Lock-Out-Period (Pre-Payment Penalty) Twenty-Four (24) Months Less: HVAC ($4,200) Maturity Date 3/1/2029 Less: Landscaping ($30,360) Funding Month 4/1/2021 Less: Parking Lot ($18,900) Less: General Repairs & Maintenance ($139,800) Amortization Term (Years) 25 Less: Management/Admin Fee ($59,800) Debt Coverage Ratio (DCR) 1.58 Less: Insurance ($20,631) Monthly Debt Service ($64,947) Less: Property Tax ($146,304) TOTAL EXPENSES ($458,495) Annual Debt Service ($779,369) NET OPERATING INCOME $1,197,887 Cap Rate 6.62% PURCHASE PRICE $18,100,000 Price/sf $181.80 Coming Soon Mountain West Commercial | Office 801.456.8800 | www.mtnwest.com 5 RENT ROLL SQUARE CAM EXPENSE LEASE TERM & CURRENT RENTAL RATES SUITE TENANT NAME % OF GLA FEET PSF ANNUAL LEASE TYPE START EXPIRES CHANGES ON PSF MONTHLY ANNUAL 958 Wireless Vision LLC 1,512 1.52% $7.47 $11,295 NNN 10/2/2009 10/31/2024 Current $24.12 $3,039 $36,473 11/1/2021 $24.60 $3,100 11/1/2022 $25.10 $3,162 11/1/2023 $25.60 $3,225 960 Mattress Firm, Inc 4,301 4.32% $6.65 $28,602 NNN 8/24/2014 8/31/2024 Current $21.38 $7,663 $91,955 962 Rue 21, Inc 5,416 5.44% $0.00 $0 GROSS 4/1/2012 1/31/2023 Current $18.24 $8,232 $98,788 2/1/2021 $18.24 $8,232 2/1/2021 7/31/2021 $3.93 $3,546 Rent catch up 2/1/2022 $18.79 $8,481 964 Dollar Tree Stores, Inc. 8,995 9.03% $4.95 $44,512 NNN 11/1/2017 10/31/2022 Current $11.98 $8,980 $107,760 11/1/2022 $13.18 $9,880 966 Standard Optical 1,400 1.41% $5.72 $8,012 NNN 10/1/2017 3/31/2023 Current $17.60 $2,053 $24,640 4/1/2021 $17.60 $24,640 4/1/2022 $17.85 $24,990 968 Cricket Wireless 1,000 1.00% $6.57 $6,567 NNN 2/1/2017 1/31/2022 Current $16.35 $1,363 $16,350 TOOELE TOWN CENTER 6 Mountain West Commercial | Office 801.456.8800 | www.mtnwest.com RENT ROLL SQUARE CAM NNNEXPENSE INCOME LEASELEASE TERMS TERM WITH & CURRENT OPTIONS RENTAL & ESCALATIONS RATES SUITESUITE # TENANTTENANT NAME NAME SQ. FT. % GLA% OF GLA LEASE TYPE FEET PSF ANNUALPSF ANNUAL LEASE TYPETERM START STARTEXPIRESEXPIRES CHANGES ON PSFPSF MONTHLYMONTHLY ANNUAL 958972958 T-MobileMacey'sWireless Vision LLC 1,51255,4141,512 1.52%55.66% 1.52% NNN $3.28$7.47 $181,691 $11,295$7.47 $11,291NNN Contract 10/2/20097/1/2000 10/31/2024 7/31/2030 10/2/09 10/31/24 Current$23.65 $24.12 $9.70 $44,793 $3,039 $2,980 $537,516 $36,473 $35,759 Rent Bump 11/1/20 10/31/2111/1/2021 $24.12 $24.60 $3,100 $3,039 Rent Bump 11/1/21 10/31/2211/1/2022$24.61 $25.10 $3,162 $3,100 Rent Bump 11/1/22 10/31/2311/1/2023 $25.10 $25.60 $3,225$3,162 Rent Bump 11/1/23 10/31/24 $25.60 $3,226 960 Mattress Firm, Inc 4,301 4.32% $6.65 $28,602 NNNOption 8/24/2014 1 8/31/202411/1/24 10/31/25 Current$26.11 $21.38 $7,663 $3,290 $91,955 974 Edward Jones 1,219 1.22% $6.13 $7,473 NNNRent 10/1/2003 Bump 9/30/2021 11/1/25 10/31/26Current $26.63$19.67 $1,998$3,356 $23,978 Rent Bump 11/1/26 10/31/27 $27.17 $3,423 976 GNC 1,196 1.20% $6.13 $7,332 NNN Rent2/1/2011 Bump 1/31/2023 11/1/27 10/31/28Current $27.71$19.01 $1,895$3,491 $22,736 962 Rue 21, Inc 5,416 5.44% $0.00 $0 GROSSRent 4/1/2012 Bump 1/31/2023 11/1/28 10/31/292/1/2022 Current $28.26$19.58 $18.24$1,951 $8,232$3,561 $98,788 960 Mattress Firm 4,301 4.32% NNN $6.00 $25,826 Contract 8/22/14 8/31/242/1/2021$21.38 $18.24 $8,232 $7,663 $91,955 Option 12/1/2021 9/1/24 8/31/29 7/31/2021 $25.20 $3.93 $3,546$9,032 Rent catch up Option 2 9/1/29 8/31/342/1/2022 $28.98 $18.79 $8,481$10,387 962978 Rue 21 Great Clips 5,4161,196 5.44%1.20% Gross $6.13$0.00 $7,332 $0NNN Contract11/30/2000 1/31/2031 2/1/18 1/31/23 Current $17.71$19.98 $1,991 $7,994 $23,896 $95,928 Rent Bump 2/1/21 1/31/222/1/2021 $18.24 $19.98 $1,991 $8,234 964 Dollar Tree Stores, Inc.