117 HARRISVILLE RD OGDEN, UT 84404 OFFERING MEMORANDUM Greg Pavich Tim Simonsen Liesa Harrison Colliers International 6550 S Millrock Dr | Suite 200 +1 801 947 8304 +1 801 947 8307 +1 801 947 8310 Salt Lake City, UT 84121 [email protected] [email protected] [email protected] P: +1 801 947 8300 DISCLAIMER Colliers International, has been engaged as the exclusive sales representative for the sale By taking possession of and reviewing the information contained herein, the recipient of THE FAMILY CENTER AT OGDEN FIVE POINTS located at 117 North Harrisville Rd, agrees that (a) the enclosed materials and their contents will be held and treated in Ogden, Utah (the ”Property”) by LBG Funds or ‘Ownership’ (the “Seller”). the strictest of confidence; and (b) the recipient shall not contact tenants, employees, contractors, sub-contractors or lien-holders of the property directly, or indirectly regarding The Property is being offered for sale in an “as-is, where-is” condition, and the Seller and any aspect of the enclosed materials or the Property, without the prior written approval the Agent make no representations or warranties as to the accuracy of the information of the Seller or the Agent; and (c) no portion of the enclosed materials may be copied or contained in this Offering Memorandum. The enclosed materials include confidential otherwise reproduced without the prior written authorization of the Seller or the Agent information and are being furnished solely for the purpose of review by prospective or as otherwise provided in the Confidentiality Agreement executed and delivered by the purchasers (“Purchasers”) of the interest described herein for which it shall be fully and recipient(s) to Agent. solely responsible. Neither the enclosed materials, nor any information contained herein, are to be used for any other purpose, or made available to any other person without the express written consent of the Seller. Each recipient, as a prerequisite to receiving the enclosed information, should be registered with the Agent as a “Registered Potential Investor” or as a “Buyer’s Agent” for an identified “Registered Potential Investor”. The material contained herein is based on information and sources deemed to be reliable, but no representation or warranty, express or implied, is being made by the Agent or the Seller or any of their respective representatives, affiliates, officers, employees, shareholders, partners, and directors, as to its accuracy or completeness. Summaries contained herein of any legal or other documents are not intended to be comprehensive statements of the terms of such documents, but rather only outlines of some of the principal provisions contained therein. Neither the Seller nor the Agent shall have any liability whatsoever for any other written or oral communication or information transmitted, or made available, or any action taken, or decision made by the recipient with respect to the Property. The Seller reserves the right, at its sole and absolute discretion, to withdraw the Property from the market for sale at any time and for any reason without notice, to reject any and all expressions of interest or offers regarding the Property, and/or to terminate discussions with any entity at any time, with or without notice. This Offering Memorandum is made subject to omissions, correction of errors, change of price or other terms, prior sale or withdrawal from the market without notice. The Agent is not authorized to make any This document has been prepared by Colliers International for advertising and general information only. Colliers representations or agreements on behalf of the Seller. The Seller shall have no legal International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding commitment or obligation to any recipient reviewing the enclosed materials, performing 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 un- additional investigation, and/or making an offer to purchase the Property unless and until equivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all a binding written agreement for the purchase of the Property has been fully executed, liability for loss and damages arising there from. This publication is the copyrighted property of Colliers Interna- tional and/or its licensor(s). ©2019. All rights reserved. delivered, and approved by Seller and any conditions required under the contract for title to pass from the Seller to the buyer have been satisfied or waived. Greg Pavich Tim Simonsen Liesa Harrison +1 801 947 8304 +1 801 947 8307 +1 801 947 8310 [email protected] [email protected] [email protected] 2 PROPERTY OVERVIEW Executive Summary The Family Center at Ogden Five Points is a redeveloped community shopping center located at the five-point signalized intersection of Washington Blvd, Harrisville Rd. and Second St. in Ogden, UT. The shopping center features an excellent mix of nationally recognized tenants such as Planet Fitness, Dollar Tree, Harbor Freight Tools, Key Bank, among others. The seller completed a major redevelopment of the shopping center, creating a vibrant and premier community shopping environment in Ogden. The redevelopment includes: a new façade, new shops, expanded Dollar Tree and Planet Fitness, a tri-sided 35-foot tall LED pylon sign at the hard corner. The sign has been programmed for creative, extensive and entertaining advertising as well as branding of the retailers in the shopping center and is used by the local community. Three new monument signs surround the shopping center. Landscaping and parking lot have been upgraded. Ogden Located approximately 40 minutes north of Salt Lake City, Ogden is experiencing a renaissance with low unemployment, high job growth and significant public infrastructure improvements over the past 4 years. Ogden is ranked #31 in Forbes’ The Best Places For Business And Careers, #26 for Job Growth, and #7 in CNN Money’s Most Affordable U.S. Cities To Buy A Home. Property: Ridley’s Shadow anchored grocery center, Ridley’s not included in the sale. Price: $10,434,500 - 8.25% Cap Rate Address: 117 Harrisville Road Ogden, Utah 84404 Year Built: 1979 Building Area: 92,795 SF Parking: Approx. 430* Subject to Final Parcel Parking Ratio: 4.63/1,000 SF* Subject to Final Parcel Property Type: Retail Greg Pavich Tim Simonsen Liesa Harrison +1 801 947 8304 +1 801 947 8307 +1 801 947 8310 [email protected] [email protected] [email protected] 3 PROPERTY OVERVIEW | HIGHLIGHTS HIGHLIGHTS • Recent exterior renovation. • 95% Occupied - Note: The shopping center has never been less than 95% occupied as far back as the seller has records (2011). • 67% of Square footage are credit tenants. • Ease of management with only 9 tenants. · 5 of which are nationally recognized tenants that make up 67% of the rentable square feet and 72% of the rental income. • There is an opportunity to develop pad, up to 6,500 square feet of building area, at the main entrance of the shopping center. • Planet Fitness extended their lease, they expanded and remodeled their store in 2014. • Dollar Tree extended their lease for 10 years, expanding and remodeling their store (which reopened in June 2017). • Wangsgard’s Market, Planet Fitness, and other rents are well below market (thus the historic high occupancy). • The property is priced well below replacement cost. • The seller recently sold land immediately to the north, where a 66 unit apartment complex will soon be built. (See Enclosed Elevation) • Existing debt is pre-payable. Strong lender interest in providing new debt. • KeyBank has occupied the property since 1978, and just renewed its lease for another 10 years. • Very low sub-market vacancy in Community Centers. • Ogden Five Points is located 2 miles northeast of the Boyer Business Depot (BBD), which is an 1,118-acre master planned business park and contains approximately 6,500,000 square feet of existing space, with another 10,454 square feet under construction. Second St., at which The Family Center at Ogden Five Points is located, is one of two primary entrances to the BBD. Greg Pavich Tim Simonsen Liesa Harrison +1 801 947 8304 +1 801 947 8307 +1 801 947 8310 [email protected] [email protected] [email protected] 4 PROPERTY OVERVIEW | PROPERTY DESCRIPTION FOUNDATION: Slab on grade CEILING: Suspended, t-bar and acoustic tile ELECTRICAL: Varies by space ELEVATORS: None EXTERIOR WALL: Masonry FLOOR COVER: Concrete, tile, carpet FLOOR TO CEILING HEIGHT: Varies by space Masonry lower walls with steel, wood and steel frame facade FRAME: walls HVAC: Packaged RTU’s INTERIOR PARTITIONS: Steel and wood stud, sheetrock LANDSCAPING: Typical LIGHTING: Sodium vapor PLUMBING: Copper supply, cast iron waste RESTROOMS: In all spaces ROOF COVER: Built-up, PVC SECURITY: By tenant FIRE SPRINKLERS: In all spaces and under exterior canopy WINDOWS: Aluminum framed storefront PARKING RATIO: 4.6/1,000 SF Greg Pavich Tim Simonsen Liesa Harrison +1 801 947 8304 +1 801 947 8307 +1 801 947 8310 [email protected] [email protected] [email protected] 5 PROPERTY OVERVIEW | PHOTO GALLERY Greg Pavich Tim Simonsen Liesa Harrison +1 801 947 8304 +1 801 947 8307 +1 801 947 8310 [email protected] [email protected] [email protected] 6 MARKET REPORT Ogden is committed to long term projects which incorporate restaurant and retail spaces, meeting and event facilities, world class museums and art galleries and most importantly, quality neighborhoods. As the sixth city in the state of Utah, Ogden is known around the globe for it’s high-energy outdoor lifestyle with many people coming from out of state to take advantage of its outdoor recreation.