Wyndom Square - Layton Investment.indd
WYNDOM SQUARE
(Shadow Anchored by Wal-Mart Neighborhood Market)
SWC HWY 193 & CHURCH STREET • LAYTON • UTAH Exclusively listed by: Chris Monson, CCIM direct 801.578.5580 mobile 801.558.4787 fax 801.578.5500 [email protected] Brett Palmer direct 801.578.5510 mobile 801.201.1677 fax 801.578.5500 [email protected] 801.456.8800 www.mtnwest.com
376 East 400 South, Suite 120 | Salt Lake City, Utah 84111 Office 801.456.8800 | Fax 801.578.5500 www.mtnwest.com
WYNDOM SQUARE SWC HIGHWAY 193 & CHURCH STREET • LAYTON • UTAH
CONFIDENTIALITY AGREEMENT The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Mountain West Commercial, Inc. (hereinafter referred to as “Mountain West”) and should not be made available to any other person or entity without the written consent of Mountain West. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Mountain West has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Mountain West has not verified, and will not verify, any of the information contained herein, nor has Mountain West conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
376 East 400 South, Suite 120 | Salt Lake City, Utah 84111 Office 801.456.8800 | Fax 801.578.5500 www.mtnwest.com
2
WYNDOM SQUARE SWC HIGHWAY 193 & CHURCH STREET • LAYTON • UTAH
EXECUTIVE SUMMARY Shadow Anchored By:
Total Square Feet:
55,606 SF
Year Built:
2004-2005
NOI:
$727,503/yr
Price:
$7,462,000
CAP Rate:
9.75%
Price/SF:
$134.19
Loan Assumption Required Balance:
$6,795,940
Fixed Interest Rate:
5.89%
Monthly Payment:
$44,631.59
Balloon Date:
March 1, 2018
• Shadow Anchored by Wal-Mart Neighborhood Market and Chase Bank • Includes Corporate Wendy’s Ground Lease • Anchored by Ace Hardware with Strong Personal Guarantee • Near main South Gate entrance to US Hill Field Air Force Base • Strong East Layton location with high $81,007 3 mile average household income
376 East 400 South, Suite 120 | Salt Lake City, Utah 84111 Office 801.456.8800 | Fax 801.578.5500 www.mtnwest.com
3
WYNDOM SQUARE SWC HIGHWAY 193 & CHURCH STREET • LAYTON • UTAH
LOCATION MAPS
Ogden Layton Salt Lake City
Provo
St. George
376 East 400 South, Suite 120 | Salt Lake City, Utah 84111 Office 801.456.8800 | Fax 801.578.5500 www.mtnwest.com
4
WYNDOM SQUARE SWC HIGHWAY 193 & CHURCH STREET • LAYTON • UTAH
Area Overview Wyndom Square lies within the city of Layton—the largest city in Davis County. Layton City is along the northern end of Davis County, near the Weber County border. Davis County has a vibrant economy with unemployment at only 5.8% compared to the state of Utah at 6.3% in 2012. The largest employer in the county--Hill Air Force Base is only 2.7 miles to the east with over 15,000 employees—most of whom live in the Layton area. Davis County has a total population of 310,000 and an average household income of $84,800 per year. Population growth is strong for Davis County at 1.9% per year compared to the state of Utah at 1.5%. Property Overview Located on the southwest corner of State Road (SR) 193 and Church Street is the neighborhood shopping center—Wyndom Square. SR 193 is the main south entrance to Hill Field Air Force Base (just to the West of Wyndom Square). The Air Force Base has planned a new “East Gate” entrance immediately west of Wyndom Square. SR 193 is a major commuter street to the South Gate of Hill Field Air Force base as well as the Layton Hills Mall and Northridge High School. Direct access to I-15 from the Wyndom Square shopping center is also only 3.5 miles to the west along SR 193. Access is even closer to Highway 89 (just east of the center) a strong north-south commuter street for south Ogden and East Layton. Traffic is strong at the center with 28,680 cars per day along the frontage on SR 193. Demographics are strong at Wyndom Square with population of 56,892 and average household income of $74,015 within a 3 mile radius. The Center has great access with a full traffic lighted intersection on the hard corner of Church Street and SR 193. Wyndom Square has 3 full access curb cut drives off of SR 193 and one off of Church Street with full cross easement access across the Wal-Mart Neighborhood Market (not a part of the investment package). The center is shadow anchored by Wal-Mart Neighborhood Market providing full service drive through pharmacy, banking, and over 40,000 Square Feet of full service grocery and non food departments. Also anchoring Wyndom Square is Ace Hardware, Chase Bank and Wendy’s. The neighborhood shopping center’s trade area is Interstate 84 to the north, Antelope Drive to the south, the Wasatch mountains to the east and Interstate 15 to the West. Other commercial uses are also in the close proximity along SR 193 including Maverik, Subway, Dairy Queen, Comfort Solutions, Peterson Farm Supply, NAPA Auto Care Center & Pizza Hut.
376 East 400 South, Suite 120 | Salt Lake City, Utah 84111 Office 801.456.8800 | Fax 801.578.5500 www.mtnwest.com
5
WYNDOM SQUARE
k inc
l ey
D
e ri v d
nd
Og de n
ve
Har ris on Bo ulev ar d
H
R
iv
er
da
le
We st H a ve n
la
ri
oa
M
id
D
R
470 0 W est
SWC HIGHWAY 193 & CHURCH STREET • LAYTON • UTAH
Roy City
560 0 So ut h
Hooper
Riv er dal e
190 0 W est
350 0 W est
550 0 So ut h
South Ogde n Wa s hingt on Ter ra ce So
ut
h
MOR G A N COU NTY
Z [ 89
W
eb
Clinton Sunse t
180 0 Nor t h
WEBE R COU NTY
er
D
ri v
e
Uinta h
300 Nor t h
S ta S ee t
@ ?
ai n
La y ton
S tr
220 0 W est
Ant elop e Dr ive
M
300 0 W est
Syr a cus e
Cle ar fie ld
For t Lan e
tr
170 0 So ut h
Fair f ield Ro ad
te
200 0 West
We st P oint
] ^ 84
South We ber
t ee
Ge nt ile St r ee t
DAV IS COU NTY 20 0 No r t h
Ka ys ville Fr uit H eights
] ^ 15
Great Salt Lake
Shep ar d La ne
Fa r mington
376 East 400 South, Suite 120 | Salt Lake City, Utah 84111 Office 801.456.8800 | Fax 801.578.5500 www.mtnwest.com
6
100 0 No r th
Hill Field Air Force Base South Gate (Main Entrance)
Gor don Ave nue
Ant e lo pe Dr iv e
Hill Field Ro a d
89
Z [
376 East 400 South, Suite 120 | Salt Lake City, Utah 84111 Office 801.456.8800 | Fax 801.578.5500 www.mtnwest.com
Wyndom Square
SITE
193
Hill Field Air Force Base East Gate (Planned)
Petersen Farm Supply
Fair f ield Ro a d
SWC HIGHWAY 193 & CHURCH STREET • LAYTON • UTAH
u
Ch
WYNDOM SQUARE
h rc Ch u
et St re
ee t r ch Str
For t La ne
7
Gardner Dental
Spa
Salon
North Hills Drive
1150 East
193
SWC HIGHWAY 193 & CHURCH STREET • LAYTON • UTAH
WYNDOM SQUARE
24,110 ca rs/day
Church Street
ay 3,755 cars/d
Market
376 East 400 South, Suite 120 | Salt Lake City, Utah 84111 Office 801.456.8800 | Fax 801.578.5500 www.mtnwest.com
8
WYNDOM SQUARE SWC HIGHWAY 193 & CHURCH STREET • LAYTON • UTAH
)
CHURCH STREET
HWY 193 (2 4,830 CAR S/DAY
NOT A PART
D-9
F2
A1-2
A3 A4 A5 A6 A7 A8 A9
A10
G1-3 G4 G5 G6
Spa Salon
376 East 400 South, Suite 120 | Salt Lake City, Utah 84111 Office 801.456.8800 | Fax 801.578.5500 www.mtnwest.com
9
WYNDOM SQUARE SWC HIGHWAY 193 & CHURCH STREET • LAYTON • UTAH
PHOTOS
376 East 400 South, Suite 120 | Salt Lake City, Utah 84111 Office 801.456.8800 | Fax 801.578.5500 www.mtnwest.com
10
WYNDOM SQUARE SWC HIGHWAY 193 & CHURCH STREET • LAYTON • UTAH
FINANCIAL SUMMARY Gross Income Minimum Annual Rent
$832,862
Total Gross Income: Less Vacancy
$832,862 5.00%
($41,643)
Effective Gross Income
$791,219
Expenses Tax, Ins. & CAM on Vacant Space: Reserves for Replacement Total Expenses:
Net Operating Income: CAP Rate:
Sale Price: Price per Sq. Ft.:
($58,155) $0.10/SF
($5,561) ($63,715)
$727,503 9.75%
$7,462,000 $134.19
376 East 400 South, Suite 120 | Salt Lake City, Utah 84111 Office 801.456.8800 | Fax 801.578.5500 www.mtnwest.com
11
$3.36
55,606 38,298 17,308 68.87% 31.13%
TOTAL SQ. FOOTAGE TOTAL LEASED TOTAL VACANT % OCCUPIED % VACANT
*Tax, Ins. & CAM / Square Foot / Yr
38,298
2,283
Grd Lease 2,341
2,000
1,144
1,243 1,102 1,339
1,243
1,121
8,999
5,036
3,004
1,122
1,000
1,226
4,095
TOTALS
SOLI WELLNESS CENTER
G 7-8
KD'S SHIP N' POST
D-6
VACANT VACANT VACANT VACANT
DRY CLEANING STATION AMY NAILS ILLUSION BEACH TANNING
D-3 D-4 D-5
G 1-3 G-4 G-5 G-6
FARMER'S INSURANCE
D-2
WENDY'S CUTLER'S COOKIES & SANDWICH VACANT
GREAT CLIPS
D-1
PAD E F-1 F-2
ACE HARDWARE
C-3
CHERRY BERRY YOGURT BAR
ANYTIME FITNESS
C-2
VACANT
TUMBLE KATS
C-1
D-9
CHINESE KITCHEN VACANT VACANT DOLLAR HOUSE VACANT LOI - Mr. Mower
A-4 A5 A6 A7 A 8-9 A-10
D 7-8
GRASSROOTS AVEDA SALON & SPA
A1-3
TENANT
RENTED SQ FT
17,308
3,530 1,726 1,163 1,613
2,659
1,673
2,498
1,223 1,223
VACANT SQ FT
$69,405.17
$2,853.75
$3,824.17 $1,977.71 $1,356.83 $1,881.83
$4,445.83 $3,786.57 $3,766.92
$1,951.83
$2,333.33
$1,074.41
$1,152.00 $1,824.73 $1,187.50
$1,100.00
$1,810.42
$8,936.54
$5,760.00
$2,505.33
$1,955.40 $1,324.92 $1,324.92 $750.00 $2,498.00 $1,122.00
$6,900.24
MONTHLY RENT
$832,862.07
$34,245.00
$45,890.00 $23,732.50 $16,282.00 $22,582.00
$53,349.96 $45,438.81 $45,203.00
$23,422.00
$27,999.96
$12,892.92
$13,824.00 $21,896.76 $14,250.00
$13,200.00
$21,725.04
$107,238.48
$69,120.00
$30,063.96
$23,464.80 $15,899.00 $15,899.00 $9,000.00 $29,976.00 $13,464.00
$82,802.88
ANNUAL RENT
$15.00
$13.00 $13.75 $14.00 $14.00
$19.41 $17.00
$14.00
$14.00
$11.27
$11.12 $19.48 $10.64
$10.62
$19.38
$11.92
$13.73
$10.01
$19.14 $13.00 $13.00 $9.00 $12.00 $12.00
$20.22
RATE PER SQ FT
$4,846.24
$988.40 $483.28 $325.64 $451.64
$744.52
$468.44
$699.44
$342.44 $342.44
NNN on VACANT SPACE
12/8/2007
12/9/2004 12/20/2013
12/7/2012
3/9/2012
3/17/2008 6/1/2006 5/6/2006
11/27/2012
5/2/2006
9/13/2007
1/1/2007
3/8/2012
2/13/2013
12/1/2009
2/1/2011
LEASE START DATE
12/7/2015
12/8/2014 12/19/2020
12/6/2017
7/9/2017
3/16/2013 4/30/2015 5/15/2014
11/26/2018
5/1/2016
9/12/2017
4/29/2015
3/7/2017
2/12/2016
4/16/2018
1/31/2016
LEASE END DATE
8 1 4yr
10 6- 5yr 7 1 5-yr
5 1 5-yr
6 2 3-yr
5 None 3 None 2 None
6 1 5-yr
10 None
10 2 5yr
3 None
5 1 5yr
3 1 3yr
5
5 1 5yr
LEASE OPTIONS TERM
Rent Roll
376 East 400 South, Suite 120 | Salt Lake City, Utah 84111 Office 801.456.8800 | Fax 801.578.5500 www.mtnwest.com
Prepared By: Chris Monson & Brett Palmer (801) 578-5580
$15.30 yr 7; $15.61 yr 8; $15.92 Option yr 9; $16.24 Option yr 10; $16.56 Option yr 11; and $16.89 Option yr 12.
10% increase every 5 years option periods $19.80 yr 4; $20.20 yr 5; $20.60 yr 6; $21.01 yr 7; Option Rents to be Negotiated
$19.77 yr 8; $20.16 yr 9; $20.57 yr 10 Gross Lease (No Tax. Ins. & CAM) $10.94 yr 2; $11.27 yr 3; $11.60 yr 4; $11.95 yr 5; $12.31 yr 6; $12.68 Option yr 7; $13.06 Option yr 8; $13.45 Option yr 9; $13.86 Option yr 10; and $14.27 Option yr 11. Rrenewal $20.27 yr 2; $20.67 yr 3. No Increases $11.55 yr 3; $11.84 yr 4; $12.34 yr 5; $12.65 yr 6; $12.97 Option yr 7; $13.29 Option yr 8; $13.62 Option yr 9; $13.96 Option yr 10; $14.31 Option yr 11; and $14.67 Option yr 12. $14.28 yr 2; $14.57 yr 3; $14.86 yr 4; $15.15 yr 5; $15.46 Option yr 6; $15.77 Option yr 7; $16.08 Option yr 8; $16.40 Option yr 9; $16.73 Option yr 10.
"$11.00 yr 3; $11.50 yr 4; $12.00 yr 5; $12.24 Option yr 6; $12.48 Option yr 7; $12.73 Option yr 8; $12.99 Option yr 9; $13.25 Option yr 10." No increases. $11.50 yr 7; $12.00 yrs 8-9; $12.50 yr 10; $13.50 Option yrs 11-15; $14.74 Option yrs 16-20.
Lease Pending
$10.50 yr 2; $11.50 yr 3; $11.22 Option yr 5; $11.44 Option yr 5; $11.67 Option yr 6
"$20.62 yr 4; $21.04 yr 5; $21.46 Option yr 6; $21.89 Option yr 7; $22.33 Option yr 8; $22.77 Option yr 9; and $23.23 Option yr 10. "
COMMENTS
SWC of Hwy 193 & Church Street, Layton, Utah as of June, 2012
SWC HIGHWAY 193 & CHURCH STREET • LAYTON • UTAH
WYNDOM SQUARE
12
WYNDOM SQUARE SWC HIGHWAY 193 & CHURCH STREET • LAYTON • UTAH
LOAN ASSUMPTION REQUIRED Lender:
Allstate Life Insurance Company
Loan Number:
123146
Original Balance:
$7,000,000
Loan Origination Date:
February 2008
Current Loan Balance:
$6,795,940
Fixed Interest Rate:
5.89%
Monthly Payment:
$44,631.59
Balloon Date:
March 1, 2018
Nonrecourse:
Only upon reaching stabilization
Prepayment Option:
No prepayment is allowed until after March 1, 2013 with a prepayment penalty after this date equal to the greater of a) 1% of the principal loan balance, or b) the current yield maintenance, whichever is greater.
Loan Assumption:
Yes. A one time loan assumption option
Conditions of Loan Assumption:
a) 1% Fee to the Lender b) $5,000 non-refundable deposit which includes the reimbursement to lender of all lenders expenses c) New buyer/borrower must have experience in managing similar property satisfactory to lender d) New buyer/borrower must have a financial condition satisfactory to lender e) 35% minimum cash down payment f) Updated MAI Appraisal confirming a loan to value ratio of no more than 65%.
376 East 400 South, Suite 120 | Salt Lake City, Utah 84111 Office 801.456.8800 | Fax 801.578.5500 www.mtnwest.com
13
WYNDOM SQUARE SWC HIGHWAY 193 & CHURCH STREET • LAYTON • UTAH
RETAIL TENANT PROFILES Tenant Trade Name: Number of Locations: Website:
Grassroots Spa 2 grassrootsaveda.com
Description: The Grassroots Spa at Wyndom Square is a second location for the Grassroots Full Service Salon, located in the Layton Hills Mall. The Grassroots Spa is a full-service Aveda-brand spa offering massage therapy, waxing, body wraps, manicures, pedicures and eyelash extensions. The existing salon space in the Layton Hills Mall was too small to house those services to its large clientele. Grassroots Spa has been a tenant at Wyndom Square since September of 2006.
Tenant Trade Name:
Chinese Kitchen - Wok Fresh
Description: The Chinese Kitchen offers a fresh selection of quick serve Chinese Food served instantly as you arrive at the counter to choose your selections. They specialize in quick server combinations at very affordable prices. They offer Spring Rolls, Crab Rangoon, Pot Stickers, Fried Shrimp, and entrees such as Mongolian Beef, Kung Pao Chicken and Black Pepper Beef. The Chinese Kitchen has been a tenant at Wyndom Square since April of 2006.
Tenant Trade Name: Number of Locations:
Dollar House 1
Description: Dollar House is an independent local dollar store owned and operated by Daniel Fisher of Ogden, Utah. Dollar House is affiliated with Dollar Store Services out of Las Vegas, Nevada that provides set up and inventory financing as well as on going product buying power and retail consulting services. Dollar House has been a tenant at Wyndom Square since 2013.
Tenant Trade Name: Number of Locations:
Tumble Kats 2
Description: Tumble Kats currently operates 2 Dance-Tumble-Cheer studio’s in Layton and Syracuse. They offer instruction, performance and competition in the following: Ballet, Hip Hop, Tap, Jazz, Tumbling & Cheer for all ages starting at 1 to adult classes. They have beginning up to competition levels. Tumble Kats has been a tenant at Wyndom Square since 2011
Tenant Trade Name: Headquartered: Number of Locations: Website: Franchisee: # of Locations by Franchisee:
Any Time Fitness Hastings, MN 1,019 anytimefitness.com Engerico, LLC 4
Description: Anytime Fitness is ranked 47th overall of the Top 500 Franchises and ranked 9th overall in the fastest growing franchise category according to Entrepreneur Magazine. Anytime Fitness is a full service neighborhood fitness center open to its customers 24 hours a day. They offer quality exercise equipment in a convenient location close to where people live and work. They also feature security access software and surveillance systems to allow customers a safe and secure atmosphere at night. Engerico, LLC, is solely owned by Curtis Peterson who has also personally guaranteed the lease at Wyndom Square. Mr. Peterson operates 4 Anytime Fitness locations in Layton, Clinton, Syracuse and Draper, Utah. Anytime Fitness has been a tenant at Wyndom Square since January of 2007. 376 East 400 South, Suite 120 | Salt Lake City, Utah 84111 Office 801.456.8800 | Fax 801.578.5500 www.mtnwest.com
14
WYNDOM SQUARE SWC HIGHWAY 193 & CHURCH STREET • LAYTON • UTAH
RETAIL TENANT PROFILES Tenant Trade Name: Headquartered: Number of Locations: Website: Franchisee: Number of Ace Locations by Franchisee:
Ace Hardware Oakbrook, IL 4,600 (including locations in 70 countries) acehardware.com Ace Hardware H.C.S.P., Inc. 2
Description: Ace Hardware has been in business for 86 years. The company was created by a small group of Chicago hardware store owners who joined together to purchase merchandise in bulk to save money and buy at the lowest possible price. As a retailer-owned cooperative, Ace Hardware is wholly owned by its independently operated store owners. No shares of stock in the corporation are publicly traded. Rather, when retailers affiliate with Ace, they purchase shares of company stock, which gives them voting rights in the cooperative. This is their investment in the company. In 2009 Ace Hardware was ranked “Highest in Customer Satisfaction among Home Improvement Stores Three Years in a Row” by J.D. Power and Associates 2007-2009 Home Improvement Retail Store Studies. The Ace® product assortment includes more than 10,000 items - all value priced including paint and paint supplies, plumbing and heating materials, lawn and garden products, electrical supplies and accessories, outdoor living products, building supplies, hand tools and power tools, hardware and fasteners, house wares and small appliances, ladders and cleaning supplies - all under the Ace name. To provide more value for customers Ace also carries holiday and seasonal decorations, sporting goods, pet supplies, marine supplies, pool chemicals, automotive merchandise, fire extinguishers and safety equipment, live goods and grill and grill accessories. The lease at Wyndom Square is personally guaranteed by Steve Allen and Mark Burton. Mr. Burton is the owner of International Armoring Corporation, an internationally successful company that customizes bullet proof vehicles for government officials, corporate executives and celebrities. Ace Hardware has been a tenant at Wyndom Square since September of 2007.
Tenant Trade Name: Headquartered: Number of Locations: Website: Franchisee: Number of Ace Locations by Franchisee:
Great Clips Minneapolis, MN 2,800 greatclips.com Fifth Avenue Ventures 9
Description: Great Clips, Inc., headquartered in Minneapolis is North America’s largest and fastest growing hair salon brand in the $50 billion hair care business. Established in 1982, Great Clips has perfected a system for delivering competitively priced, high quality haircuts and perms to men, women and children. The company began franchising in 1983, and today, over 2,730 Great Clips salons operate in more than 120 markets across the U.S. and Canada. The franchise owner Glen Hicks of Fifth Avenue Ventures owns and operates 9 Great Clips locations in Utah—making him one of the largest Great Clips Franchisee’s in the State of Utah. Great Clips has been a tenant at Wyndom Square since May of 2006
376 East 400 South, Suite 120 | Salt Lake City, Utah 84111 Office 801.456.8800 | Fax 801.578.5500 www.mtnwest.com
15
WYNDOM SQUARE SWC HIGHWAY 193 & CHURCH STREET • LAYTON • UTAH
RETAIL TENANT PROFILES Tenant Trade Name: Headquartered: Number of Locations: Website: Franchisee: Number of Locations by Franchisee:
Farmers Insurance Los Angeles, CA 20,000 Franchises in 41 states farmers.com Chris Windhurst 1
Description: Farmers Insurance Group of Companies is the country’s third-largest insurer of both private Personal Lines passenger automobile and homeowners insurance, and also provides a wide range of other insurance and financial services products. Farmers operates primarily in 41 states across the country through the efforts of approximately 20,000 franchisees and employees. Farmers exclusive and independent agents, along with Farmers employees, are responsible for servicing more than 15 million customers. The franchise owner Chris Windhurst has been a tenant at Wyndom Square since June of 2012.
Tenant Trade Name: Headquartered: Number of Locations: Website: Franchisee: Number of Ace Locations by Franchisee:
Dry Cleaning Station Minneapolis, MN 21 drycleaningstation.com David & Julie Picket 1
Description: Dry Cleaning Station is a national dry cleaning franchise with stores across the country. Dry Cleaning Station is environmentally friendly and operates safe modern equipment with the latest safeguards for dry cleaning equipment including the use of alternative, bio-friendly dry cleaning products. Last year, Dry Cleaning Station was the fastest growing dry cleaning franchise in the U.S. according to Entrepreneur Magazine’s annual Franchise 500 Rankings. Dave Picket, owner of the Dry Cleaning Station is a retired airline pilot and has been a tenant at Wyndom Square since March of 2008.
Tenant Trade Name:
Amy Nails
Description: Amy Nails is a full service nail salon offering manicures and spa pedicures, cleansing, shaping, cuticle care, massage, buff & polish with custom finishes. They use a lacquer collection in 100 of the most beautiful fashion-forward shades imaginable. They use only the highest quality products to insure that their services will last. All implements and pedi-bowls are sanitized according to the Utah State Board of regulations. Amy Nails has been a tenant at Wyndom Square since June of 2006.
376 East 400 South, Suite 120 | Salt Lake City, Utah 84111 Office 801.456.8800 | Fax 801.578.5500 www.mtnwest.com
16
WYNDOM SQUARE SWC HIGHWAY 193 & CHURCH STREET • LAYTON • UTAH
RETAIL TENANT PROFILES Tenant Trade Name:
Illusion Beach Tanning Salon
Description: Illusion Beach luxury tanning salon offers Immaculate, spacious tanning rooms with the finest tanning bed equipment. They also offer a vast array of tanning and skin care products. No appointments, no contracts, no commitments, free membership upgrades, lotion discounts, access to all beds. The owners of the salon are Illusion Beach Tanning has been a tenant at Wyndom Square since May of 2006.
Tenant Trade Name: Number of Locations: Website: Franchisee:
KD’s Ship N’ Post 1 kdsshipnpost.com David & Julie Picket
Description: KD’s Ship N’ Post has been serving Layton since 2012--providing a full menu of products and services for almost everything related to packing, shipping, mailing and business services. They also offer fax services, notary services, passport photos, mail box rentals, key cutting and duplication, signs and banners, internet access, document shredding and rubber stamps. KD’s Ship N’ Post has been a tenant at Wyndom Square since March of 2012.
Tenant Trade Name: Number of Locations: Website: Number of Locations By Franchisee:
Cherry Berry Yogurt 142 cherryberryyogurtbar.com 4
Description: CherryBerry Self-Serve Frozen Yogurt offers over 50 premium rotating healthy and fat-free frozen yogurt flavors and over 50 toppings. Toppings range from granola, cereals and fresh fruits, to all kinds of candies, sprinkles, and even specialty items such as a variety of nuts. After customers have filled their cups, they weigh their creation on a scale and pay for it by the ounce. Craig Dresser is the owner of the CherryBerry Yogurt Utah franchise territory. He has 4 locations so far and has been a tenant at Wyndom Square since June of 2012.
376 East 400 South, Suite 120 | Salt Lake City, Utah 84111 Office 801.456.8800 | Fax 801.578.5500 www.mtnwest.com
17
WYNDOM SQUARE SWC HIGHWAY 193 & CHURCH STREET • LAYTON • UTAH
RETAIL TENANT PROFILES Tenant Trade Name: Corporate Lease: Wendy’s Headquarters: Number of Wendy’s Locations: Wendy’s/Arby’s Group Headquarters: Number of Wendy’s/Arby’s Locations: Website: New York Stock Exchange Symbol:
Wendy’s Yes Dublin, OH 6,630 Atlanta, GA 10,386 wendys.com WEN
Description: Wendy’s is the 3rd largest fast-food hamburger chain in the USA with 6,630 locations worldwide. The Wendy’s at Wyndom Square is a Corporate Lease with “Wendy’s Old Fashioned Hamburgers of New York, Inc.” In September of 2008, Wendy’s International, Inc. completed a merger with Triarc Companies, Inc. the franchisor of the Arby’s fast food restaurant system. The combined company was re-named Wendy’s/ Arby’s Group, Inc, and began trading on the New York Stock Exchange under the ticker “WEN.” Today, the Wendy’s/Arby’s Group, Inc. system has 10,386 restaurants and is the nation’s 3rd largest quick serve restaurant company based on system wide sales. Wendy’s has been a tenant at Wyndom Square since December 2004.
Tenant Trade Name: Number of Locations: Website:
Cutler’s Cookies & Sandwiches 4 cutlerscookies.com
Description: Cutler’s Cookies & Sandwiches has been serving cookies and sandwiches since they opened in 1980 in Bountiful Utah. Matt & Sherry Cutler own and operate four locations in Bountiful, Centerville and two in Layton. They specialize in home cooked fresh cookies, breads, soups, salads and sandwiches all made daily from scratch. Cutler’s Cookies and Sandwiches has been a tenant at Wyndom Square since 2013. Tenant Trade Name: Website:
Soli Wellness Center soliwellness.com
Description: Soli Wellness is owned and operated by chiropractor - Dr. Randall Roberts, who has been operating a chiropractic clinic since 1981. While they have evolved into much more than just chiropractic treatments, chiropractic remains the basis for much of what they do. They offer treatments for those suffering from back pain, neck pain, headaches, shoulder and joint pain. They also offer a variety of other wellness services and therapies including therapeutic massage, nutritional supplements, and equipment such as the Erchonia Healing Laser, whole body sound vibration call the Turbosonic, the Erchonia Ionic Cleanse foot baths, and Biomeridian Stress Assessment to test for potential toxins. Soli Wellness Center has been a tenant at Wyndom Square since 2007. 376 East 400 South, Suite 120 | Salt Lake City, Utah 84111 Office 801.456.8800 | Fax 801.578.5500 www.mtnwest.com
18
WYNDOM SQUARE SWC HIGHWAY 193 & CHURCH STREET • LAYTON • UTAH
SHADOW ANCHOR TENANT PROFILES Tenant Trade Name: Headquartered: Number of Locations: Website: New York Stock Exchange Symbol:
Wal-Mart Neighborhood Markets Bentonville, AK 4,627 Wal-Marts 152 Wal-Mart Neighborhood Markets walmartstores.com WMT
Description: Wal-Mart Neighborhood Market offers a quick and convenient shopping experience for customers who need groceries, pharmaceuticals, and general merchandise at Wal-Mart’s famous every day low prices. The first Wal-Mart Neighborhood Market opened up in 1998. Today there are now 152 Neighborhood Markets, each employing about 95 associates. A typical store is about 42,000 square feet. Neighborhood Markets feature a wide variety of products, including: fresh produce, meat and dairy products, frozen foods, dry goods and staples, health and beauty aids, stationary and paper goods, drivethrough pharmacy, deli foods, bakery items, canned and packaged goods, condiments and spices, pet supplies, household supplies, and a one-hour photo center. Wal-Mart Neighborhood Market has been a shadow anchor tenant at Wyndom Square since 2004— when it opened for business. Since that time it has had strong annual increases in its annual sales each year.
Tenant Trade Name: Headquartered: Number of Locations: Website: New York Stock Exchange Symbol:
Chase Bank New York City, NY Over 5,000 Branch Bank Locations jpmorganchase.com JPM
Description: JPMorgan Chase & Co. is a leading global financial services firm with assets of $2.2 trillion and operates in more than 60 countries. Chase is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transactions processing, asset management and private equity. They operate more than 5,000 branch banking locations in North America (3rd Largest number of Bank Branches in the United States). They recently bought the assets of Washington Mutual and merged in their branch bank locations that did not already conflict with existing Chase Bank branch locations. Chase Bank has been a shadow anchor pad at the Wyndom Square Shopping Center since 2008.
376 East 400 South, Suite 120 | Salt Lake City, Utah 84111 Office 801.456.8800 | Fax 801.578.5500 www.mtnwest.com
19
WYNDOM SQUARE SWC HIGHWAY 193 & CHURCH STREET • LAYTON • UTAH
DEMOGRAPHIC SNAPSHOT 1 MILES
2 MILES
3 MILES
5 MILES
10 MILES
TOTAL POPULATION
6,568
29,955
56,892
133,501
365,872
MALE POPULATION
50.0%
50.7%
50.5%
50.3%
50.5%
FEMALE POPULATION
50.0%
49.3%
49.5%
49.7%
49.5%
30.2
30.9
29.9
29.2
29.3
POPULATION DENSITY (PER SQUARE MILE)
2,091
2,384
2,012
1,700
1,253
EMPLOYEES
1,702
4,425
20,530
48,562
125,661
161
554
1,815
4,281
10,735
MEDIAN HH INCOME
$77,789
$70,820
$60,001
$59,516
$55,425
PER CAPITA INCOME
$25,964
$26,915
$24,818
$23,813
$21,938
AVERAGE HH INCOME
$86,946
$83,863
$74,015
$73,133
$68,018
1,902
9,600
18,798
42,634
116,149
3.45
3.10
3.00
3.08
3.11
1.27%
1.84%
1.74%
1.66%
1.71%
OWNER OCCUPIED HOUSING UNITS
1,545
7,311
12,289
29,229
82,132
RENTER OCCUPIED HOUSING UNITS
357
2,289
6,509
13,405
34,017
75
424
916
2,156
6,357
WHITE
87.7%
87.9%
86.2%
87.4%
86.0%
BLACK
1.7%
1.8%
2.1%
1.9%
1.6%
AMERICAN INDIAN
0.4%
0.6%
0.7%
0.7%
0.8%
ASIAN
2.8%
2.4%
2.2%
2.0%
1.8%
PACIFIC ISLANDER
0.6%
0.5%
0.6%
0.5%
0.4%
OTHER
3.1%
3.7%
4.6%
4.2%
6.1%
MULTIRACE
3.7%
3.2%
3.6%
3.3%
3.3%
10.1%
9.8%
11.5%
10.7%
13.8%
Population: 2012
MEDIAN AGE
ESTABLISHMENTS
Income: 2012
Households: 2012 TOTAL HOUSEHOLDS AVERAGE HOUSEHOLD SIZE HOUSEHOLD GROWTH (2012 – 2017)
Housing: 2012
VACANT HOUSING UNITS
Race: 2012
Ethnicity: 2012 HISPANIC
376 East 400 South, Suite 120 | Salt Lake City, Utah 84111 Office 801.456.8800 | Fax 801.578.5500 www.mtnwest.com
20
(Shadow Anchored by Wal-Mart Neighborhood Market)
SWC HWY 193 & CHURCH STREET • LAYTON • UTAH Exclusively listed by: Chris Monson, CCIM direct 801.578.5580 mobile 801.558.4787 fax 801.578.5500 [email protected] Brett Palmer direct 801.578.5510 mobile 801.201.1677 fax 801.578.5500 [email protected] 801.456.8800 www.mtnwest.com
376 East 400 South, Suite 120 | Salt Lake City, Utah 84111 Office 801.456.8800 | Fax 801.578.5500 www.mtnwest.com
WYNDOM SQUARE SWC HIGHWAY 193 & CHURCH STREET • LAYTON • UTAH
CONFIDENTIALITY AGREEMENT The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Mountain West Commercial, Inc. (hereinafter referred to as “Mountain West”) and should not be made available to any other person or entity without the written consent of Mountain West. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Mountain West has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Mountain West has not verified, and will not verify, any of the information contained herein, nor has Mountain West conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
376 East 400 South, Suite 120 | Salt Lake City, Utah 84111 Office 801.456.8800 | Fax 801.578.5500 www.mtnwest.com
2
WYNDOM SQUARE SWC HIGHWAY 193 & CHURCH STREET • LAYTON • UTAH
EXECUTIVE SUMMARY Shadow Anchored By:
Total Square Feet:
55,606 SF
Year Built:
2004-2005
NOI:
$727,503/yr
Price:
$7,462,000
CAP Rate:
9.75%
Price/SF:
$134.19
Loan Assumption Required Balance:
$6,795,940
Fixed Interest Rate:
5.89%
Monthly Payment:
$44,631.59
Balloon Date:
March 1, 2018
• Shadow Anchored by Wal-Mart Neighborhood Market and Chase Bank • Includes Corporate Wendy’s Ground Lease • Anchored by Ace Hardware with Strong Personal Guarantee • Near main South Gate entrance to US Hill Field Air Force Base • Strong East Layton location with high $81,007 3 mile average household income
376 East 400 South, Suite 120 | Salt Lake City, Utah 84111 Office 801.456.8800 | Fax 801.578.5500 www.mtnwest.com
3
WYNDOM SQUARE SWC HIGHWAY 193 & CHURCH STREET • LAYTON • UTAH
LOCATION MAPS
Ogden Layton Salt Lake City
Provo
St. George
376 East 400 South, Suite 120 | Salt Lake City, Utah 84111 Office 801.456.8800 | Fax 801.578.5500 www.mtnwest.com
4
WYNDOM SQUARE SWC HIGHWAY 193 & CHURCH STREET • LAYTON • UTAH
Area Overview Wyndom Square lies within the city of Layton—the largest city in Davis County. Layton City is along the northern end of Davis County, near the Weber County border. Davis County has a vibrant economy with unemployment at only 5.8% compared to the state of Utah at 6.3% in 2012. The largest employer in the county--Hill Air Force Base is only 2.7 miles to the east with over 15,000 employees—most of whom live in the Layton area. Davis County has a total population of 310,000 and an average household income of $84,800 per year. Population growth is strong for Davis County at 1.9% per year compared to the state of Utah at 1.5%. Property Overview Located on the southwest corner of State Road (SR) 193 and Church Street is the neighborhood shopping center—Wyndom Square. SR 193 is the main south entrance to Hill Field Air Force Base (just to the West of Wyndom Square). The Air Force Base has planned a new “East Gate” entrance immediately west of Wyndom Square. SR 193 is a major commuter street to the South Gate of Hill Field Air Force base as well as the Layton Hills Mall and Northridge High School. Direct access to I-15 from the Wyndom Square shopping center is also only 3.5 miles to the west along SR 193. Access is even closer to Highway 89 (just east of the center) a strong north-south commuter street for south Ogden and East Layton. Traffic is strong at the center with 28,680 cars per day along the frontage on SR 193. Demographics are strong at Wyndom Square with population of 56,892 and average household income of $74,015 within a 3 mile radius. The Center has great access with a full traffic lighted intersection on the hard corner of Church Street and SR 193. Wyndom Square has 3 full access curb cut drives off of SR 193 and one off of Church Street with full cross easement access across the Wal-Mart Neighborhood Market (not a part of the investment package). The center is shadow anchored by Wal-Mart Neighborhood Market providing full service drive through pharmacy, banking, and over 40,000 Square Feet of full service grocery and non food departments. Also anchoring Wyndom Square is Ace Hardware, Chase Bank and Wendy’s. The neighborhood shopping center’s trade area is Interstate 84 to the north, Antelope Drive to the south, the Wasatch mountains to the east and Interstate 15 to the West. Other commercial uses are also in the close proximity along SR 193 including Maverik, Subway, Dairy Queen, Comfort Solutions, Peterson Farm Supply, NAPA Auto Care Center & Pizza Hut.
376 East 400 South, Suite 120 | Salt Lake City, Utah 84111 Office 801.456.8800 | Fax 801.578.5500 www.mtnwest.com
5
WYNDOM SQUARE
k inc
l ey
D
e ri v d
nd
Og de n
ve
Har ris on Bo ulev ar d
H
R
iv
er
da
le
We st H a ve n
la
ri
oa
M
id
D
R
470 0 W est
SWC HIGHWAY 193 & CHURCH STREET • LAYTON • UTAH
Roy City
560 0 So ut h
Hooper
Riv er dal e
190 0 W est
350 0 W est
550 0 So ut h
South Ogde n Wa s hingt on Ter ra ce So
ut
h
MOR G A N COU NTY
Z [ 89
W
eb
Clinton Sunse t
180 0 Nor t h
WEBE R COU NTY
er
D
ri v
e
Uinta h
300 Nor t h
S ta S ee t
@ ?
ai n
La y ton
S tr
220 0 W est
Ant elop e Dr ive
M
300 0 W est
Syr a cus e
Cle ar fie ld
For t Lan e
tr
170 0 So ut h
Fair f ield Ro ad
te
200 0 West
We st P oint
] ^ 84
South We ber
t ee
Ge nt ile St r ee t
DAV IS COU NTY 20 0 No r t h
Ka ys ville Fr uit H eights
] ^ 15
Great Salt Lake
Shep ar d La ne
Fa r mington
376 East 400 South, Suite 120 | Salt Lake City, Utah 84111 Office 801.456.8800 | Fax 801.578.5500 www.mtnwest.com
6
100 0 No r th
Hill Field Air Force Base South Gate (Main Entrance)
Gor don Ave nue
Ant e lo pe Dr iv e
Hill Field Ro a d
89
Z [
376 East 400 South, Suite 120 | Salt Lake City, Utah 84111 Office 801.456.8800 | Fax 801.578.5500 www.mtnwest.com
Wyndom Square
SITE
193
Hill Field Air Force Base East Gate (Planned)
Petersen Farm Supply
Fair f ield Ro a d
SWC HIGHWAY 193 & CHURCH STREET • LAYTON • UTAH
u
Ch
WYNDOM SQUARE
h rc Ch u
et St re
ee t r ch Str
For t La ne
7
Gardner Dental
Spa
Salon
North Hills Drive
1150 East
193
SWC HIGHWAY 193 & CHURCH STREET • LAYTON • UTAH
WYNDOM SQUARE
24,110 ca rs/day
Church Street
ay 3,755 cars/d
Market
376 East 400 South, Suite 120 | Salt Lake City, Utah 84111 Office 801.456.8800 | Fax 801.578.5500 www.mtnwest.com
8
WYNDOM SQUARE SWC HIGHWAY 193 & CHURCH STREET • LAYTON • UTAH
)
CHURCH STREET
HWY 193 (2 4,830 CAR S/DAY
NOT A PART
D-9
F2
A1-2
A3 A4 A5 A6 A7 A8 A9
A10
G1-3 G4 G5 G6
Spa Salon
376 East 400 South, Suite 120 | Salt Lake City, Utah 84111 Office 801.456.8800 | Fax 801.578.5500 www.mtnwest.com
9
WYNDOM SQUARE SWC HIGHWAY 193 & CHURCH STREET • LAYTON • UTAH
PHOTOS
376 East 400 South, Suite 120 | Salt Lake City, Utah 84111 Office 801.456.8800 | Fax 801.578.5500 www.mtnwest.com
10
WYNDOM SQUARE SWC HIGHWAY 193 & CHURCH STREET • LAYTON • UTAH
FINANCIAL SUMMARY Gross Income Minimum Annual Rent
$832,862
Total Gross Income: Less Vacancy
$832,862 5.00%
($41,643)
Effective Gross Income
$791,219
Expenses Tax, Ins. & CAM on Vacant Space: Reserves for Replacement Total Expenses:
Net Operating Income: CAP Rate:
Sale Price: Price per Sq. Ft.:
($58,155) $0.10/SF
($5,561) ($63,715)
$727,503 9.75%
$7,462,000 $134.19
376 East 400 South, Suite 120 | Salt Lake City, Utah 84111 Office 801.456.8800 | Fax 801.578.5500 www.mtnwest.com
11
$3.36
55,606 38,298 17,308 68.87% 31.13%
TOTAL SQ. FOOTAGE TOTAL LEASED TOTAL VACANT % OCCUPIED % VACANT
*Tax, Ins. & CAM / Square Foot / Yr
38,298
2,283
Grd Lease 2,341
2,000
1,144
1,243 1,102 1,339
1,243
1,121
8,999
5,036
3,004
1,122
1,000
1,226
4,095
TOTALS
SOLI WELLNESS CENTER
G 7-8
KD'S SHIP N' POST
D-6
VACANT VACANT VACANT VACANT
DRY CLEANING STATION AMY NAILS ILLUSION BEACH TANNING
D-3 D-4 D-5
G 1-3 G-4 G-5 G-6
FARMER'S INSURANCE
D-2
WENDY'S CUTLER'S COOKIES & SANDWICH VACANT
GREAT CLIPS
D-1
PAD E F-1 F-2
ACE HARDWARE
C-3
CHERRY BERRY YOGURT BAR
ANYTIME FITNESS
C-2
VACANT
TUMBLE KATS
C-1
D-9
CHINESE KITCHEN VACANT VACANT DOLLAR HOUSE VACANT LOI - Mr. Mower
A-4 A5 A6 A7 A 8-9 A-10
D 7-8
GRASSROOTS AVEDA SALON & SPA
A1-3
TENANT
RENTED SQ FT
17,308
3,530 1,726 1,163 1,613
2,659
1,673
2,498
1,223 1,223
VACANT SQ FT
$69,405.17
$2,853.75
$3,824.17 $1,977.71 $1,356.83 $1,881.83
$4,445.83 $3,786.57 $3,766.92
$1,951.83
$2,333.33
$1,074.41
$1,152.00 $1,824.73 $1,187.50
$1,100.00
$1,810.42
$8,936.54
$5,760.00
$2,505.33
$1,955.40 $1,324.92 $1,324.92 $750.00 $2,498.00 $1,122.00
$6,900.24
MONTHLY RENT
$832,862.07
$34,245.00
$45,890.00 $23,732.50 $16,282.00 $22,582.00
$53,349.96 $45,438.81 $45,203.00
$23,422.00
$27,999.96
$12,892.92
$13,824.00 $21,896.76 $14,250.00
$13,200.00
$21,725.04
$107,238.48
$69,120.00
$30,063.96
$23,464.80 $15,899.00 $15,899.00 $9,000.00 $29,976.00 $13,464.00
$82,802.88
ANNUAL RENT
$15.00
$13.00 $13.75 $14.00 $14.00
$19.41 $17.00
$14.00
$14.00
$11.27
$11.12 $19.48 $10.64
$10.62
$19.38
$11.92
$13.73
$10.01
$19.14 $13.00 $13.00 $9.00 $12.00 $12.00
$20.22
RATE PER SQ FT
$4,846.24
$988.40 $483.28 $325.64 $451.64
$744.52
$468.44
$699.44
$342.44 $342.44
NNN on VACANT SPACE
12/8/2007
12/9/2004 12/20/2013
12/7/2012
3/9/2012
3/17/2008 6/1/2006 5/6/2006
11/27/2012
5/2/2006
9/13/2007
1/1/2007
3/8/2012
2/13/2013
12/1/2009
2/1/2011
LEASE START DATE
12/7/2015
12/8/2014 12/19/2020
12/6/2017
7/9/2017
3/16/2013 4/30/2015 5/15/2014
11/26/2018
5/1/2016
9/12/2017
4/29/2015
3/7/2017
2/12/2016
4/16/2018
1/31/2016
LEASE END DATE
8 1 4yr
10 6- 5yr 7 1 5-yr
5 1 5-yr
6 2 3-yr
5 None 3 None 2 None
6 1 5-yr
10 None
10 2 5yr
3 None
5 1 5yr
3 1 3yr
5
5 1 5yr
LEASE OPTIONS TERM
Rent Roll
376 East 400 South, Suite 120 | Salt Lake City, Utah 84111 Office 801.456.8800 | Fax 801.578.5500 www.mtnwest.com
Prepared By: Chris Monson & Brett Palmer (801) 578-5580
$15.30 yr 7; $15.61 yr 8; $15.92 Option yr 9; $16.24 Option yr 10; $16.56 Option yr 11; and $16.89 Option yr 12.
10% increase every 5 years option periods $19.80 yr 4; $20.20 yr 5; $20.60 yr 6; $21.01 yr 7; Option Rents to be Negotiated
$19.77 yr 8; $20.16 yr 9; $20.57 yr 10 Gross Lease (No Tax. Ins. & CAM) $10.94 yr 2; $11.27 yr 3; $11.60 yr 4; $11.95 yr 5; $12.31 yr 6; $12.68 Option yr 7; $13.06 Option yr 8; $13.45 Option yr 9; $13.86 Option yr 10; and $14.27 Option yr 11. Rrenewal $20.27 yr 2; $20.67 yr 3. No Increases $11.55 yr 3; $11.84 yr 4; $12.34 yr 5; $12.65 yr 6; $12.97 Option yr 7; $13.29 Option yr 8; $13.62 Option yr 9; $13.96 Option yr 10; $14.31 Option yr 11; and $14.67 Option yr 12. $14.28 yr 2; $14.57 yr 3; $14.86 yr 4; $15.15 yr 5; $15.46 Option yr 6; $15.77 Option yr 7; $16.08 Option yr 8; $16.40 Option yr 9; $16.73 Option yr 10.
"$11.00 yr 3; $11.50 yr 4; $12.00 yr 5; $12.24 Option yr 6; $12.48 Option yr 7; $12.73 Option yr 8; $12.99 Option yr 9; $13.25 Option yr 10." No increases. $11.50 yr 7; $12.00 yrs 8-9; $12.50 yr 10; $13.50 Option yrs 11-15; $14.74 Option yrs 16-20.
Lease Pending
$10.50 yr 2; $11.50 yr 3; $11.22 Option yr 5; $11.44 Option yr 5; $11.67 Option yr 6
"$20.62 yr 4; $21.04 yr 5; $21.46 Option yr 6; $21.89 Option yr 7; $22.33 Option yr 8; $22.77 Option yr 9; and $23.23 Option yr 10. "
COMMENTS
SWC of Hwy 193 & Church Street, Layton, Utah as of June, 2012
SWC HIGHWAY 193 & CHURCH STREET • LAYTON • UTAH
WYNDOM SQUARE
12
WYNDOM SQUARE SWC HIGHWAY 193 & CHURCH STREET • LAYTON • UTAH
LOAN ASSUMPTION REQUIRED Lender:
Allstate Life Insurance Company
Loan Number:
123146
Original Balance:
$7,000,000
Loan Origination Date:
February 2008
Current Loan Balance:
$6,795,940
Fixed Interest Rate:
5.89%
Monthly Payment:
$44,631.59
Balloon Date:
March 1, 2018
Nonrecourse:
Only upon reaching stabilization
Prepayment Option:
No prepayment is allowed until after March 1, 2013 with a prepayment penalty after this date equal to the greater of a) 1% of the principal loan balance, or b) the current yield maintenance, whichever is greater.
Loan Assumption:
Yes. A one time loan assumption option
Conditions of Loan Assumption:
a) 1% Fee to the Lender b) $5,000 non-refundable deposit which includes the reimbursement to lender of all lenders expenses c) New buyer/borrower must have experience in managing similar property satisfactory to lender d) New buyer/borrower must have a financial condition satisfactory to lender e) 35% minimum cash down payment f) Updated MAI Appraisal confirming a loan to value ratio of no more than 65%.
376 East 400 South, Suite 120 | Salt Lake City, Utah 84111 Office 801.456.8800 | Fax 801.578.5500 www.mtnwest.com
13
WYNDOM SQUARE SWC HIGHWAY 193 & CHURCH STREET • LAYTON • UTAH
RETAIL TENANT PROFILES Tenant Trade Name: Number of Locations: Website:
Grassroots Spa 2 grassrootsaveda.com
Description: The Grassroots Spa at Wyndom Square is a second location for the Grassroots Full Service Salon, located in the Layton Hills Mall. The Grassroots Spa is a full-service Aveda-brand spa offering massage therapy, waxing, body wraps, manicures, pedicures and eyelash extensions. The existing salon space in the Layton Hills Mall was too small to house those services to its large clientele. Grassroots Spa has been a tenant at Wyndom Square since September of 2006.
Tenant Trade Name:
Chinese Kitchen - Wok Fresh
Description: The Chinese Kitchen offers a fresh selection of quick serve Chinese Food served instantly as you arrive at the counter to choose your selections. They specialize in quick server combinations at very affordable prices. They offer Spring Rolls, Crab Rangoon, Pot Stickers, Fried Shrimp, and entrees such as Mongolian Beef, Kung Pao Chicken and Black Pepper Beef. The Chinese Kitchen has been a tenant at Wyndom Square since April of 2006.
Tenant Trade Name: Number of Locations:
Dollar House 1
Description: Dollar House is an independent local dollar store owned and operated by Daniel Fisher of Ogden, Utah. Dollar House is affiliated with Dollar Store Services out of Las Vegas, Nevada that provides set up and inventory financing as well as on going product buying power and retail consulting services. Dollar House has been a tenant at Wyndom Square since 2013.
Tenant Trade Name: Number of Locations:
Tumble Kats 2
Description: Tumble Kats currently operates 2 Dance-Tumble-Cheer studio’s in Layton and Syracuse. They offer instruction, performance and competition in the following: Ballet, Hip Hop, Tap, Jazz, Tumbling & Cheer for all ages starting at 1 to adult classes. They have beginning up to competition levels. Tumble Kats has been a tenant at Wyndom Square since 2011
Tenant Trade Name: Headquartered: Number of Locations: Website: Franchisee: # of Locations by Franchisee:
Any Time Fitness Hastings, MN 1,019 anytimefitness.com Engerico, LLC 4
Description: Anytime Fitness is ranked 47th overall of the Top 500 Franchises and ranked 9th overall in the fastest growing franchise category according to Entrepreneur Magazine. Anytime Fitness is a full service neighborhood fitness center open to its customers 24 hours a day. They offer quality exercise equipment in a convenient location close to where people live and work. They also feature security access software and surveillance systems to allow customers a safe and secure atmosphere at night. Engerico, LLC, is solely owned by Curtis Peterson who has also personally guaranteed the lease at Wyndom Square. Mr. Peterson operates 4 Anytime Fitness locations in Layton, Clinton, Syracuse and Draper, Utah. Anytime Fitness has been a tenant at Wyndom Square since January of 2007. 376 East 400 South, Suite 120 | Salt Lake City, Utah 84111 Office 801.456.8800 | Fax 801.578.5500 www.mtnwest.com
14
WYNDOM SQUARE SWC HIGHWAY 193 & CHURCH STREET • LAYTON • UTAH
RETAIL TENANT PROFILES Tenant Trade Name: Headquartered: Number of Locations: Website: Franchisee: Number of Ace Locations by Franchisee:
Ace Hardware Oakbrook, IL 4,600 (including locations in 70 countries) acehardware.com Ace Hardware H.C.S.P., Inc. 2
Description: Ace Hardware has been in business for 86 years. The company was created by a small group of Chicago hardware store owners who joined together to purchase merchandise in bulk to save money and buy at the lowest possible price. As a retailer-owned cooperative, Ace Hardware is wholly owned by its independently operated store owners. No shares of stock in the corporation are publicly traded. Rather, when retailers affiliate with Ace, they purchase shares of company stock, which gives them voting rights in the cooperative. This is their investment in the company. In 2009 Ace Hardware was ranked “Highest in Customer Satisfaction among Home Improvement Stores Three Years in a Row” by J.D. Power and Associates 2007-2009 Home Improvement Retail Store Studies. The Ace® product assortment includes more than 10,000 items - all value priced including paint and paint supplies, plumbing and heating materials, lawn and garden products, electrical supplies and accessories, outdoor living products, building supplies, hand tools and power tools, hardware and fasteners, house wares and small appliances, ladders and cleaning supplies - all under the Ace name. To provide more value for customers Ace also carries holiday and seasonal decorations, sporting goods, pet supplies, marine supplies, pool chemicals, automotive merchandise, fire extinguishers and safety equipment, live goods and grill and grill accessories. The lease at Wyndom Square is personally guaranteed by Steve Allen and Mark Burton. Mr. Burton is the owner of International Armoring Corporation, an internationally successful company that customizes bullet proof vehicles for government officials, corporate executives and celebrities. Ace Hardware has been a tenant at Wyndom Square since September of 2007.
Tenant Trade Name: Headquartered: Number of Locations: Website: Franchisee: Number of Ace Locations by Franchisee:
Great Clips Minneapolis, MN 2,800 greatclips.com Fifth Avenue Ventures 9
Description: Great Clips, Inc., headquartered in Minneapolis is North America’s largest and fastest growing hair salon brand in the $50 billion hair care business. Established in 1982, Great Clips has perfected a system for delivering competitively priced, high quality haircuts and perms to men, women and children. The company began franchising in 1983, and today, over 2,730 Great Clips salons operate in more than 120 markets across the U.S. and Canada. The franchise owner Glen Hicks of Fifth Avenue Ventures owns and operates 9 Great Clips locations in Utah—making him one of the largest Great Clips Franchisee’s in the State of Utah. Great Clips has been a tenant at Wyndom Square since May of 2006
376 East 400 South, Suite 120 | Salt Lake City, Utah 84111 Office 801.456.8800 | Fax 801.578.5500 www.mtnwest.com
15
WYNDOM SQUARE SWC HIGHWAY 193 & CHURCH STREET • LAYTON • UTAH
RETAIL TENANT PROFILES Tenant Trade Name: Headquartered: Number of Locations: Website: Franchisee: Number of Locations by Franchisee:
Farmers Insurance Los Angeles, CA 20,000 Franchises in 41 states farmers.com Chris Windhurst 1
Description: Farmers Insurance Group of Companies is the country’s third-largest insurer of both private Personal Lines passenger automobile and homeowners insurance, and also provides a wide range of other insurance and financial services products. Farmers operates primarily in 41 states across the country through the efforts of approximately 20,000 franchisees and employees. Farmers exclusive and independent agents, along with Farmers employees, are responsible for servicing more than 15 million customers. The franchise owner Chris Windhurst has been a tenant at Wyndom Square since June of 2012.
Tenant Trade Name: Headquartered: Number of Locations: Website: Franchisee: Number of Ace Locations by Franchisee:
Dry Cleaning Station Minneapolis, MN 21 drycleaningstation.com David & Julie Picket 1
Description: Dry Cleaning Station is a national dry cleaning franchise with stores across the country. Dry Cleaning Station is environmentally friendly and operates safe modern equipment with the latest safeguards for dry cleaning equipment including the use of alternative, bio-friendly dry cleaning products. Last year, Dry Cleaning Station was the fastest growing dry cleaning franchise in the U.S. according to Entrepreneur Magazine’s annual Franchise 500 Rankings. Dave Picket, owner of the Dry Cleaning Station is a retired airline pilot and has been a tenant at Wyndom Square since March of 2008.
Tenant Trade Name:
Amy Nails
Description: Amy Nails is a full service nail salon offering manicures and spa pedicures, cleansing, shaping, cuticle care, massage, buff & polish with custom finishes. They use a lacquer collection in 100 of the most beautiful fashion-forward shades imaginable. They use only the highest quality products to insure that their services will last. All implements and pedi-bowls are sanitized according to the Utah State Board of regulations. Amy Nails has been a tenant at Wyndom Square since June of 2006.
376 East 400 South, Suite 120 | Salt Lake City, Utah 84111 Office 801.456.8800 | Fax 801.578.5500 www.mtnwest.com
16
WYNDOM SQUARE SWC HIGHWAY 193 & CHURCH STREET • LAYTON • UTAH
RETAIL TENANT PROFILES Tenant Trade Name:
Illusion Beach Tanning Salon
Description: Illusion Beach luxury tanning salon offers Immaculate, spacious tanning rooms with the finest tanning bed equipment. They also offer a vast array of tanning and skin care products. No appointments, no contracts, no commitments, free membership upgrades, lotion discounts, access to all beds. The owners of the salon are Illusion Beach Tanning has been a tenant at Wyndom Square since May of 2006.
Tenant Trade Name: Number of Locations: Website: Franchisee:
KD’s Ship N’ Post 1 kdsshipnpost.com David & Julie Picket
Description: KD’s Ship N’ Post has been serving Layton since 2012--providing a full menu of products and services for almost everything related to packing, shipping, mailing and business services. They also offer fax services, notary services, passport photos, mail box rentals, key cutting and duplication, signs and banners, internet access, document shredding and rubber stamps. KD’s Ship N’ Post has been a tenant at Wyndom Square since March of 2012.
Tenant Trade Name: Number of Locations: Website: Number of Locations By Franchisee:
Cherry Berry Yogurt 142 cherryberryyogurtbar.com 4
Description: CherryBerry Self-Serve Frozen Yogurt offers over 50 premium rotating healthy and fat-free frozen yogurt flavors and over 50 toppings. Toppings range from granola, cereals and fresh fruits, to all kinds of candies, sprinkles, and even specialty items such as a variety of nuts. After customers have filled their cups, they weigh their creation on a scale and pay for it by the ounce. Craig Dresser is the owner of the CherryBerry Yogurt Utah franchise territory. He has 4 locations so far and has been a tenant at Wyndom Square since June of 2012.
376 East 400 South, Suite 120 | Salt Lake City, Utah 84111 Office 801.456.8800 | Fax 801.578.5500 www.mtnwest.com
17
WYNDOM SQUARE SWC HIGHWAY 193 & CHURCH STREET • LAYTON • UTAH
RETAIL TENANT PROFILES Tenant Trade Name: Corporate Lease: Wendy’s Headquarters: Number of Wendy’s Locations: Wendy’s/Arby’s Group Headquarters: Number of Wendy’s/Arby’s Locations: Website: New York Stock Exchange Symbol:
Wendy’s Yes Dublin, OH 6,630 Atlanta, GA 10,386 wendys.com WEN
Description: Wendy’s is the 3rd largest fast-food hamburger chain in the USA with 6,630 locations worldwide. The Wendy’s at Wyndom Square is a Corporate Lease with “Wendy’s Old Fashioned Hamburgers of New York, Inc.” In September of 2008, Wendy’s International, Inc. completed a merger with Triarc Companies, Inc. the franchisor of the Arby’s fast food restaurant system. The combined company was re-named Wendy’s/ Arby’s Group, Inc, and began trading on the New York Stock Exchange under the ticker “WEN.” Today, the Wendy’s/Arby’s Group, Inc. system has 10,386 restaurants and is the nation’s 3rd largest quick serve restaurant company based on system wide sales. Wendy’s has been a tenant at Wyndom Square since December 2004.
Tenant Trade Name: Number of Locations: Website:
Cutler’s Cookies & Sandwiches 4 cutlerscookies.com
Description: Cutler’s Cookies & Sandwiches has been serving cookies and sandwiches since they opened in 1980 in Bountiful Utah. Matt & Sherry Cutler own and operate four locations in Bountiful, Centerville and two in Layton. They specialize in home cooked fresh cookies, breads, soups, salads and sandwiches all made daily from scratch. Cutler’s Cookies and Sandwiches has been a tenant at Wyndom Square since 2013. Tenant Trade Name: Website:
Soli Wellness Center soliwellness.com
Description: Soli Wellness is owned and operated by chiropractor - Dr. Randall Roberts, who has been operating a chiropractic clinic since 1981. While they have evolved into much more than just chiropractic treatments, chiropractic remains the basis for much of what they do. They offer treatments for those suffering from back pain, neck pain, headaches, shoulder and joint pain. They also offer a variety of other wellness services and therapies including therapeutic massage, nutritional supplements, and equipment such as the Erchonia Healing Laser, whole body sound vibration call the Turbosonic, the Erchonia Ionic Cleanse foot baths, and Biomeridian Stress Assessment to test for potential toxins. Soli Wellness Center has been a tenant at Wyndom Square since 2007. 376 East 400 South, Suite 120 | Salt Lake City, Utah 84111 Office 801.456.8800 | Fax 801.578.5500 www.mtnwest.com
18
WYNDOM SQUARE SWC HIGHWAY 193 & CHURCH STREET • LAYTON • UTAH
SHADOW ANCHOR TENANT PROFILES Tenant Trade Name: Headquartered: Number of Locations: Website: New York Stock Exchange Symbol:
Wal-Mart Neighborhood Markets Bentonville, AK 4,627 Wal-Marts 152 Wal-Mart Neighborhood Markets walmartstores.com WMT
Description: Wal-Mart Neighborhood Market offers a quick and convenient shopping experience for customers who need groceries, pharmaceuticals, and general merchandise at Wal-Mart’s famous every day low prices. The first Wal-Mart Neighborhood Market opened up in 1998. Today there are now 152 Neighborhood Markets, each employing about 95 associates. A typical store is about 42,000 square feet. Neighborhood Markets feature a wide variety of products, including: fresh produce, meat and dairy products, frozen foods, dry goods and staples, health and beauty aids, stationary and paper goods, drivethrough pharmacy, deli foods, bakery items, canned and packaged goods, condiments and spices, pet supplies, household supplies, and a one-hour photo center. Wal-Mart Neighborhood Market has been a shadow anchor tenant at Wyndom Square since 2004— when it opened for business. Since that time it has had strong annual increases in its annual sales each year.
Tenant Trade Name: Headquartered: Number of Locations: Website: New York Stock Exchange Symbol:
Chase Bank New York City, NY Over 5,000 Branch Bank Locations jpmorganchase.com JPM
Description: JPMorgan Chase & Co. is a leading global financial services firm with assets of $2.2 trillion and operates in more than 60 countries. Chase is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transactions processing, asset management and private equity. They operate more than 5,000 branch banking locations in North America (3rd Largest number of Bank Branches in the United States). They recently bought the assets of Washington Mutual and merged in their branch bank locations that did not already conflict with existing Chase Bank branch locations. Chase Bank has been a shadow anchor pad at the Wyndom Square Shopping Center since 2008.
376 East 400 South, Suite 120 | Salt Lake City, Utah 84111 Office 801.456.8800 | Fax 801.578.5500 www.mtnwest.com
19
WYNDOM SQUARE SWC HIGHWAY 193 & CHURCH STREET • LAYTON • UTAH
DEMOGRAPHIC SNAPSHOT 1 MILES
2 MILES
3 MILES
5 MILES
10 MILES
TOTAL POPULATION
6,568
29,955
56,892
133,501
365,872
MALE POPULATION
50.0%
50.7%
50.5%
50.3%
50.5%
FEMALE POPULATION
50.0%
49.3%
49.5%
49.7%
49.5%
30.2
30.9
29.9
29.2
29.3
POPULATION DENSITY (PER SQUARE MILE)
2,091
2,384
2,012
1,700
1,253
EMPLOYEES
1,702
4,425
20,530
48,562
125,661
161
554
1,815
4,281
10,735
MEDIAN HH INCOME
$77,789
$70,820
$60,001
$59,516
$55,425
PER CAPITA INCOME
$25,964
$26,915
$24,818
$23,813
$21,938
AVERAGE HH INCOME
$86,946
$83,863
$74,015
$73,133
$68,018
1,902
9,600
18,798
42,634
116,149
3.45
3.10
3.00
3.08
3.11
1.27%
1.84%
1.74%
1.66%
1.71%
OWNER OCCUPIED HOUSING UNITS
1,545
7,311
12,289
29,229
82,132
RENTER OCCUPIED HOUSING UNITS
357
2,289
6,509
13,405
34,017
75
424
916
2,156
6,357
WHITE
87.7%
87.9%
86.2%
87.4%
86.0%
BLACK
1.7%
1.8%
2.1%
1.9%
1.6%
AMERICAN INDIAN
0.4%
0.6%
0.7%
0.7%
0.8%
ASIAN
2.8%
2.4%
2.2%
2.0%
1.8%
PACIFIC ISLANDER
0.6%
0.5%
0.6%
0.5%
0.4%
OTHER
3.1%
3.7%
4.6%
4.2%
6.1%
MULTIRACE
3.7%
3.2%
3.6%
3.3%
3.3%
10.1%
9.8%
11.5%
10.7%
13.8%
Population: 2012
MEDIAN AGE
ESTABLISHMENTS
Income: 2012
Households: 2012 TOTAL HOUSEHOLDS AVERAGE HOUSEHOLD SIZE HOUSEHOLD GROWTH (2012 – 2017)
Housing: 2012
VACANT HOUSING UNITS
Race: 2012
Ethnicity: 2012 HISPANIC
376 East 400 South, Suite 120 | Salt Lake City, Utah 84111 Office 801.456.8800 | Fax 801.578.5500 www.mtnwest.com
20
