commons at ogden · commons at ogden confidentiality & disclosure mountain west commercial real...
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COMMONSAT OGDEN163-175 WEST 12TH STREETOGDEN, UTAH 84404
CHRIS MONSON, [email protected] 801.578.5580View Profile
BRETT [email protected] 801.578.5510View Profile
BRANDON [email protected] 801.746.4708View Profile
2136 East South Temple, Suite 805 l Salt Lake City, UT 84111 l Office 801.456.8800 l www.mtnwest.com
COMMONS AT OGDEN
CONFIDENTIALITY & DISCLOSURE
Mountain West Commercial Real Estate have been retained on an exclusive basis to market the property described as 163-175 West 12th Street, Ogden, Utah 84404. The Broker has been authorized by the 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 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 with you, you will be asked to provide financial references. The eventual purchaser will be chosen based upon an assessment of price, terms, ability to close the transaction and such other matters as the Seller deems appropriate.
The Material is intended solely for the purpose of soliciting expressions of interest from qualified investors for the acquisition of the Property. The Material is not to be copied and /or used for any other purpose or made available to any other person without the express written consent of Broker or Seller. The Material does not purport to be all-inclusive or to contain all of the information that a prospective buyer may require. The information contained in the material has been obtained from the Seller and other sources and has not been verified by the Seller or its affiliates, agents, representatives, employees, parents, subsidiaries, mem-bers, managers, partners, shareholders, directors, or officers, makes any representation or warranty regard-ing such pro forma. Purchaser must make its own investigation of the Property and any existing or available financing, and must independently confirm the accuracy of the projections contained in the pro forma.
Seller reserves the right, for any reason, to withdraw the Property from the Market. Seller has no obliga-tion, 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 informa-tion.
COMMONSAT OGDEN163-175 WEST 12TH STREETOGDEN, UTAH 84404
PREPARED BY
BRANDON [email protected] 801.746.4708View Profile
CHRIS MONSON, [email protected] 801.578.5580View Profile
BRETT [email protected] 801.578.5510View Profile
TABLE OF CONTENTS
EXECUTIVE SUMMARY
4 INVESTMENTSUMMARY
5 RENTROLL
6 PROPERTYOVERVIEW
7 SITE PLAN8
MAPS9 DEMOGRAPHICS14HOUSING GROWTH MAP
12 TENANTPROFILES
13
4136 East South Temple, Suite 805 l Salt Lake City, UT 84111 l Office 801.456.8800 l www.mtnwest.com
COMMONS AT OGDEN
EXECUTIVE SUMMARY
Strong Anchor Sales The subject property is anchored by WinCo Foods, which is #3 in the state of Utah.
New Construction The Ross portion just finished construction this year in 2018. The PetSmart was built in 2011.
Long-Term NNN Leases Ross signed a new 10-year lease that ex-pires in 2027 with $1.00 increases every 5-years. PetSmart’s lease expires in 2022 with a 5% rental increase in option 1 and a 10% rental increase in options 2 & 3.
Traffic Counts Commons @ Ogden is located on the cor-ner of two main traffic corridors 12th Street (35,000 AADT) and Wall Avenue (25,000 AADT).
Investment Grade Tenants Both Ross (S&P A-) and PetSmart (S&P CCC) are investment grade tenants.
INVESTMENT SUMMARY
LISTING PRICE $6,040,000
NOI $422,657
CAP RATE 7.00%
CURRENT OCCUPANCY 100%
TOTAL GLA (SF) 37,225
TOTAL LAND SIZE (ACRES) 2.65
INVESTMENT HIGHLIGHTS
5136 East South Temple, Suite 805 l Salt Lake City, UT 84111 l Office 801.456.8800 l www.mtnwest.com
COMMONS AT OGDEN
INVESTMENT SUMMARY
LOAN QUOTE PROVIDED BY:
JEFF MEIERHOFERDirector of FinanceThe Madison Group 435-785-8350 office801-277-2393 [email protected]
ANGELA KESSELMAN Associate Director of FinanceThe Madison Group 435-659-2200 office801-631-6684 [email protected]
INCOME: Down Payment 35%Gross Potential Income $423,824 Loan Amount 55%CAM Income $106,904 Interest RateEFFECTIVE GROSS INCOME $530,728 Fixed or Floating
Funding MonthEXPENSES Loan Term
Less: General Repairs & Maintenance ($3,612) Amortization Term (Years)Less: Insurance ($6,060) Debt Coverage Ratio (DCR)Less: Property Tax ($60,800) Annual Debt ServiceLess: Electricity ($6,750) Free & Clear Cash FlowLess: Water and Sewer ($7,740)Less: Contract Services (Landscaping, Trash Removal, etc.) ($16,625) Cash-On-Cash Returns Year 1 Year 3 Year 7 Year 10Less: Management/Admin Fee ($6,484) Before Principal Reduction 8.05% 8.15% 9.94% 12.14%
TOTAL EXPENSES ($108,071) After Principal Reduction 11.22% 11.66% 14.25% 17.18%
NET OPERATING INCOME $422,657Cap Rate 7.00%MARKET VALUE $6,040,000Price/sf $162.26
251.79
($236,538)$186,119
$2,114,000$3,322,000
5.15%Fixed
March-19
INVESTMENT SUMMARY DEBT ASSUMPTIONS
10 Years
6136 East South Temple, Suite 805 l Salt Lake City, UT 84111 l Office 801.456.8800 l www.mtnwest.com
COMMONS AT OGDEN
PSF MONTHLY ANNUAL LEASE TYPE TERM START EXPIRES PSF MONTHLY ANNUAL
100 Ross 25,000 67.16% $2.87 $5,983 $71,796 NNN Contract 10/6/17 10/5/27 $9.75 $20,313 $243,750
10/6/22 10/5/27 $10.75 $22,396 $268,750
Option 10/6/27 10/5/32 $11.75 $24,479 $293,750
Option 10/6/32 10/5/37 $12.75 $26,563 $318,750
Option 10/6/37 10/5/42 $13.75 $28,646 $343,750
Option 10/6/42 10/5/47 $14.75 $30,729 $368,750
105 PetSmart 12,225 32.84% $2.87 $2,926 $35,108 NNN Contract 10/24/11 2/23/22 $14.73 $15,006 $180,074
Option 2/24/22 2/23/27 $15.50 $15,791 $189,488
Option 2/24/27 2/23/32 $17.05 $17,370 $208,436
Option 2/24/32 2/23/37 $18.76 $19,112 $229,341
37,225 100.00% $2.87 $8,909 $106,904 $11.39 $35,319 $423,824TOTALS
CAM INCOME & RECOVERY METHODSUITE # TENANT NAME SQ. FT. % GLA
LEASE TERMS WITH OPTIONS & ESCALATIONS
RENT ROLL
7136 East South Temple, Suite 805 l Salt Lake City, UT 84111 l Office 801.456.8800 l www.mtnwest.com
COMMONS AT OGDEN
14TH ST
12TH ST 12TH ST
WA
LL A
VE32
,000
AD
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24,000 ADT
25,0
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35,000 ADT
F:\Projects\SL\Monson\CommonsAtOgden\Site.mxd - 12/17/2018 lplant
PROPERTY FEATURES & LAND OVERVIEW
Location: 163 & 175 West 12th Street, Ogden, UT 84404
Site: Located on the East end of The Commons at Ogden Shopping Center on the SWC of Wall Avenue and 12th Street in Ogden; INCLUDES ONLY Ross Dress for Less & PetSmart
Land Area: Consists of approximately 2.65 Acres or approximately 115,434 SF of land area.
Building Area: The subject property consists of the east end of one (1) retail building totaling approximately 37,225 SF of gross leasable area.
Parking: The subject property provides 190 regular parking stalls and 2 ADA, which equates to 5.16/1,000 SF parking ratio, with cross easement parking.
Frontage & Access: The Commons at Ogden Shopping Center has 975 feet of frontage along 12th Street and 783 feet of frontage along Wall Avenue. The shared access points to the subject property are two (2) along 12th Street, two (2) along Wall Avenue, and two (2) along 14th Street.
Traffic Counts: 12th Street: 35,000 AADT Wall Avenue: 25,000 AADT
Year Built: 2011 - PetSmart 2018 - Ross Dress for Less
Zoning: C3 – Regional Commercial
PROPERTY FEATURES
APN # ADDRESS ACRES SF
122-410001 163-175 West 12th Street 2.65 115,434
8136 East South Temple, Suite 805 l Salt Lake City, UT 84111 l Office 801.456.8800 l www.mtnwest.com
COMMONS AT OGDEN
376 East 400 South, Suite 120 l Salt Lake City, Utah 84111Offi ce 801.456.8800 l Fax 801.578.5500
www.mtnwest.com
This statement with the information it contains is given with the understanding that all negotiations relating to the purchase, renting or leasing of the property described above shall be conducted through this offi ce. The above information while not guaranteed has been secured from sources we believe to be reliable.
THE COMMONS AT OGDEN(SWC) WALL AVENUE & 12TH STREET • OGDEN • UTAH
SSCO
SSCO
SSCO
WAL
LAVE
NUE
(PAV
EDPU
BLIC
ROAD
)
42.05'
9.00'
9.00'
9.00'
18.00' 7.50'
3.92'
18.67'
18.67
'
12.00
'
10.00
'
0.32'
2.12'
12.00'
72.00
'
R10.0'
R15.0'
R27.0'
R10.0'R10.0'
23.68'
19.77'
25.00
'
24.80'
25.50'
24.71'4.15'
R4.1'
R10.0'
4.19'
11.07'
4.00'
5.19'
4.00'
24.60'
R10.0'
38.49'
29.97
'
8.00'16.
50' 9.36'
11.54'R2.0'
41.33'
TR(2)
GRATE - 4280.38'IE - 4276.63'
GRATE - 4280.48'IE - 4276.83'
GRATE - 4283.21'
12''
GRATE - 4279.89'IE - 4276.69'
RIM - 4281.43'IE - 4275.53'
18''
18''
12''
RIM 4285 26'
RIM - 4284.01'(NO PIPES)
COCO
CO
ELECTRICPANEL
TRANSTRANS
EB
ICV(2)
EDGE OF GRASS
SIGN
METAL LID
FLOWER BED
FLOWER BED
CURB
CURB
CURB &GUTTER
CURB &
CURB &GUTTER
CURB &GUTTER
CURB &GUTTER
CURB &GUTTER
SIDE
WAL
K
SIDE
WAL
K
EDGE OF ASPHALT
ASPHALT
ASPHALT
WAL
LAVE
NUE
GIBS
ONAV
ENUE
EXISTING CROSS ACCESS
EXISTING 10'' PUE
N 88°24'27'' W 64.30
N1°
36'30
''E19
0.95'
S 84°50'29'' E166.47'
S 87°03'35'' E210.62'
S 88°10'58'' W60.10'
S1°
16'35
''W
42.05'
WITH RING & LID
NORTHWEST CORNEROF LOT 2
2'
10.00'
BASI
SOFB
EARI
NGN
1°17
'50''E
2753
.20'
SD
S
S
W
S
S
S
S
SD
SD
LITTLE CEASER1,500 SF
ZUPAS3,600 SF
12' - 0"
DRIVE THROUGH WINDOW
R10' - 0"
PATIO
PROPERTY LINE
SITE SETBACK/EASEMENT LINES
SITE FEATURES
ROOF FEATURES
MAJOR EXISTING TOPOGRAPHY
MINOR EXISTING TOPOGRAPHY
MAJOR PROPOSED TOPOGRAPHY
MINOR PROPOSED TOPOGRAPHY
LINETYPE LEGEND
Copyright 2014 JZW Architects - The Purchaser is granted a single use license for construction only. These plans are copyrighted and are subject to copyright protection as an "architectural work" under the copyright act. The protection includes but is not limited to the overall form as well as the arrangement and composition of spaces. Under such protection, unauthorized use of these plans, work, or structure represented will result in the cessation of construction and / or monetary compensation to JZW Architects.C
135 EAST CENTER STREET, NORTH SALT LAKE, UTAH 84054 PHONE: (801 ) 936-1343FAX: (801 ) 936-0180
PROJECT NUMBER
ISSUE DATE:
REVISIONS:
17138
OGDE
N CO
MM
ONS
PAD
A
C1.1
SITE
PLA
NOG
DEN,
UT
AUGUST 2017
1" = 20'-0"C1.11 SITE PLAN
N
No. Date
Pad D
E1
B1
B2
B3
E2
Wall A
venue - 25,000 cars/day
12th Street - 35,000 cars/day
E3 E4 E5 E6 E7
SHOPS BUILDING SIZE RATE/SF:
E4 – E5 2,700 SF $27.00/SF/Yr
Tax, Ins.,& CAM: $3.60
2,700 SF
NOT A PART
FUTURERETAIL PAD
FUTURE EXPANSION
SITE PLAN
+,89
GR
AN
T A
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LIN
CO
LNA
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GR
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MEADOWBROOK DR
OG
DEN
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E
LIN
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LN A
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875S
425
W
WIL
DFLO
WE
R
CIR
14TH ST
GIB
SO
N A
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ME
AD
OW
DR
CHESTER ST
KIE
SEL
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MEADOW VIEW DR
975 S
830 S
175
W
200
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300W
13TH ST
410
W
PO
RT E
RA
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9TH ST
10TH ST
7TH ST
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BROOKS
IDE CIR CLO
VER
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1000 S
13TH ST
EASTGATE ST
CH
ILD
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950 S
SU
NFL
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DR
RIVER BEND DR
CROSS ST
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8TH ST
14TH ST
AD
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12TH ST
WA
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N B
LVD
12TH ST
32,0
00 A
DT
25,0
0 0A
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2,30
0 A
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2,100A
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5,900 ADT
23,000 ADT
5,900 ADT
24,000 ADT35,000 ADT
32,0
00 A
DT 32
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F:\TrafficCount\UT\WBCO\12th-WallAve.mxd - 12/12/2018 lplant
12TH & WALL AVE
FUTURE
HOSPITAL
RETAILERS MAP
NORTH EAST VIEW
SOUTH VIEW
12136 East South Temple, Suite 805 l Salt Lake City, UT 84111 l Office 801.456.8800 l www.mtnwest.com
COMMONS AT OGDEN
TENANT PROFILE
Founded in 1986, PetSmart, Inc. is the largest specialty pet retailer of services and solutions for the lifetime needs of pets. PetSmart employs approximately 55,000 associates and operate more than 1,600 pet stores in the United States, Canada and Puerto Rico as well as more than 200 in-store PetSmart PetsHotel dog and cat boarding facilities. PetSmart provides a broad range of competitively priced pet food and products and offers unique pet services including training, pet grooming, boarding, PetSmart Doggie Day Camp and in-store pet adoptions.
Expert veterinarian care is available in many stores, where Banfield Pet Hospital®, operates full-service pet hospitals. These in-store pet hospitals operate independently of PetSmart and employ veterinarians who provide a full range of health care and emergency services.
Ross Dress for Less is the largest off-priced retail chain in the U.S. Their buyers work directly with manufacturers to negotiate the best deals. With their “no frills” concept, they pass more savings on to the customer. Ross Dress for Less began in 1982 in Dublin, California with a single store. Since then, they have grown to 1,412 stores in 37 states, including the District of Columbia and Guam.
13136 East South Temple, Suite 805 l Salt Lake City, UT 84111 l Office 801.456.8800 l www.mtnwest.com
COMMONS AT OGDEN
DEMOGRAPHICS
1 Mile 3 Miles 5 Miles
2018 11,955 78,180 142,510
2023 12,638 82,592 151,225
1 Mile 3 Miles 5 Miles
2018 $41,823 $44,775 $52,405
2023 $47,818 $51,894 $59,678
POPULATION
2017 HOUSEHOLD INCOME
$
BUFFERS - 1, 3, 5 MILES
RoyRiverdale
Pleasant View
Marriott-Slaterville
Farr West
Harrisville
South Ogden
Plain City
Hooper
WashingtonTerrace
Ogden
West Haven
North Ogden
89
FRONTRUNNER
84
15
HA
RR
ISO
N B
LVD
12TH ST
2550 S
WA
SHIN
GTO
N B
LVD
3500
W
400
E
P EN
NSY L
VAN
IAAVE
40TH ST
MO NR
OE
BLV
D
RIVERDALE RD
LARSEN LN
31ST ST
3 100 N
MID
LANDDR
1900
W
PIONEER RD
OGDEN CYN
21ST ST
2ND ST
1050
E
4800 S
2700 N
36TH ST
1500 N
CANYON RD
30TH ST
24TH ST
20TH ST
PLEASANT V I EW DR
4000 S
OGD EN
CANYONWA
LL A
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2600 N
HW
Y79
1900 N
1200
W
5500 S
4350
W
1975 N
1200 S
1050
W
HWY
89
HARRISVILLE RD
400 N
2000
W
2100 S
1250 S
HINCKLEY DR
1850 N
RUL
ONW
HITEBLVD
N OR TH OGDEN
CA
N YON RD
1M
ILE
5 MILES
5 MILES
5 M
ILES
3 MILES3 M
ILES
F:\Projects\SL\Monson\CommonsAtOgden\Rings.mxd - 11/21/2018 mliapis
PREPARED BY
BRANDON [email protected] 801.746.4708View Profile
CHRIS MONSON, [email protected] 801.578.5580View Profile
BRETT [email protected] 801.578.5510View Profile
136 East South Temple, Suite 805 l Salt Lake City, UT 84111 l Office 801.456.8800 l www.mtnwest.com