hobby lobby & ashley furniture - constant...

Offering Memorandum

Hobby Lobby & Ashley FurnitureLayton, UT

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 Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. 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. Marcus & Millichap 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, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap 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.

Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

Marcus & Millichap Real Estate Investment Services, Inc. (“M&M”) is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of M&M, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of M&M, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

NON-ENDORSEMENT NOTICE

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOURMARCUS & MILLICHAP AGENT FOR MORE DETAILS.

CONFIDENTIALITY AND DISCLAIMER

Marcus & Millichap hereby advises all prospective purchasers of Net Leased property as follows:

The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Marcus & Millichap has not and will not verify any of this information, nor has Marcus & Millichap conducted any investigation regarding these matters. Marcus & Millichap makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided.

As the Buyer of a net leased property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. Marcus & Millichap expressly denies any obligation to conduct a due diligence examination of this Property for Buyer.

Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. The value of a net leased property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors.

Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any net leased property to determine to your satisfaction with the suitability of the property for your needs.

Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal and financial documents related to the property and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is not a guarantee of future success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenant and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term lease, including the likelihood of locating a replacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be able to negotiate with a potential replacement tenantconsidering the location of the property, and Buyer’s legal ability to make alternate use of the property.

By accepting this Marketing Brochure you agree to release Marcus & Millichap Real Estate Investment Services and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this net leased property.

NET LEASED DISCLAIMER

exclusively listedExclusively listed by:

OFFICES NATIONWIDEwww.marcusmillichap.com

Investment Sales

Gary MangumBroker of record Salt Lake City officeTel: 801-736-2600Fax: [email protected]

Table of Contents

Hobby Lobby & Ashley Furniture

ExEcutivE summaryOffering Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2Investment Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3

propErty dEscriptionProperty Details . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6Tenant Overview - Hobby Lobby . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7Tenant Overview - Ashley Furniture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8Local Map . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9Regional Map . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10Aerial Photo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11Site Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12

financial analysisFinancial Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1410-Year Projections . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15

compEtitivE propErty sEtRecent Sales Map . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18Recent Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19Lease Comparables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21

markEt ovErviEwDemographics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .24

summarye x e c u t i v e s u m m a r y

tenant summary

property details

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wExEcutivE Summary

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future

performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID X00103072


offering Highlights

Hobby Lobby & Ashley Furniture1080 North Main Street, Layton, UT 84041

Tenant Trade Name Hobby Lobby Stores, Inc.

Ownership Private

Tenant Corporate Store

Lease Guarantor Corporate Guarantee

Lease Type Double Net

Roof and Structure Landlord Responsible

Lease Term 12 Years

Lease Commencement Date November 1,2006

Rent Commencement Date November 1,2006

Lease Expiration Date October 31,2018

Term Remaining on Lease 2 Years

Increases Yes, in the options for Hobby Lobby

Options Three Five-Year Options

Leased Area 59,109 Sqft

Price $15,000,000

Down Payment 100% / $15,000,000

Rentable Square Feet 95,109

Price/SF $157.71

CAP Rate 6.74%

Year Built / Renovated 1991 / 2007

Lot Size 5.92

Type of Ownership Fee Simple

Tenant Trade Name Ashley Furniture

Ownership Private

Tenant Franchisee

Lease Guarantor Franchisee

Lease Type Absolute Net

Roof and Structure Tenant Responsible

Lease Term 15 Years

Lease Commencement Date August 28, 2007

Rent Commencement Date March 15, 2008

Lease Expiration Date March 14, 2023

Term Remaining on Lease 6.5 Years

Increases Yes, every 5 years

Options Three Five Year Options

Leased Area 36,000 Sqft

tenant summary

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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future

performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID X00103073

EXECUTIVE SUMMARY Hobby Lobby & Ashley Furniture

OFFERING: Marcus & Millichap is pleased to present Hobby Lobby and Ashley Furniture, a two-tenant retail building of approximately 95,109 Sq . Ft . situated on a 5 .92 acres lot at 1080 N Main Street in Layton, UT .

NNN LEASES: Both tenants are in the initial term of NNN leases . Hobby Lobby’s first option occurs on October 31, 2018 with three 5-year options, while Ashley Furniture’s lease goes through March 14, 2023, with three 5-year options following this . Both tenants have rent increases in their options, and Ashley Furniture has a rent increases during the initial term of the lease as well, with the next increase coming in March 2018 . Seller will provide Buyer at closing with a credit, equal to the difference between current rent and the rent per the increases in 2018 . Hobby Lobby’s rent is less than 50% of market and the Ashley Lease is absolute NNN, with tenant reimbursing Landlord for all common area expenses, including a 5% admin fee . Under Hobby Lobby’s lease, landlord is only responsible the repairs and maintenance of the roof and structural elements of the property .

THE OPPORTUNITY: Potential buyers have the opportunity to acquire an asset with two stable tenants . Hobby Lobby is a privately held corporation with no debt and with over 600 stores (as of 2015) and revenue of $3 .3B (as of 2013) . The Layton store has been reported to be the best performing Hobby Lobby store in the region . The Ashley Furniture store is operated by Southwestern Furniture of Wisconsin LLC, one of the largest Ashley Furniture franchisees with stores throughout the Western United States . The store received a recent renovation and management overhaul, which have led reportedly to improved sales . Ashley Furniture is the #1 furniture store chain in the nation .

Hobby Lobby, the larger of the two tenants, is currently paying a rent, which is less than 50% of market rent for similar space in the area . Both tenants have scheduled rent increases in 2018: Ashley Furniture in March to $540,000 and Hobby Lobby in November to $443,318 . The seller will provide a credit to the Buyer at closing in an amount equal to the difference in scheduled rent from the date of Close of Escrow to November 1, 2018, when both increases are in place . Even at the increased option rent, Hobby Lobby’s rent is still below market for similar space, which adds to the security of the investment, or creates an upside opportunity in the unlikely event that Hobby Lobby vacates prior to the end of its lease options .

investment overview

investment Highlights■■ NNN Leases Minimize Landlord Responsibilities

■■ Stable Long Term Tenants With History of Success at Location

■■ Within an Area of Major Retail Concentration

■■ Directly Visible from I-15

■■ Freeway Exit Location

■■ High Volume Stores

■■ Completely Renovated Structure 2007

■■ Across From Regional Mall And Walmart

■■ Terminal CAP rate 7 .2%

PROPERTY: The building & property is 100% leased to Hobby Lobby and Ashley Furniture . The concrete block building structure constructed in 1991 is in excellent structural condition with a sealed EPDM roof and asphalt parking lot . The landscaping has been recently xeriscaped with local plants that do not require additional water after they are established .

LOCATION: The property is located on N Main Street, one of the major thoroughfares in Layton with traffic counts exceeding 22,000 cars per day. It also backs against and is directly visible from I-15 with over 165,000 cars per day . Hill Road Exit is one of the top 10 traffic volume exits off Highway 15 in the state. The property is located in an area of major retail concentration, with over 3 Million square feet of retail in the immediate area . Major retailers in the vicinity include Shopko, Savers, Harbor Freight Tools, Kohl’s, Sam’s Club, Walmart Supercenter and Home Depot . Just to the east of I-15 the Layton Hills Mall provides even further retail traffic to the area. The property is situated 20 miles North of downtown Salt Lake City and 5 miles South of the Hill Air Force Base, a major base which is the 6th largest employer in the state of Utah . Layton is serviced by the Front Runner commuter rail which has trains every 30 minutes during the morning and evening commutes taking passengers to downtown Salt Lake City in about 40 minutes .

SUMMARY: Hobby Lobby and Ashley Furniture in Layton, UT presents investors

with the opportunity to acquire two stable tenants on NNN leases at a great location in the Salt Lake City metro area .

descriptionp r o p e r t y d e s c r i p t i o n

property details

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wProPErty DEScriPtion Hobby Lobby & Ashley Furniture

6This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID X0010307

THE OFFERING

Property Hobby Lobby & Ashley Furniture

Property Address 1080 North Main StreetLayton, UT 84041

SITE DESCRIPTION

Year Built / Renovated 1991 / 2007


Lot Size 5.92


Parking 308 Spots

Parking Ratio 3.20 / 1,000

Landscaping Xeriscape

Topography Flat

CONSTRUCTION

Foundation Concrete Slab

Framing Concrete Block

Exterior Plate Glass & Stucco

Parking Surface Asphalt

Roof EPDM w/ White Acrylic / Reflective Sealant Coating

MECHANICAL

HVAC Tenant Responsible

Fire Protection Sprinkled

INTERIOR DETAIL

Walls Stucco

Ceilings Open

Floor Coverings Vinyl / Tile & Carpet

Rest Rooms 4

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ProPErty DEScriPtion

7


This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID X0010307



Property Type NNN Retail


Tenant Trade Name Hobby Lobby Stores, Inc.Ownership PrivateTenant Corporate StoreLease Guarantor Corporate Guarantee

tenant overview - Hobby lobby

Lease Commencement Date November 1, 2006Rent Commencement Date November 1, 2006Lease Expiration Date October 31, 2018Term Remaining on Lease 2+ yearsLease Type Double NetRoof and Structure Landlord ResponsibleLease Term 12 yearsYear 1 Net Operating Income $413,763

Increases Yes, in the options for Hobby Lobby

Options to Renew Three 5-Year OptionsOption 1 $443,318Option 2 $472,872Option 3 $502,427

No. of Locations 600+Headquartered Oklahoma City, OKWeb Site www.hobbylobby.com

Established in 1972, Hobby Lobby has grown to over 600 stores and is included on the Forbes’ annual list of America’s largest private companies. Despite very aggressive growth, the company does not carry any long term debt. As of 2013, the company’s revenue was estimated at $3.3B. Currently, Hobby Lobby has over 22,000 employees and its manufacturing facility in Oklahoma City, OK is approximately 3.4M square feet in size.

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tenant overview - ashley furniture



Property Type NNN Retail


Tenant Trade Name Southwest Furniture of WisconsinOwnership PrivateTenant Franchisee

Lease Commencement Date August 28, 2007Rent Commencement Date March 15, 2008Lease Expiration Date March 14, 2023Term Remaining on Lease 6.5 yearsLease Type Absolute NetRoof and Structure TenantLease Term 15 yearsYear 1 Net Operating Income $540,000

Increases $558,000

Options to Renew Three Five-Year OptionsOptions to Terminate NoneOptions to Purchase NoneFirst Right of Refusal None

Headquartered Arcadia, WI

Established in 1945, Ashley Furniture is the largest furniture manufacturer in the world. It has over 500 stores in 123 countries. The company is headquartered in Arcadia, WI, where its plant has grown to over 1.5M square feet in size. It has even larger factories located in Pacific Rim countries. Currently, Ashley Furniture employs over 22,000 workers, approximately 12,000 of which are in the United States. The chain consists of corporately owned and independently owned stores, with licenses to sell Ashley Furniture products exclusively. The company is privately held, with a revenue estimated at $3.85B.

local map

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regional map

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Subject Property

aerial photo

site plan

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analysisf i n a n c i a l a n a ly s i s

financial summary

Rent Increases Annual Rent Monthly RentOctober 31,2018 $1,010,937.00 $84,244.75

Base Rent ($10.53/SF) $1,010,937

Net Operating Income $1,010,937

Total Return 6.74% / $1,010,937

annualized operating data

Current Per SFBase Rent

Hobby Lobby $413,763 $7.00

Ashley Furniture $540,000 $15.00

Seller Rent Credit $47,555

CAMs* $181,275 $1.91

Gross Income $1,182,592

Expenses* ($171,655)

NOI $1,010,937

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wHobby Lobby & Ashley Furniture

14

Financial analysis


property detailsPrice $15,000,000

Down Payment 100% / $15,000,000


Price/SF $157.71

CAP Rate 6.74%

Year Built 1991/2007

Lot Size 5.92


*Based on 2015 Profit & Loss Statement.

10-year projections

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

Income

Hobby Lobby Rent $413,763 $413,763 $443,318 $443,318 $443,318 $443,318 $443,318 $472,872 $472,872 $472,872

Ashley Furniture Rent $540,000 $540,000 $558,000 $558,000 $558,000 $558,000 $558,000 $594,000 $594,000 $594,000

CAM Reimbursement $181,275 $186,713 $192,315 $198,084 $204,027 $210,147 $216,452 $222,945 $229,634 $236,523

Seller Credit $47,555 $47,555 $0 $0 $0 $0 $0 $0 $0 $0

Total Other Income $1,182,592 $1,188,031 $1,193,632 $1,199,402 $1,205,344 $1,211,465 $1,217,769 $1,289,817 $1,296,506 $1,303,395

EXPENSESBank Charges $1,769 $1,822 $1,876 $1,933 $1,991 $2,050 $2,112 $2,175 $2,240 $2,308

Dues & Subscriptions $18 $19 $19 $20 $20 $21 $21 $22 $23 $23

Insurance $13,286 $13,685 $14,095 $14,518 $14,954 $15,402 $15,864 $16,340 $16,830 $17,335

LLC Related $149 $153 $158 $163 $168 $173 $178 $183 $189 $194

Management $17,899 $18,436 $18,989 $19,559 $20,146 $20,750 $21,373 $22,014 $22,674 $23,354

Office $41 $42 $44 $45 $46 $48 $49 $51 $52 $54

Postage $246 $253 $261 $268 $276 $285 $293 $302 $311 $321

Accounting $6,644 $6,843 $7,048 $7,260 $7,477 $7,702 $7,933 $8,171 $8,416 $8,668

Administrative $4,357 $4,488 $4,622 $4,761 $4,904 $5,051 $5,203 $5,359 $5,519 $5,685

Legal $1,000 $1,030 $1,061 $1,093 $1,126 $1,159 $1,194 $1,230 $1,267 $1,305

Repairs & Maintenance $37,729 $38,861 $40,027 $41,228 $42,465 $43,738 $45,051 $46,402 $47,794 $49,228

Property Taxes $77,265 $79,583 $81,970 $84,429 $86,962 $89,571 $92,258 $95,026 $97,877 $100,813

Travel $900 $927 $955 $983 $1,013 $1,043 $1,075 $1,107 $1,140 $1,174

Electricity $4,614 $4,752 $4,895 $5,042 $5,193 $5,349 $5,509 $5,674 $5,845 $6,020

Water/Sewer $5,739 $5,911 $6,089 $6,271 $6,459 $6,653 $6,853 $7,058 $7,270 $7,488

TOTAL EXPENSES $171,655 $176,805 $182,109 $187,573 $193,200 $198,996 $204,966 $211,115 $217,448 $223,971

Net Operating Income $1,010,937 $1,011,226 $1,011,523 $1,011,829 $1,012,144 $1,012,469 $1,012,804 $1,078,703 $1,079,058 $1,079,423

Cap Rate 6.74% 6.74% 6.74% 6.75% 6.75% 6.75% 6.75% 7.19% 7.19% 7.2%

Comments:1) Year 1 CAM Reimbursement and Expenses based on 2015 Profit & Loss Statement 2) Expenses and CAM Recaptures grow by 3% annually 3)Seller rent credit for below market lease

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Hobby Lobby & Ashley Furniturefinancial analysis


competitivep r o p e r t y s e t

recent sales map

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4


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18

Competitive property Set


Recent Sales

1

2

3

Burbank Town Center

Hobby Lobby & Petco


5026 Frankford Avenue

1

recent sales

year Built 1991

rentable square feet 95,109

sales price $15,000,000

cap rate 6.74%

price/sf $157.71

close of escrow 3/3/2015

year Built 2014


sale price $11,700,000

cap rate 5.90%

price/sf $198.31

Hobby lobby and petco 3551 west Hillsboro Boulevard, deerfield Beach, fl 33442

Hobby lobby & ashley furniture 1080 north main street, layton, ut 84041

2


year Built 1993



cap rate 6%

price/sf $210.17

Burbank town center 401 north 1st street, Burbank, ca 91502

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Hobby Lobby & Ashley FurnitureCompetitive property Set


recent sales

3 5026 frankford avenue, lubbock, texas 79424


year Built 2005



cap rate n/a

price/sf $235.77

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1

lease comparables

sprouts market 2933 south 5600 west, west valley city, ut 84120

2 planet fitness 401 north 1st street, Burbank, ca 91502

size 25,000 sf

rent $16.00 / sf

lease type nnn

lease commencement mid-2014

lease term 20 years

size 24,000 sf

rent $12.50 / sf

lease type nnn

lease commencement october 2014

lease term 10 years

3 sportsman’s warehouse 10462 river Heights drive, south Jordan, utah 84095

size 30,000 sf

rent $17.00 / sf

lease type nnn

lease commencement mid-2015

lease term 15 years

4 petsmart 20 west university parkway, orem, utah 84058

size 24,000 sf

rent $13.00

lease type nnn

lease commencement Before 2005

lease term 10 years

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Hobby Lobby & Ashley FurnitureCompetitive property Set


lease comparables

5 nordstrom rack 360 East university parkway, orem, utah 84058

size 30,000 sf

rent $14.00 / sf

lease type nnn

lease commencement early 2014

lease term 10 years

6 d 1 sports training 7200 south & 700 west, midvale, utah 84047

size 15,000 sf

rent $12.50 / sf

lease type nnn

lease commencement 4/1/2016

lease term 10 years

7 availaBlE: nEw spacE 900 East ft. union Boulevard, midvale, utah 84047

size sapce available: 25,000 sf

rental rate $18 / sf / year

lease type nnn

8 availaBlE: former office max 10957 south state street, sandy, utah 84070

size sapce available: 23,500 sf

rental rate $13 / sf / year

lease type nnn

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overviewm a r k e t o v e r v i e w

demographic summary

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INCOME 1-MILE 3-MILES 5-MILES

$ 0 - $14,999 10.20% 8.40% 6.90%

$ 15,000 - $24,999 9.50% 7.30% 6.20%

$ 25,000 - $34,999 12.30% 9.60% 8.10%

$ 35,000 - $49,999 19.20% 14.40% 12.90%

$ 50,000 - $74,999 23.80% 23.50% 22.90%

$ 75,000 - $99,999 13.90% 16.90% 18.00%

$100,000 - $124,999 5.90% 9.70% 11.60%

$125,000 - $149,999 3.70% 4.80% 6.10%

$150,000 - $199,999 1.10% 3.50% 4.70%

$200,000 - $249,999 0.20% 0.90% 1.10%

$250,000 + 0.30% 1.10% 1.60%

2014 Median Household Income $49,018 $60,517 $67,066

2014 Per Capita Income $19,715 $22,646 $24,293

2014 Average Household Income $56,383 $71,691 $79,714

HOUSEHOLDS 1-MILE 3-MILES 5-MILES

2000 Households 3,590 20,171 36,596

2010 Households 3,927 24,964 46,454

2014 Households 4,166 26,486 49,004

2019 Households 4,309 28,385 52,918

2014 Average Household Size 2.86 3.14 3.28

2014 Daytime Population 8,159 29,356 48,698

2000 Owner Occupied Housing Units 55.27% 61.13% 70.03%

2000 Renter Occupied Housing Units 38.88% 33.84% 25.72%

2000 Vacant 5.85% 5.03% 4.25%



2014 Vacant 4.68% 4.19% 3.41%



2019 Vacant 4.49% 4.00% 3.23%

POPULATION 1-MILE 3-MILES 5-MILES

2000 Population 10,813 65,511 122,489

2010 Population 11,293 80,122 153,958

2014 Population 11,916 84,604 161,854

2019 Population 12,173 90,784 175,186

demographic summary

Demographic data © 2015 by Experian/Applied Geographic Solutions.

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race and Ethnicity The current year racial makeup of your selected area is as follows: 87 .65% White, 1.68% Black, 0.50% Native American and 2.04% Asian/Pacific Islander . Compare these to Entire US averages which are: 71 .60% White, 12.70% Black, 0.18% Native American and 5.02% Asian/Pacific Islander.

People of Hispanic origin are counted independently of race . People of Hispanic origin make up 10 .66% of the current year population in your selected area . Compare this to the Entire US average of 17 .13% .

Housing In 2000, there were 26,766 owner occupied housing units in your area and there were 9,829 renter occupied housing units in your area . The median rent at the time was $566 .

Employment In 2014, there are 48,698 employees in your selected area, this is also known as the daytime population . The 2000 Census revealed that 62 .93% of employees are employed in white-collar occupations in this geography, and 37 .01% are employed in blue-collar occupations . In 2014, unemployment in this area is 4 .36% . In 2000, the average time traveled to work was 25 .3 minutes .

populationIn 2014, the population in your selected geography is 161,853 . The population has changed by 32 .13% since 2000 . It is estimated that the population in your area will be 175,186 five years from now, which represents a change of 8.23% from the current year . The current population is 50 .50% male and 49 .49% female . The median age of the population in your area is 28 .6, compare this to the Entire US average which is 37 .3 . The population density in your area is 2,057 .21 people per square mile .

Households There are currently 49,004 households in your selected geography . The number of households has changed by 33 .90% since 2000 . It is estimated that the number of households in your area will be 52,918 five years from now, which represents a change of 7 .98% from the current year . The average household size in your area is 3 .28 persons .

income In 2014, the median household income for your selected geography is $67,066, compare this to the Entire US average which is currently $51,972 . The median household income for your area has changed by 32 .77% since 2000 . It is estimated that the median household income in your area will be $76,404 five years from now, which represents a change of 13.92% from the current year .

The current year per capita income in your area is $24,292, compare this to the Entire US average, which is $28,599 . The current year average household income in your area is $79,713, compare this to the Entire US average which is $74,533 .

Geography: 5 Miles

traffic counts

27,245 (2008)

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exclusively listedExclusively listed by:

OFFICES NATIONWIDEwww.marcusmillichap.com

Investment Sales

Gary MangumBroker of record Salt Lake City officeTel: 801-736-2600Fax: [email protected]

hobby lobby & ashley furniture - constant...

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