single tenant investment

SUNDAY’S BEST RESTAURANT10672 SOUTH STATE STREET SANDY, UTAH 84107EXCLUSIVELY LISTED BY:JACE [email protected]

JEN [email protected]

SINGLE TENANT INVESTMENT10672 SOUTH STATE STREETSANDY, UT 84107DO NOT DISTURB TENANT

EXECUTIVE SUMMARY & HIGHLIGHTS............... 3

PROPERTY FEATURES & LAND OVERVIEW.......... 4

SITE: NORTH FACING.......................................... 5

SITE: NORTHWEST FACING.................................. 6

TENANT & TRAFFIC AERIAL................................. 7

TENANT SUMMARY............................................. 8-9

UTAH AT A GLANCE............................................ 10-12

TABLE OF CONTENTS

SUNDAY’S BEST RESTAURANT10672 SOUTH STATE STREET SANDY, UTAH 84107EXCLUSIVELY LISTED BY:JACE [email protected]

JEN [email protected]

EXECUTIVE SUMMARY & HIGHLIGHTS

PRICINGPURCHASE PRICE $3,150,000NET OPERATING INCOME $158,400CAP RATE 5.00%

LEASE INFORMATIONTENANT TRADE NAME Sunday’s BestLEASE GUARANTOR The McHenry Group Operations, LLCLEASE TYPE NNNCOMMENCEMENT 5/1/2021EXPIRATION 4/30/2031LEASE TERM 10 YearsLEASE TERM REMAINING 10 YearsRENTAL INCREASES 2% AnnuallyTENANTS FIRST RIGHT OF REFUSAL Yes, 15-day windowPROPERTY TAXES Tenant ResponsibleINSURANCE Tenant ResponsibleUTILITIES Tenant ResponsibleLANDLORD MAINTENANCE Portions of: Roof, HVAC,

and parking areaEQUIPMENT Basic restaurant equipment included

and stays with the building

PROPERTY INFORMATIONPROPERTY ADDRESS 10672 S State St, Sandy, UT GROSS LEASEABLE AREA (SF) 4,400LAND SIZE (AC) 1.26YEAR BUILT 1995

• Fully remodeled and renovated in 2018 with entirely new HVAC, plumbing, electrical, and roof systems.

• Strong location near The Shops at South Town and Auto Mall Drive

• Nearby tenants include Home Goods, Costco, Nordstrom Rack, Ulta Beauty, DSW, Petsmart, Burlington, Bed Bath & Beyond, Scheels, Tilly’s, JC Penney

• Located in Sandy’s most populated shopping area with a population over 293,000 within a 5-mile radius. With an average household income of $123,000 +

LEASE TERM START EXPIRATION MONTHLY

RENTANNUAL

RENT RENT/SF %INCREASE

1 5.1.2021 4.30.2022 $13,200.00 $158.400.00 $36.00

2 5.2.2022 4.30.2023 $13,464.00 $161,568.00 $36.72 2.00%

3 5.1.2023 4.30.2024 $13,733.28 $164,799.36 $37.45 2.00%

4 5.1.2024 4.30.2025 $14,007.95 $168,095.35 $38.20 2.00%

5 5.1.2025 4.30.2026 $14,288.10 $171,457.25 $38.97 2.00%

6 5.1.2026 4.30.2027 $14,573.87 $174,886.40 $39.75 2.00%

7 5.1.2027 4.30.2028 $14,865.34 $178,384.13 $40.54 2.00%

8 5.1.2028 4.30.2029 $15,162.65 $181,951.81 $41.35 2.00%

9 5.1.2029 4.30.2030 $15,465.90 $185,590.85 $42.18 2.00%

10 5.1.2030 4.30.2031 $15,775.22 $189,302.66 43.02 2.00%

SUNDAY’S BEST RESTAURANT10672 SOUTH STATE STREET SANDY, UTAH 84107

PROPERTY FEATURES & LAND OVERVIEW

PROPERTY FEATURES• LAND AREA

1.26 Acres• BUILDING AREA

The subject property consists of a freestanding building totaling approximately 4,400 of gross leasable area.

• PARKING 76 parking stalls. 17.27/1,000 SF ratio.

• FRONTAGE & ACCESS Located on State Street just off Sandy’s main exit, 10600 South

• TRAFFIC COUNTS 30,087 ADT on State Street 47,698 ADT on 10600 South

• YEAR BUILT 1995

• FULL REMODEL 2018 (Full replacement and upgrades of roof, HVAC, electrical, plumbing, exterior and interior)

• ZONING C - Commercial

LAND OVERVIEWAPN# ACRES SF27-13-427-058-0000 1.26 11,557

27-13-427-058-0000 1.26 AC

STATE ST

STATE ST 30,000 A

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10600 SOUTH 10600 SOUTH 48,000 ADT48,000 ADT


NORTH FACING

STATE ST

STATE ST 30,000 ADT

30,000 ADT


SHOPS AT SHOPS AT SOUTH TOWNSOUTH TOWN

NORTHWEST FACING

10600 S 10600 S 48,000 ADT48,000 ADT


SHOPS AT SHOPS AT SOUTH TOWNSOUTH TOWN

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SALT LAKE COUNTY10600 SOUTH STATE STSANDY, UT

D:\Legend Partners\GIS - Mapping - Documents\Tenant and Traffic Aerials\UT\SLCO\10600sState.mxd - 7/13/2021 Owner

www.LegendLLP.com

TENANT AND TRAFFIC AERIAL

SITE


From the resort-style atmosphere, to the chef-crafted, all day brunch menu, you’ll feel like you’ve been transported to an ocean side oasis, right in the heart of Sandy, UT. Sunday’s Best is that sun shining, birds chirping,

champagne popping, kind of place. So, let’s tell the DJ to turn it up, grab some inventive cocktails, fresh oysters on the rocks, and see where the vibes take us. There’s only one mandate here at Sunday’s Best,

everyone must be prepared to #BrunchHard.

TENANT SUMMARY


Over the past decade, this industry disruptor has honed his skills in all aspects of brand creation, culture building and restaurant operations from start-up to multi-million-dollar enterprise. Michael’s dedication to “Championing others to their Fullest Potential” is evident in his ability to create and sustain high perfor-mance results throughout the entire business. Having created over 2,500 jobs and opening more than 40 restaurants, Michael has a gift for in-fluencing others and growing one of a kind brands. National award-win-ning concepts under his leadership have changed the course of the restaurant industry.

Tyler Stokes is an award winning, published chef and proven restaurateur with over 20 years of experience in the kitchen, honing his skills un-der some of the most talent-ed chefs in the industry and pursing his mission of providing truly exceptional dining expe-riences. His restaurants have won many local and regional awards, building a devoted fol-lowing of craft food lovers that have made him a success and allowed him to do what he loves, connecting with people through food.

TMG is a progressive, Utah-based boutique restaurant group focused on experiential concept creation and forever challenging the industry’s status quo, one badass brand at a time.

TENANT SUMMARY


From selling his first self-built business at the age of 19, Michael has made one thing clear – “a good business only scales or sells.” Over the

past decade, this 39-year-old industry disruptor has built a world-class team and honed skills in all aspects of experiential brand and concept creation, culture building and high-performance operations from start-up to multi-

million-dollar enterprises. Michael’s dedication to “Championing others to their Fullest Potential” is evident having created more than 2500 jobs, 7 viable brands and opening more than 65 restaurants, Michael has a gift

for influencing others and creating one of a kind brands. National award-winning concepts under TMG’S crest have changed the

course of the restaurant industry.

UTAH AT A GLANCE

With 3 distinct geographic regions, five national parks, 45 state parks, 5 national historic sites & trails, and a dozen national monuments, Utah’s recreational opportunities have consistently captured the attention of millions of visitors every year. Utah’s location at the crossroads of the western United States means travelers enjoy easy access to The Greatest Snow on Earth, The Mighty Five national parks and everything in between. From backpacking to snowboarding, river rafting to bouldering, Utah offers outdoor attractions for anyone and everyone to enjoy.

With a combination of strong employment growth, a vibrant tech industry and collaboration between business, labor and government, Utah’s economy is booming like never before. In U.S. News & World Report’s 2019 Best State Rankings, Utah ranked No. 1 for employment, No. 2 in economy, No. 3 for infrastructure, No. 4 overall, and No. 5 for both fiscal stability and business environment. As the nation’s youngest state with a median age of 31, fast-growing companies have been able to heavily count on a deep pool of young, educated job candidates from Brigham Young University and the University of Utah. With low taxes, a strong business climate, and a healthy education system as well, it’s no wonder that Utah ranks among the fastest-growing states in the nation.

#1 BEST STATE FOR EMPLOYMENT

#2 BEST STATE

FOR BUSINESS

#3 BEST ECONOMY

IN THE U.S.

2.7% UNEMPLOYMENT

RATE

$89,459 AVG. HOUSEHOLD

INCOME

3.19 AVG. SIZE

HOUSEHOLD

3,188,160 UTAH

POPULATION

$65,977 MEDIAN INCOME

31.4 MEDIAN

AGE


UTAH AT A GLANCE

1

2

5

1

23

45

6

3 4

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Arches National Park

Canyonlands National Park

Capitol Reef National Park

Bryce Canyon National Park

Zion National Park

Annual Visitors to Utah National Parks: 4,488,268

1 Beaver Mountain

2 Ogden Area Resorts• Powder Mountain• Nordic Valley• Snowbasin

3 Snow Lake Area Resorts• Snowbird• Alta• Brighton• Solitude

4 Deer Valley/Park City

5 Sundance

6 Brian Head

Annual Visitors to Utah Ski Resorts: 5,125,441

SITE


UTAH AT A GLANCE

TOP 10 UTAH SLC METRO AREA EMPLOYERSUniversity of Utah Hospital

& Primary Childrens

Central Business District

Silicon Slopes

Intermountain Medical Center

COMPANY EMPLOYEESBoomSourcing 2,000Ancestry 1,700Adobe 1,100Young Living 1,000Podium 750Vivint 675Workfront 650Lendio 600MX 550Xactware 500Boostability 420

TOP SILICON SLOPE TECH COMPANIES

COMPANY EMPLOYEESUniversity Health Care 10,000

University of Utah Health 7,865

Latter Day Saints Church 5,000

Arup Blood Svc 4,200

Intermountain Medical Center 3,667

C R England 3,300

Sun Products Corp 3,000

Young Living Essential Oils 3,000

Salt Lake Community College 2,750

Accessnsm 2,500

SITE
