commons at ogden · commons at ogden confidentiality & disclosure mountain west commercial real...

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

https://www.mtnwest.com/our-team/bpalmer/

https://www.mtnwest.com/our-team/bgoodman/

https://www.mtnwest.com/our-team/cmonson/

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





TABLE OF CONTENTS

EXECUTIVE SUMMARY

4 INVESTMENTSUMMARY

5 RENTROLL

6 PROPERTYOVERVIEW

7 SITE PLAN8

MAPS9 DEMOGRAPHICS14HOUSING GROWTH MAP

12 TENANTPROFILES

13


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


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


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


COMMONS AT OGDEN

14TH ST

12TH ST 12TH ST

WA

LL A

VE32

,000

AD

T

24,000 ADT

25,0

0 0AD

T

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


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

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LIN

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175

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200

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410

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9TH ST

10TH ST

7TH ST

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1000 S

13TH ST

EASTGATE ST

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950 S

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8TH ST

14TH ST

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AM

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12TH ST

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LL A

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WA

SHIN

GTO

N B

LVD

WA

SHIN

GTO

N B

LVD

12TH ST

32,0

00 A

DT

25,0

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2,30

0 A

DT

2,100A

DT

5,900 ADT

23,000 ADT

5,900 ADT

24,000 ADT35,000 ADT

32,0

00 A

DT 32

,000

AD

T

F:\TrafficCount\UT\WBCO\12th-WallAve.mxd - 12/12/2018 lplant

12TH & WALL AVE

FUTURE

HOSPITAL

RETAILERS MAP

NORTH EAST VIEW

SOUTH VIEW


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.

https://services.petsmart.com/petshotel

https://services.petsmart.com/doggie-day-camp


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

VE

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






commons at ogden · commons at ogden confidentiality & disclosure mountain west commercial real...

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