GREEN SPRINGS SHOPPING CENTER...Green Springs Shopping Center - Investment Offiering SWC of Green...

Offering MemorandumSWC of Green Springs Drive & Red Cliffs Drive | Washington, Utah

GREEN SPRINGS SHOPPING CENTER

PRESENTED BY

Tyson Moore:+1 801 453 [email protected]

Rob Moore, CCIM+1 801 947 [email protected]

Dan Moore+1 801 947 [email protected]

Colliers International6550 S Millrock Dr | Suite 200Salt Lake City, UT 84121P: +1 801 947 8300

COLLIERS INTERNATIONAL P. 2Green Springs Shopping Center - Investment Offering SWC of Green Springs Dr. & Red Cliffs Dr., Washington Utah

DISCLAIMER

Colliers International (the “Agent”) has been engaged as the exclusive sales representative for the sale of the ____ located at ________ (the ”Property”) by ___ or ‘Ownership’ (the “Seller”).

The Property is being offered for sale in an “as-is, where-is” condition, and the Seller and the Agent make no representations or warranties as to the accuracy of the information contained in this Offering Memorandum. The enclosed materials include confidential information and are being furnished solely for the purpose of review by prospective purchasers (“Purchasers”) of the interest described herein for which it shall be fully and solely responsible. Neither the enclosed materials, nor any information contained herein, are to be used for any other purpose, or made available to any other person without the express written consent of the Seller. Each recipient, as a prerequisite to receiving the enclosed information, should be registered with the Agent as a “Registered Potential Investor” or as a “Buyer’s Agent” for an identified “Registered Potential Investor”.

The material contained herein is based on information and sources deemed to be reliable, but no representation or warranty, express or implied, is being made by the Agent or the Seller or any of their respective representatives, affiliates, officers, employees, shareholders, partners, and directors, as to its accuracy or completeness. Summaries contained herein of any legal or other documents are not intended to be comprehensive statements of the terms of such documents, but rather only outlines of some of the principal provisions contained therein. Neither the Seller nor the Agent shall have any liability whatsoever for any other written or oral communication or information transmitted, or made available, or any action taken, or decision made by the recipient with respect to the Property.

The Seller reserves the right, at its sole and absolute discretion, to withdraw the Property from the market for sale at any time and for any reason without notice, to reject any and all expressions of interest or offers regarding the Property, and/or to terminate discussions with any entity at any time, with or without notice. This Offering Memorandum is made subject to omissions, correction of errors, change of price or other terms, prior sale or withdrawal from the market without notice. The Agent is not authorized to make any representations or agreements on behalf of the Seller. The Seller shall have no legal commitment or obligation to any recipient reviewing the enclosed materials, performing additional investigation, and/or making an offer to purchase the Property unless and until a binding written agreement for the purchase of the Property has been fully executed, delivered, and approved by Seller and any conditions required under the contract for title to pass from the Seller to the buyer have been satisfied or waived.

By taking possession of and reviewing the information contained herein, the recipient agrees that (a) the enclosed materials and their contents will be held and treated in the strictest of confidence; and (b) the recipient shall not contact tenants, employees, contractors, sub-contractors or lien-holders of the property directly, or indirectly regarding any aspect of the enclosed materials or the Property, without the prior written approval of the Seller or the Agent; and (c) no portion of the enclosed materials may be copied or otherwise reproduced without the prior written authorization of the Seller or the Agent or as otherwise provided in the Confidentiality Agreement executed and delivered by the recipient(s) to Agent.

Disclaimer


Table of Contents

Executive Summary ............................................................................................. 4Green Springs Shopping Center.........................................................................................................5Investment Summary..........................................................................................................6Rent Roll .............................................................................................................................. 7Tenant Information..........................................................................................................................8-11Property Photos ............................................................................................................12, 13Aerial Map .................................................................................................................... 14, 15

Market Overview .................................................................................................16St. George Overview .......................................................................................................... 17St. George & Surrounding Areas Map..........................................................................................18Growth Map.........................................................................................................................................19

Demographics ...................................................................................................................20St. George Trade Area .......................................................................................................21Population Characteristics ................................................................................................ 22Why Utah? ......................................................................................................................... 23

Green Springs Shopping Center915 Red Cliffs Drive | Washington, Utah

ExECUTIvE SUMMARy


SWC OF GREEN SPRINGS DRIVE AND RED CLIFFS DRIVE, WASHINGTON, UTAH

Green Springs Shopping Center is a successful, well-established retail development at a very desirable intersection in the thriving St. George, Utah market. The shopping center is 100% leased with no vacancy and is anchored by Albertsons grocery store. It is strategically located at the Southwest Corner of Green Springs Drive and Red Cliffs Drive right off the Green Springs exit of the Interstate 15 freeway. The Green Springs Exit is a major gateway for the eastern and southern section of the St. George market, and is also the main freeway exit into the thriving and high growth city of Washington, Utah.

The latest traffic counts (2017) from the Utah Department of Transportation show:

• Red Cliffs Drive with 23,000 average daily traffic

• Green Springs Drive with 24,000 average daily traffic

Totaling 47,000 ADT in front of this center!

This intersection is booming with other major retailers including: Home Depot, Walmart Super center, Kohl’s, Bed Bath & Beyond, Joann Fabrics, Shoe Carnival, DownEast, Sportsman’s Warehouse, and Costco. There is very limited vacancy in the nearby shopping centers which bodes well for the future viability of this site. With its proximity to the freeway, this site will always be fantastic real estate. The shopping center boasts a great mix of retail and food uses including Burger King, Harbor Freight, Seagull Book, Little Caesar’s, Terikyaki Grill, etc.

EXECUTIVE SUMMARY

Green Springs Shopping Center


EXECUTIVE SUMMARY

Investment Summary

INVESTMENT SUMMARY - PROFORMA RENT

Price $12,953,206

Gross Monthly Base Rent $71,884.96

Gross Annual Base Rent $862,619.50.

Vacancy Factor (center is currently 100% leased) 5.00%

Effective Gross Income $819,488.53

Non-Reimbursable OPEX - Est 2.00%

Net Operating Income $803,098.75

Gross Leasable Area/SF 54,967

Price/SF $235.65

CAP Rate 6.20%

Lot Size 6.44 Acres

Type of Ownership Fee Simple

Lease Type NNN


EXECUTIVE SUMMARY

Rent Roll

Suite Tenants SF Annual SF Rate

Base Monthly

Rent

Base Annual Rent

Lease Start

Lease End Options

1 Teriyaki Grill 1,400 $22.75 $2,654 $31,848 4/19/2014 4/19/2024 1, 3 year

2 Little Ceasar 1,432 $23.10 $2,756.58 $33,079 10/31/2013 10/31/2023 2, 5 year

3 All In The Details Grooming 1,664 $18.00 $2,496 $29,952 10/1/2018 9/30/2023 1, 5 year

4 Mike’s Cigar & Gift 1,600 $21.75 $2,900 $34,800 11/20/2018 11/30/2023 1, 5 year

5 Asia Nails 1,600 $21.00 $2,800 $33,600 3/1/2002 3/31/2022 None

6 Zion Cafe 1,200 $21.00 $2,100 $25,200 9/20/2014 9/19/2019 None

7 Puppy House 1,262 $20.00 $2,103 $25,240 2/15/2019 2/14/2022 1, 3 year

8 Fantastic Sam’s 1,200 $22.14 $2,213.66 $26,564 4/15/2011 4/30/2021 2, 5 year

9 One Main Financial 1,200 $19.80 $1,980 23,760 1/12/1999 3/31/2023 None

10 Name Brand Clothing 2,500 $16.65 $3,468 $41,616 11/1/2018 10/31/2023 1, 5 year

11 & 12 Seagull Book 5,000 $15.30 $6,375 $76,500 4/19/2018 4/30/2023 2, 5 year

13 Pawn Plus 2,650 $15.24 $3,366 $40,392 1/1/2012 2/28/2023 None

Dream Land 3,036 $11.07 $2,801 $33,612 5/1/2019 4/30/2029 2, 5 year

Raining Hot Coupons 13,593 $10.00 $11,327.50 $135,930 12/30/2018 2/28/2021 1, 3 year

Harbor Freight 15,630 $11.55 $15,043.88 $180,526.50 6/24/2014 6/30/2024 3, 5 year

Burger King 2,771 $32.48 $7,500 $90,000 6/25/1997 6/30/2027 2, 5 year

54,967 $71,884.62 $862,619.50


EXECUTIVE SUMMARY

Tenant InformationTeriyaki Grill was founded by NFL lineman Mike Keim and his wife Tifanny in 1997.Teriyaki Grill is the ultimate grilling experience. We offer a fresh, healthy menu that leaves you satisfied and happy! Our menu features fresh, grilled chicken, steak and shrimp marinated in our special Teriyaki Sauce, then char-broiled and served hot off the grill with your choice of steamed rice or noodles. Teriyaki Grill was built around Mikeâ€™s belief that fast food can and should be both nutritious and satisfying. They now have many locations all over Utah.

Little Caesars is an international Pizza chain that began in Detroit in 1959. From the beginning, Little Caesars was built on an innovative idea: stores that are truly carry-out, having no dining area in their locations. The innovative ideas continued with the introduction of Crazy Bread and their HOT-N-READY pizzas, ready for customers right when they walk in. The company continues to offer great pizza at a low price, encompassing their core values of quality and value. Their slogan, “Pizza! Pizza!” further portrays that value, indicating that at Little Caesars, you can get two pizzas for the price that you could get one elsewhere. The company remains family owned and operated primarily through franchises.


EXECUTIVE SUMMARY

Tenant InformationAll in the Details Pet Grooming is catered to your pet’s needs and has several locations in southern Utah. Their goal is to provide the convenience of their location, with an all world customer/pet experience. They make every effort to mirror their name, ALL IN THE DETAILS. They offer pet services like nail trimming, de-shedding, pet ear cleaning and hair cuts. Cats taken by appointment.

Mike’s Cigar & Gift is a local shop that offers a variety of vape and cigar options. They recently remodled thier location to add some updates and are now re-open for business.

Asia Nails Spa is a local nail salon that provides an erray of services from manicures to pedicures in a relaxing environment.

Zion Cafe opened in 2015 and offers a variety of foods from fresh made sandwiches to full breakfast options as well as their famous Coffee and fresh blended drinks.They were voted BEST IN STATE on Yelp in 2017.

Welcome to the one and only Puppy House! Southern Utah’s most trusted pet store. They have a wide variety of healthy and adorable puppies. They offer great warranties on their puppies as well as vacinations to keep them healthy and happy. Purchasing a hand picked puppy has never been easier with thier zero down finanacing op-tions.

Zion Cafe

Mike’s Cigar & Gift


EXECUTIVE SUMMARY

Tenant InformationFantastic Sams is a beauty salon created to provide people with an affordable salon experience. It was the first nationally franchised unisex salon chain in the United States. They are a full service salon, providing haircuts, color services, styling, waxing, and beard trims. Fantastic Sams was founded in 1974 in Memphis, Tennessee by Sam Ross.

Since 1912, OneMain Financial has helped over 10 million customers reach their financial goals. Our teams are committed to providing exceptional customer service and helping you find a loan that fits your needs. They offer services like loan consolidation, auto refinance, home improvement loans and much more to cater to your finan-cial needs.

Name Brand Clothing sells name brand items that can be found all in one place. Look no further in trying to find a piece that you will love at a fraction of the cost.

Seagull Book Store is a religious based book store that offers anything from books and journals to jewelry, clothes and gifts. They cater to religious shoppers, but also have non-religious items as well. They are located in many areas all over Utah.

Pawn+ Half Off Title Loans is more then your average loan company. Since opening up in St. George Utah in 1998 we have been the peoples Pawn Shop. They pride themselves in putting the customer first.Pawn Plus is a local pawn shop that specializes in electronics, Gold and Jewelry, gaming systems, car loans and firearms.

Name Brand Clothing


EXECUTIVE SUMMARY

Tenant InformationDream Land is a new mattress and furniture store, bringing you luxury mattresses and updated furnishings to improve the look of your home. They have been rated 5 out of 5 stars by reviewers on Best Customer Experience and service.

Raining Hot Coupons is a money saving/deal blog that helps everyone learn how to use coupons and save a ton of money. It offers FREE coupon matched shopping lists, videos to teach you how to get started using coupons and features any HOT, current deals. This location is a retail outlet open to the public.

In 1977, when Harbor Freight Tools was started as a small family-owned business, they made a commitment to provide working people with great quality tools at the lowest prices. And for over 35 years, Harbor Freight Tools has done just that. From hand tools and generators, to air and power tools, from shop equipment to automotive tools, Harbor Freight offers more than 7,000 tools and accessories at quality levels that match or exceed competing brands, but at prices that are up to 80% less. They now have over 1000+ stores open nationwide.

Burger King is a global fast food chain which operates over 15,000 locations, making it the second largest fast food hamburger brand in the world. They are the famed “Home of the Whopper”, a flame grilled quarter pound hamburger. Their menu spans from the Whopper to Chicken to Ice Cream, including their own breakfast menu.

Dream Land


EXECUTIVE SUMMARY

Property Photos


EXECUTIVE SUMMARY

Property Photos


EXECUTIVE SUMMARY

Aerial Map

SITE


EXECUTIVE SUMMARY

Aerial Map


EXECUTIVE SUMMARY

Demographics

23,000 ADT

24,0

00 A

DT

1 Mile 3 Miles 5 MilesPopulation

2019 Estimate 8,377 50,045 99,595

2023 Projected 10,170 60,665 121,254

Households

2019 Estimate 3,147 18,435 36,379

2023 Projected 3,528 20,673 40,900

Income

2019 Median Household Income $54,639 $53,803 $59,006

2019 Average Household Income $65,399 $65,251 $71,279

56,000 ADT

Daytime Demographics

Total Businesses 647 3,422 4,858

Total Employees 5,742 30,761 42,267

Green Springs Shopping Center915 Red Cliffs Drive | Washington, Utah

MARKET OvERvIEW


MARKET OVERVIEW

St. George OverviewST. GEORGE & WASHINGTON, UTAHThe St. George and Washington trade area is a thriving market booming with increasing growth. USA Today recently published an article describing St. George as the fastest-growing metropolitan area in the United States., according to estimates from the Census Bureau.

There’s a tremendous amount of growth of young families, but the trade area has also become a magnet for retirees from northern Utah, Southern California, and elsewhere. Additionally, St. George is only 119 miles from Las vegas, and is only 55 miles to the entrance of world famous Zion National Park.

The St. George area is a sports Mecca including world-class golf resorts and hosting many first-class sporting events such as the Ironman 70.3 Word Championship. The favorable weather, the alluring red rocks, and the thriving southern Utah economy all contribute to make St. George a uniquely favorable place to live.

ST. GEORGE AREA HIGHLIGHTS & ACCOLADES• St. George was ranked as the #1 fastest-growing metropolitan area in

the U.S. in 2018• The vacancy Rate in 2017-2018 was 0.01 percent, a never seen before

occurance.• According to Forbes Magazine, St. George ranked #2 in Job Growth and

#47 Best Small Places for Business and Careers• St. George has a 5-7% lower cost of living when compared with the

national average, which attracts more people to consider moving there to save on costs.


MARKET OVERVIEW


MARKET OVERVIEW

Growth Map

COLLIERS INTERNATIONAL P. 21Green Springs Shopping Center - Investment Offering 915 Red Cliffs Drive, Washington Utah

MARKET OVERVIEW

Where Talent Works Where Talent Lives

Popula�on Characteris�cs � Cont.

Place of Work vs Place of Residence

Understanding where talent in Washington County, UT currently works compared to where talent lives can help you op�mi�e site

decisions. For example, the #1 ranked ZIP for employment ranks #2 for resident workers. The top ZIP for resident workers is

84770.

84790 Saint George, UT (in Washington county)… 25,651


84780 Washington, UT (in Washington county)… 6,776

84737 Hurricane, UT (in Washington county)… 6,650

84738 Ivins, UT (in Washington county)… 1,885

ZIP Name2018

Employment



84780 Washington, UT (in Washington county)… 10,172

84737 Hurricane, UT (in Washington county)… 7,864

84738 Ivins, UT (in Washington county)… 3,446

ZIP Name2018

Workers

Economy Overview

Emsi Q2 2019 Data Set | www.economicmodeling.com 8

St. George Trade Area

COLLIERS INTERNATIONAL P. 22Green Springs Shopping Center - Investment Offering 915 Red Cliffs Drive, Washington Utah

MARKET OVERVIEW

Washington County, UT has

29,557 millennials (ages 20-34).

The na�onal average for an area

this size is 34,311.

Re�rement ris� is high in

Washington County, UT. The

na�onal average for an area this

size is 47,227 people 55 or older,

while there are 52,971 here.

Racial diversity is low in

Washington County, UT. The

na�onal average for an area this

size is 65,059 racially diverse

people, while there are 25,562

here.

Washington County, UT has

10,5�4 veterans. The na�onal

average for an area this size is

9,633.

Washington County, UT has 1.33

violent crimes per 1,000 people.

The na�onal rate is 3.75 per 1,000

people.

Washington County, UT has 16.44

property crimes per 1,000 people.

The na�onal rate is 24.21 per

1,000 people.

�opula�on Characteris�cs

29,557

Millennials

52,971

Re�rin� �oon

25,562

Racial Diversity

10,584

Veterans

1.33/1,000

Violent Crime

16.44/1,000

Property Crime

Economy Overview

Emsi Q2 2019 Data Set | www.economicmodeling.com 7


Why Utah?> UTAH TOP RANKS

• Utah is a national leader in job growth, unemployment, low cost of doing business, and talented labor. Utah regularly tops rankings for best states for business, careers, living, health, and quality of life.

• Utah Named #10 Among Best Places to Live - U.S. News and World Report

• Utah Ranked #3 Best Economy - WalletHub

• Salt Lake Among Top 15 Cities Where Millennials are Moving - Time Magazine

• Salt Lake City (and the Wasatch Front) Ranked #1 Among Cities Poised to Become Tomorrow’s Tech Meccas - Forbes

• Two Utah Cities (Provo-Orem and Logan) voted among the Best in America for “Successful Aging” - Milken Institute

• America’s 25 Best Cities For young Professionals in 2017 - Forbes

• Salt Lake City Named #1 City Where young People Want to Be - realtor.com

• Utah the Best Place in the Country to Find a Job - U.S. News

• Utah Tops the List of Happiest States in America 2016 - WalletHub

> UTAH TOP EMPLOYERS

• Intermountain Healthcare

• University of Utah

• State of Utah

• Brigham young University

• Wal-Mart

• Hill Air Force Base

• Utah State University

• Davis County School District

• Granite School District

• Smith’s Food and Drug

MARKET OVERVIEW

Offering MemorandumSWC of Green Springs Drive & Red Cliffs Drive | Washington, Utah

GREEN SPRINGS SHOPPING CENTER

PRESENTED BY

Tyson Moore:+1 801 453 [email protected]

Rob Moore, CCIM+1 801 947 [email protected]

Dan Moore+1 801 947 [email protected]

Colliers International6550 S Millrock Dr | Suite 200Salt Lake City, UT 84121P: +1 801 947 8300

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