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6550 South Millrock Drive, Suite 200 Salt Lake City, UT 84111 801.947.8300
This statement with the information it contains is given with the understanding that negotiations relating to the purchase, renting or leasing of this property shall be conducted through this office. The information while not guaranteed has been secured from sources we believe to be reliable however, it is up to the buyer or tenant to verify the information and conduct appropriate due diligence. Coldwell Banker Commercial and its logo are registered service marks owned by Coldwell Banker Real Estate, LLC. Each Office is Independently Owned and Operated. All Rights Reserved. © 2016 2
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Brad Brown
SARATOGA TOWN CENTER
Saratoga Springs has had phenomenal population growth for the last ten years. Saratoga has been ranked the fastest growing city in Utah for 2 of the last 10 years and has consistently been one of the top 5 fastest growing cities (Source: US Census Bureau). Saratoga also boasts above state average household incomes.
Saratoga Springs boasts a high quality of life that includes beautiful lakeshore living, a quiet and rural atmosphere, great air quality, superb views and an excellent central location midway between the Provo/Orem and Salt Lake City metro areas. There is good access to I-15 for both north and south travel and to the Bangerter Highway via Redwood Road for quick travel to Salt Lake International Airport (30-40 minutes by car) or other critical locations north of the City. Provo/Orem is located approximately 20 minutes by car via I-15. “Silicon Slopes” Lehi is a short 10 minute drive from Saratoga Springs city center.
SARATOGA SPRINGS
The area is a 30-40 minute drive to Salt Lake International Airport and Provo Airport the latter of which provides flights to three California airports and Mesa Arizona. It is a 10 minute drive to I-15, Utah’s primary highway.
UTAH
Utah has a population of 3,029,951 (2016), 80% of the population being in the Wasatch Front with the center of population in Lehi (the western neighbor of Saratoga Springs). In 2013, the U.S. Census Bureau estimated that Utah had the second fastest-growing population of any state, facilitated by the creation of over 150,000 new jobs and the state’s high focus on families. Utah is home to 13 universities and 11 colleges, with 30.6% of the adult population having a bachelor’s degree or higher.
ECONOMY
Utah No.1 Best Economic Outlook for 2015-ALEC Rich States, Poor States
Utah ranked Top Performer in the Nation-U.S. Chamber of Commerce, 2014
Utah ranked No. 1 in Forbes Magazine for Best States for Business, 2014
Utah ranked No. 1 in the nation as the Best State for
Business -24/7 Wall St. report, 2014
The Country’s Best Managed State-The Pew Center on the States
Salt Lake City ranked in Top 15 Cities in the World for Business by Fortune Magazine
Salt Lake City made Top 10 List for Best Downtowns- Livability.com
Home to nearly 7,000 technology companies
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6550 South Millrock Drive, Suite 200 Salt Lake City, UT 84111 801.947.8300
This statement with the information it contains is given with the understanding that negotiations relating to the purchase, renting or leasing of this property shall be conducted through this office. The information while not guaranteed has been secured from sources we believe to be reliable however, it is up to the buyer or tenant to verify the information and conduct appropriate due diligence. Coldwell Banker Commercial and its logo are registered service marks owned by Coldwell Banker Real Estate, LLC. Each Office is Independently Owned and Operated. All Rights Reserved. © 2016 3
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Brad Brown
AREA OVERVIEW
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6550 South Millrock Drive, Suite 200 Salt Lake City, UT 84111 801.947.8300
This statement with the information it contains is given with the understanding that negotiations relating to the purchase, renting or leasing of this property shall be conducted through this office. The information while not guaranteed has been secured from sources we believe to be reliable however, it is up to the buyer or tenant to verify the information and conduct appropriate due diligence. Coldwell Banker Commercial and its logo are registered service marks owned by Coldwell Banker Real Estate, LLC. Each Office is Independently Owned and Operated. All Rights Reserved. © 2016 4
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Brad Brown
INVESTMENT OVERVIEW
This property consists of three parcels that total approximately 16.70 acres located on the NEC of Redwood Road and Main Street in Saratoga Springs. This land boasts excellent visibility from both streets and has four access points and three lit intersections. Most of the infrastructure cost has already been improved with multiple 12-inch sewer lines, excess storm water capacity and multiple culinary water stubs. The current zoning of GC allows a wide array of uses including: Retail, Office, Medical Office and Mixed Use with Residential.
ADDRESS: 1500 N REDWOOD RD, SARATOGA SPRINGS, SARATOGA SPRINGS UTAH
TOTAL LAND: 16.70 ACRES
PROPERTY TYPE: LAND
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6550 South Millrock Drive, Suite 200 Salt Lake City, UT 84111 801.947.8300
This statement with the information it contains is given with the understanding that negotiations relating to the purchase, renting or leasing of this property shall be conducted through this office. The information while not guaranteed has been secured from sources we believe to be reliable however, it is up to the buyer or tenant to verify the information and conduct appropriate due diligence. Coldwell Banker Commercial and its logo are registered service marks owned by Coldwell Banker Real Estate, LLC. Each Office is Independently Owned and Operated. All Rights Reserved. © 2016 5
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Brad Brown
HIGHLIGHTS
MAIN HIGHLIGHTS
Approximately 16.70 acres available
High Growth Area
Excellent Development Opportunity
Zones General Commercial
Major infrastructure in place
High Traffic Counts:
Redwood Road ADT: 29,382
Main Street ADT: 15,523
Development agreement in place, new owner would have “Master Developer” rights
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6550 South Millrock Drive, Suite 200 Salt Lake City, UT 84111 801.947.8300
This statement with the information it contains is given with the understanding that negotiations relating to the purchase, renting or leasing of this property shall be conducted through this office. The information while not guaranteed has been secured from sources we believe to be reliable however, it is up to the buyer or tenant to verify the information and conduct appropriate due diligence. Coldwell Banker Commercial and its logo are registered service marks owned by Coldwell Banker Real Estate, LLC. Each Office is Independently Owned and Operated. All Rights Reserved. © 2016 6
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Brad Brown
IMAGERY
Oblique Aerial
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6550 South Millrock Drive, Suite 200 Salt Lake City, UT 84111 801.947.8300
This statement with the information it contains is given with the understanding that negotiations relating to the purchase, renting or leasing of this property shall be conducted through this office. The information while not guaranteed has been secured from sources we believe to be reliable however, it is up to the buyer or tenant to verify the information and conduct appropriate due diligence. Coldwell Banker Commercial and its logo are registered service marks owned by Coldwell Banker Real Estate, LLC. Each Office is Independently Owned and Operated. All Rights Reserved. © 2016 7
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Brad Brown
IMAGERY
Nearby Tenant Aerial
15,523 ADT
29,382 ADT
Crossings Road Main Street
Redwood Rd
6.0 AC
9.79 AC
Murphy Oil
SITE0.91 AC
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6550 South Millrock Drive, Suite 200 Salt Lake City, UT 84111 801.947.8300
This statement with the information it contains is given with the understanding that negotiations relating to the purchase, renting or leasing of this property shall be conducted through this office. The information while not guaranteed has been secured from sources we believe to be reliable however, it is up to the buyer or tenant to verify the information and conduct appropriate due diligence. Coldwell Banker Commercial and its logo are registered service marks owned by Coldwell Banker Real Estate, LLC. Each Office is Independently Owned and Operated. All Rights Reserved. © 2016 8
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Brad Brown
IMAGERY
Site Lot Breakdown
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6550 South Millrock Drive, Suite 200 Salt Lake City, UT 84111 801.947.8300
This statement with the information it contains is given with the understanding that negotiations relating to the purchase, renting or leasing of this property shall be conducted through this office. The information while not guaranteed has been secured from sources we believe to be reliable however, it is up to the buyer or tenant to verify the information and conduct appropriate due diligence. Coldwell Banker Commercial and its logo are registered service marks owned by Coldwell Banker Real Estate, LLC. Each Office is Independently Owned and Operated. All Rights Reserved. © 2016 9
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Brad Brown
IMAGERY
Conceptual Site Plan
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6550 South Millrock Drive, Suite 200 Salt Lake City, UT 84111 801.947.8300
This statement with the information it contains is given with the understanding that negotiations relating to the purchase, renting or leasing of this property shall be conducted through this office. The information while not guaranteed has been secured from sources we believe to be reliable however, it is up to the buyer or tenant to verify the information and conduct appropriate due diligence. Coldwell Banker Commercial and its logo are registered service marks owned by Coldwell Banker Real Estate, LLC. Each Office is Independently Owned and Operated. All Rights Reserved. © 2016 10
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Brad Brown
IMAGERY
Valley Proximity Map
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6550 South Millrock Drive, Suite 200 Salt Lake City, UT 84111 801.947.8300
This statement with the information it contains is given with the understanding that negotiations relating to the purchase, renting or leasing of this property shall be conducted through this office. The information while not guaranteed has been secured from sources we believe to be reliable however, it is up to the buyer or tenant to verify the information and conduct appropriate due diligence. Coldwell Banker Commercial and its logo are registered service marks owned by Coldwell Banker Real Estate, LLC. Each Office is Independently Owned and Operated. All Rights Reserved. © 2016 11
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Brad Brown
MARKET REPORT
Overall Market Information 2Q 2017
Average Vacancy Rates
3.51%Average Lease Rates
$15.78Net Absorption
+212K SFUnder Construction
1.2M SF
Utah’s population and job growth continue to follow an upward trajectory, so it is no wonder that Utah’s retail market is so strong and has incredible potential for expansion as new residential rooftops pop up at a rapid clip throughout Salt Lake, Utah and Weber Counties.
Demand for housing across the Wasatch Front has hit record highs. Many rural suburban pockets throughout Utah County — such as Saratoga Springs, American Fork and Vinyard — are booming with activity, and retail development has become quintessential to sustaining growth within these communities.
The average asking lease rate decreased just slightly to $15.78 from $16.20 at this same time last year. Vacancy rates have not changed as smaller tenants continue to occupy ideal vacant space in growing locations; freestanding retail space has seen an increased amount of activity over the last two years. Construction has decreased slightly with just over one million square fe et of space currently under construction in an attempt to meet the demands of continuous population growth.
Increases in both population growth and spending power have primed Utah to ride a wave of growth as retailers capitalize on available properties and take advantage of a solid economic foundation within the state .
Noteable Under Construction The Ridge Shopping Center Lehi 400,000 North
The Plaza @ Mill Town Vineyard 250,000 Central
The Crossing Saratoga Springs 160,000 West
The Terrace @ Traverse Mountain Lehi 150,000 North
Smith’s Marketplace Springville 120,000 South
Canyon Creek Spanish Fork 100,000 North
North 52%
South 19%
Central 29%
NEIGHBORHOOD COMMUNITY REGIONALANCHORLESS
Total: 1,220,200 SF
Under ConstructionPercent by Quadrant
$30
$20
$10
$0
Lease Rates by Property Type
NORTH CENTRAL WEST OVERALLSOUTH
PRIC
E PE
R SQ
UAR
E FE
ET
Note: Nothing available in other building sizes.
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6550 South Millrock Drive, Suite 200 Salt Lake City, UT 84111 801.947.8300
This statement with the information it contains is given with the understanding that negotiations relating to the purchase, renting or leasing of this property shall be conducted through this office. The information while not guaranteed has been secured from sources we believe to be reliable however, it is up to the buyer or tenant to verify the information and conduct appropriate due diligence. Coldwell Banker Commercial and its logo are registered service marks owned by Coldwell Banker Real Estate, LLC. Each Office is Independently Owned and Operated. All Rights Reserved. © 2016 12
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Brad Brown
MARKET REPORT
Job Growth Rate UT vs. US
Future Growth
T he overall strength of the Utah economy indicates that we may see the direct opposite of a tenant shortage. With increases in both population growth and spending power, Utah is primed to
ride a wave of growth as retailers look to capitalize on the available properties and solid economic fundamentals found within the state.
Historical Vacancy Rates 16%
12%
8%
4%
0%
OVE
RALL
VAC
ANCY
RAT
E
TOTAL Center South West
2013 2014 2015 2016 2Q-2017
North
2012
1.4%3.2%
UtahNational
3%
PERCENTAGE CHANGE FROM MAY TO APRIL 2017
6%
Market StatisticsSOUTH
CENTRAL
NORTH
WESTUTAH LAKE
15
15
ALPINE
LEHI
AMERICANFORK
PLEASANTGROVE
OREM
PROVO
SPRINGVILLE
SPANISH FORK
PAYSON
SANTAQUIN
SARATOGASPRINGS
Utah County Map NORTH UTAH INVENTORY SF AVAILABLE (SF) VACANCY ASKING LEASE RATE
Anchorless 848,813 27,964 3.29% $15.59
Neighborhood 1,317,049 31,495 2.39% $24.00
Community 1,781,065 37,700 2.12% $25.00
Regional 623,428 1,872 0.00% $24.00
TOTAL 4,570,355 99,031 2.17% $22.15
CENTRAL UTAH INVENTORY AVAILABLE SF VACANCY ASKING LEASE RATE
Anchorless 2,001,652 120,828 5.85% $14.28
Neighborhood 1,678,278 145,686 8.51% $12.51
Community 2,936,026 73,197 2.49% $20.56
Regional 407,512 44,267 10.86% $23.00
TOTAL 7,023,468 383,978 5.37% $17.59
SOUTH UTAH INVENTORY AVAILABLE SF VACANCY ASKING LEASE RATE
Anchorless 705,396 4,001 0.57% $13.50
Neighborhood 387,051 5,592 1.44% $16.52
Community 979,896 7,350 0.75% $18.58
Regional 0 0 0.00% $-
TOTAL 2,072,343 16,943 0.82% $16.20
WEST UTAH INVENTORY AVAILABLE SF VACANCY ASKING LEASE RATE
Anchorless 50,806 985 1.94% $22.46
Neighborhood 94,435 0 0.00% $0.00
Community 418,640 5,694 1.36% $22.46
Regional 0 0 0.00% $-
TOTAL 563,881 6,679 1.18% $22.46
OVERALL INVENTORY AVAILABLE SF VACANCY ASKING LEASE RATE
Anchorless 3,606,667 153,778 4.16% $16.46
Neighborhood 3,476,813 182,773 5.18% $13.26
Community 6,115,627 123,941 2.03% $21.65
Regional 1,030,940 46,139 4.48% $11.75 TOTAL 14,230,047 506,631 3.51% $15.78
