At Home & La-Z-Boy Furniture - ANCHORED REGIONAL POWER CENTER (NYSE: HOME) and (NYSE: LZB) - Mountain West Commercial
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At Home & La-Z-Boy Furniture
(NYSE: HOME) and (NYSE: LZB)
the Family Center
AT RIVERDALE
ANCHORED REGIONAL POWER CENTER
1076-1136 W. Riverdale Road, Riverdale, UT 84405
THE OFFERING | 100% OCCUPIED REGIONAL POWER CENTER
We are pleased to offer to qualified investors an opportunity to purchase a fee simple, 100% occupied regional power center that is anchored by three
national & publicly traded tenants - At Home (NYSE: HOME), La-Z-Boy Furniture (NYSE: LZB) and Floor & Décor (NAP) - (NYSE: FND). With the recent
addition of La-Z-Boy Furniture; executing a new 10-year lease along with the recent extension of At Home’s lease until 2025, the Center will benefit
from secure long-term anchor tenancy. Included in the offering are two outparcel buildings that provide an investor the ability to reduce their basis in
(NYSE: LZB) (NYSE: HOME) L.A. NAILS the property by selling off one or both outparcels.
NAP
(NYSE: AAN)
(NYSE: FND) The property is situated in one of the major retail hubs within the Riverdale/Ogden trade area, which includes tenants such as Costco Wholesale, The
(NYSE: SBH) Home Depot, Walmart, Target, and Sam’s Club, all located directly across from the subject property. Additionally, the property is positioned with excellent
visibility and frontage on West Riverdale Road, a primary traffic and commuter thoroughfare with annual average daily traffic of approximately 41,000
(NYSE: TMUS)
vehicles. The surrounding trade area is densely populated with over 186,000 residents living within a five-mile radius of the property. Investors have
(NYSE: WEN)
the rare opportunity to acquire a 100% occupied regional power center with 95% of income derived from national and credit tenants.
PRICE 10-YEAR LEVERAGED IRR SUMMARY OF YEAR ONE CASH FLOWS AMOUNT
Potential Gross Rents $1,203,164
$15,336,388 16.27%
Less Absorption & Turnover Vacancy $0
NET OPERATING INCOME 10-YEAR CASH-ON-CASH Scheduled Base Rent Revenue $1,203,164
$1,226,911 (Year One) 13.25% Reimbursement and Other Revenue $322,460
YEAR ONE CAP RATE BUILDING SIZE General Vacancy (16,898)
8.00% 155,705 SF Effective Gross Revenue $1,508,726
PRICE PER SF Less Operating Expenses ($281,815)
Net Operating Income $1,226,911
$98.00
OCCUPANCY
100%
Owner does not make any representations expressed or implied as to the accuracy of the information contained herein and that all prospective buyers shall Owner does not make any representations expressed or implied as to the accuracy of the information contained herein and that all prospective buyers shall
PG. 2 | THE FAMILY CENTER AT RIVERDALE conduct their own independent investigations including the verification of all information provided. conduct their own independent investigations including the verification of all information provided.
THE FAMILY CENTER AT RIVERDALE | PG. 3
the Family Center
AT RIVERDALE
NAP
FLOOR & DECOR JUST OPENED APRIL 2018
Owner does not make any representations expressed or implied as to the accuracy of the information contained herein and that all prospective buyers shall Owner does not make any representations expressed or implied as to the accuracy of the information contained herein and that all prospective buyers shall
PG. 4 | THE FAMILY CENTER AT RIVERDALE conduct their own independent investigations including the verification of all information provided. conduct their own independent investigations including the verification of all information provided.
THE FAMILY CENTER AT RIVERDALE | PG. 5
• 100% Occupied Regional Power Center 84
Anchored by Three National & Publicly Traded Tenants
• 95% of Income is Derived from National Credit Tenants
• La-Z-Boy Furniture (NYSE: LZB) - New 10-Year Lease L.A. NAILS
• At Home: (NYSE: HOME) - Recent Early Lease Extension
Long-Term Anchor Tenancy
• Attractive Price Per Square Foot ($98) – Well Below
Replacement Cost
• 10-Year Cash on Cash of 13.25% - 10-Year Leveraged VPD
00
IRR of 16.27% 41,0
. +/-
RD
• Two Outparcel Buildings Providing Ability to LE
DA
VER
90 W
Immediately Reduce Basis in the Property RI
W.
• Approx. 41,000 VPD Travel by the Subject Property Daily
Along W. Riverdale Road
• Riverdale, UT – Part of Ogden-Clearfield, UT, MSA
76
• Proximity to Weber State University
,62
(4 Miles) – Over 24,000 Students
0V
PD
0W
5
S. 10
84
NEARLY 41,000 VPD
at W. RIVERDALE ROAD
Owner does not make any representations expressed or implied as to the accuracy of the information contained herein and that all prospective buyers shall Owner does not make any representations expressed or implied as to the accuracy of the information contained herein and that all prospective buyers shall
PG. 6 | THE FAMILY CENTER AT RIVERDALE conduct their own independent investigations including the verification of all information provided. conduct their own independent investigations including the verification of all information provided.
THE FAMILY CENTER AT RIVERDALE | PG. 7
FINANCIAL ANALYSIS | RENT ROLL
SQUARE FEET CONTRACT RENT TERM
Suite Tenant $ PSF/ Comments
Total % GLA S PSF/Yr. $/Month $/Year Increases From To
Mo.
Tenant has (1) flat
MetroPCS $28.00
1074 902 0.58% $2.33 PSF $2,104.66 $25,256 Option 1: $2,315.12/Mo. 11/24/15 03/31/21 5-Year option at the
(One Mobile) PSF
indicated rent
1076 Sally Beauty 1,572 1.01% $2.29 PSF $27.42 PSF $3,592.02 $43,104 02/28/02 02/28/22
Tenant has (1) flat
August 2018: 3% Annual Increases
1078 Subway 1,200 0.77% $2.06 PSF $24.72 PSF $2,472.00 $29,664 04/12/13 07/31/20 5-Year option at the
Option 1: $2,800.08/Mo.
indicated rent
$24.88
1082 Fashion Nails 1,257 0.81% $2.07 PSF $2,606.18 $31,274 07/25/01 10/31/19
PSF
1088 Miracle Ear 1,125 0.72% $1.49 PSF $17.85 PSF $1,673.70 $20,084 January 2019: Annual 3% Increases 12/20/11 12/31/21
Tenant has (1)
Aaron's August 2019: $3,632.00/Mo. remaining flat 5-Year
1090 7,264 4.67% $0.46 PSF $5.50 PSF $3,329.33 $39,952 06/15/11 07/31/21
Leasing Option 2: $5,448.00/Mo. option at the indicated
rent
Tenant has (3) flat
5-Year options
Wendy's Option 2: $7,562.50/Mo.
remaining. Options
1096 (Ground 2,800 1.80% $2.46 PSF $29.46 PSF $6,875.00 $82,500 Option 3: $8,318.75/Mo. 06/22/05 12/31/20
renew automatically
Lease) Option 4: $9,150.58/Mo.
unless tenant notifies
12+ months in advance
Tenant has (1)
remaining flat 5-Year
1098 KeyBank ATM 0 0.00% $2,108.33 $25,300 Option 1: $2,424.58/Mo. 03/25/11 05/31/21 option at the indicated
rent. ATM assumed to
renew indefinitely
Option 1: $55,632.50/Mo. Tenant has (3) flat
1134 At Home 110,000 70.65% $0.46 PSF $5.50 PSF $50,416.66 $605,000 Option 2: $58,414.12/Mo. 04/13/15 07/31/25 5-Year options at the
Option 3: $61,334.83/Mo. indicated rates
July 2023: 20% Increase
Option 1: 10% Increase
Tenant has (6) 5-year
Option 2: 10% Increase
La-Z Boy options with 10%
1136 29,585 19.00% $0.84 PSF $10.10 PSF $24,910.83 $298,930 Option 3: 10% Increase 06/13/18 06/30/28
Furniture increases at each
Option 4: 10% Increase
option
Option 5: 10% Increase
Option 6: 10% Increase
Total GLA 155,705 $100,089 $1,201,065
Owner does not make any representations expressed or implied as to the accuracy of the information contained herein and that all prospective buyers shall Owner does not make any representations expressed or implied as to the accuracy of the information contained herein and that all prospective buyers shall
PG. 8 | THE FAMILY CENTER AT RIVERDALE conduct their own independent investigations including the verification of all information provided. conduct their own independent investigations including the verification of all information provided.
THE FAMILY CENTER AT RIVERDALE | PG. 9
FINANCIAL ANALYSIS | CASH FLOW FINANCIAL ANALYSIS | CASH FLOW
Year 1 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Initial Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11
$ / SF Sep-2019 Sep-2020 Sep-2021 Sep-2022 Sep-2023 Sep-2024 Sep-2025 Sep-2026 Sep-2027 Sep-2028 Sep-2029 10/1/2018 Sep-2019 Sep-2020 Sep-2021 Sep-2022 Sep-2023 Sep-2024 Sep-2025 Sep-2026 Sep-2027 Sep-2028 Sep-2029
EFFECTIVE GROSS REVENUE CASH FLOW BEFORE FINANCING $7.78 $1,211,340 $1,197,078 $1,232,165 $1,217,790 $1,285,392 $1,333,970 $1,328,365 $1,389,826 $1,356,115 $1,483,495 $1,517,650
Base Rental Revenue $7.73 $1,203,164 $1,207,741 $1,223,182 $1,255,242 $1,276,430 $1,324,598 $1,341,227 $1,427,909 $1,458,167 $1,473,210 $1,506,813 DEBT SERVICE
Absorption & Turnover Vacancy (5,179) (12,695) (14,372) (19,880) (14,717) Senior Interest (473,511) (473,511) (473,511) (470,191) (462,723) (454,893) (446,682) (438,073) (429,046) (419,581)
Scheduled Base Rental Revenue $7.73 $1,203,164 $1,202,562 $1,223,182 $1,242,547 $1,276,430 $1,324,598 $1,326,855 $1,408,029 $1,443,450 $1,473,210 $1,506,813 Senior Principal (153,824) (161,292) (169,122) (177,332) (185,942) (194,969) (204,434)
CASH FLOW AFTER DEBT SERVICE $737,829 $723,567 $758,654 $593,776 $661,378 $709,956 $704,351 $765,812 $732,101 $859,481 $1,517,650
Expense Reimbursement Revenue 2.03 315,683 324,316 334,222 343,124 354,523 365,133 374,993 384,382 399,070 411,976 424,041
NET FINANCING
Temporary Tenant Income 0.03 4,000 4,120 4,244 4,371 4,502 4,637 4,776 4,919 5,067 5,219 5,376
Acquisition/Disposition (15,336,388) 17,919,874
Misc. Income 0.02 2,777 2,860 2,946 3,035 3,126 3,219 3,316 3,415 3,518 3,623 3,732
Loan Maturity (8,721,738)
Total Potential Gross Revenue $9.80 $1,525,624 $1,533,858 $1,564,594 $1,593,077 $1,638,581 $1,697,587 $1,709,940 $1,800,745 $1,851,105 $1,894,028 $1,939,962
New Loan Funding 9,968,652
General Vacancy (0.11) (16,898) (11,984) (18,015) (6,942) (20,070) (20,302) (6,256) (2,433) (9,341) (24,495) (24,906)
Loan Fees (99,687)
TOTAL EFFECTIVE GROSS REVENUE $9.69 $1,508,726 $1,521,874 $1,546,579 $1,586,135 $1,618,511 $1,677,285 $1,703,684 $1,798,312 $1,841,764 $1,869,533 $1,915,056
CASH FLOW AFTER FINANCING ($5,467,422) $737,829 $723,567 $758,654 $593,776 $661,378 $709,956 $704,351 $765,812 $732,101 $10,057,616 $1,517,650
OPERATING EXPENSES
Utilities $0.16 $24,657 $25,396 $26,158 $26,943 $27,751 $28,584 $29,441 $30,325 $31,234 $32,170 $33,136
Property Taxes 0.79 122,754 126,436 130,229 134,136 138,160 142,305 146,574 150,972 155,501 160,166 164,971
Insurance 0.14 22,055 22,717 23,398 24,101 24,823 25,568 26,335 27,125 27,939 28,776 29,640
CAM 0.53 82,174 84,639 87,178 89,792 92,490 95,262 98,122 101,062 104,095 107,219 110,433
Management Fee 0.19 30,175 30,437 30,932 31,723 32,370 33,546 34,074 35,966 36,835 37,391 38,301
TOTAL OPERATING EXPENSES $1.81 $281,815 $289,625 $297,895 $306,695 $315,594 $325,265 $334,546 $345,450 $355,604 $365,722 $376,481
NET OPERATING INCOME $7.88 $1,226,911 $1,232,249 $1,248,684 $1,279,440 $1,302,917 $1,352,020 $1,369,138 $1,452,862 $1,486,160 $1,503,811 $1,538,575
LEASING & CAPITAL COSTS
Tenant Improvements $12,947 $29,471 $15,009 $25,851 $68,672
Leasing Commissions 6,186 15,165 7,172 18,035 41,649
Reserves 0.10 15,571 16,038 16,519 17,014 17,525 18,050 18,592 19,150 19,724 20,316 20,925
TOTAL LEASING & CAPITAL COSTS $0.10 $15,571 $35,171 $16,519 $61,650 $17,525 $18,050 $40,773 $63,036 $130,045 $20,316 $20,925
CASH FLOW BEFORE FINANCING $7.78 $1,211,340 $1,197,078 $1,232,165 $1,217,790 $1,285,392 $1,333,970 $1,328,365 $1,389,826 $1,356,115 $1,483,495 $1,517,650
Owner does not make any representations expressed or implied as to the accuracy of the information contained herein and that all prospective buyers shall Owner does not make any representations expressed or implied as to the accuracy of the information contained herein and that all prospective buyers shall
PG. 10 | THE FAMILY CENTER AT RIVERDALE conduct their own independent investigations including the verification of all information provided. conduct their own independent investigations including the verification of all information provided.
THE FAMILY CENTER AT RIVERDALE | PG. 11
10 Fiscal Years
Analysis Period
Beginning 10/1/18
Total Net Rentable Area 155,705 SF
Coupon Market Rent (Most Space) $2.00 - $2.50 PSF/Mo
Notes: CPI & Market Rent Growth All Years: 3.0%
1. Vacancy Loss is reduced in direct proportion to the amount of General Vacancy (See Note 1) All Years: 5.0%
Absorption and Turnover Vacancy. If Absorption and Turnover Operating Expense Source (See Note 2) 2018 Operating Budget
Vacancy is greater than the applied vacancy factor then no General Property Management Fee (% of EGI) 2.0%
Vacancy is deducted. No vacancy is applied to income attributable Typical Market Recovery Structure (See Note 3) NNN
to At Home or La-Z Boy Furniture. Capital Reserve $0.10 SF/Year
2. Recoverable expenses were based on the expenses per SF in Retention Ratio (See Note 4) 75%
the 2018 budget (246,963 SF) and applied to the balance of the Lease Term >10,000 SF 10 Years
center for sale (155,705 SF). Management is based on 2% of the All Other Space 5 Years
effective gross income. Non-reimbursable ownership expenses Rent Adjustment >10,000 SF Mid-Term 10%
were eliminated from the analysis. Expenses associated with All Other Space Annual 3%
vacancies were eliminated from the analysis. Rent Concessions No Free Rent
3. Tenant recovery structures are based on 2017 expense Tenant Improvements All Space $10.00 PSF New
reconciliation documentation. $0.00 PSF Renewal
$2.50 PSF Weighted Average
4. MetroPCS, Subway, Aaron’s Leasing, Wendy’s, At Home, and La-Z Leasing Commissions (See Note 5) 5-Year Lease 6.0% New
Boy furniture are all assumed to exercise their respective options.
3.0% Renewal
The Keybank ATM is assumed to renew indefinitely.
3.75% Weighted Average
5. Leasing commissions on new leases for 10-year lease terms are 10 Year Lease 4.5% New
calculated at 6% for the first five years and 3% for the remaining. 2.3% Renewal
Renewal commissions are 3% for the first five years and 1.5% for 2.81% Weighted Average
the remaining. Downtime/Fixturization All Space 6 Months New
6. Major capital expenditures not modeled. Buyer to perform 2 Months Weighted Average
own review. Reversionary Capitalization Rate 8.50%
Cost of Residual Sale 1.00%
Loan Origination Date 10/1/2018
Loan to Value Ratio 65%
Term 10 Years
Annual Interest Rate 4.75%
Amortization Period 30 Years
Interest Only Period 36 Months IO
Loan/Assumption Fees 1.00%
Owner does not make any representations expressed or implied as to the accuracy of the information contained herein and that all prospective buyers shall Owner does not make any representations expressed or implied as to the accuracy of the information contained herein and that all prospective buyers shall
PG. 12 | THE FAMILY CENTER AT RIVERDALE conduct their own independent investigations including the verification of all information provided. conduct their own independent investigations including the verification of all information provided.
THE FAMILY CENTER AT RIVERDALE | PG. 13
the Family Center
AT RIVERDALE
ANCHOR TENANTS | AT HOME ANCHOR TENANTS | LA-Z-BOY
Type Public Type Public
At Home is a big-box retail chain specializing in home decor Traded as NYSE: HOME La-Z-Boy Inc. is an American furniture manufacturer based in Traded as NYSE: LZB
products based in Plano, Texas. The specialty retailer’s stores Industry Retail Monroe, Michigan, USA, that makes home furniture, including Industry Furniture
each carry over 50,000 unique items across broad product Founded 1979 (as Garden Ridge Pottery) upholstered recliners, sofas, stationary chairs, lift chairs and Founded 1927
sleeper sofas. The company employs more than 11,000 people.
categories including furniture, garden, home textiles, housewares, Headquarters Plano, Texas Headquarters Monroe, Michigan, U.S.
patio, rugs, seasonal decor, tabletop decor, and wall decor. Number of locations 150 Products Upholstered Furniture and Casegoods
Lewis Bird, CEO, Judd Nystrom, CFO, La-Z-Boy furniture is sold in thousands of retail residential Revenue US $1.52 billion (FY 2017)
Key people
Alissa Ahlman, Chief Merchandising Officer outlets in the United States and Canada and is manufactured and Net income US $85.92 million (FY 2017)
In August 2016, the company went public. Currently, there are Furniture, Patio & Garden, Home Textiles,
distributed under license in other countries, La-Z-Boy holds US
Products Housewares, Rugs, Seasonal Decor, Tabletop Decor, Total assets US $888.9 million (FY 2017)
approximately 150 locations in 33 states. Wall Decor and international patents on more than 200 different styles and Number of employees 8,950 (2017)
mechanisms.
Owner does not make any representations expressed or implied as to the accuracy of the information contained herein and that all prospective buyers shall Owner does not make any representations expressed or implied as to the accuracy of the information contained herein and that all prospective buyers shall
PG. 14 | THE FAMILY CENTER AT RIVERDALE conduct their own independent investigations including the verification of all information provided. conduct their own independent investigations including the verification of all information provided.
THE FAMILY CENTER AT RIVERDALE | PG. 15
PARCEL DETAILS
OCCUPANCY
100%
L.A.
PARCEL NUMBERS NAILS
060160151 NAP
060160152
060160150
L.A. NAILS
080930047
061540019
BUILDING SIZE NAP
APPROX. 155,705 SF
LAND SIZE
APPROX. 10.7 ACRES
CONSTRUCTION YEAR
1990
W. RIV
ER DALE R
D . +/- 4
1,0 00 VPD
Owner does not make any representations expressed or implied as to the accuracy of the information contained herein and that all prospective buyers shall Owner does not make any representations expressed or implied as to the accuracy of the information contained herein and that all prospective buyers shall
PG. 16 | THE FAMILY CENTER AT RIVERDALE conduct their own independent investigations including the verification of all information provided. conduct their own independent investigations including the verification of all information provided.
THE FAMILY CENTER AT RIVERDALE | PG. 17
NEWGATE MALL
OGDEN-HINCKLEY
AIRPORT
84
.
RD
26,000+ Students
LE
DA
ER
126 the Family Center
IV
AT RIVERDALE
.R
W
L.A. NAILS
HARRISON BLVD.
D
VP
00
41,0
. +/-
E RD
L
DA
T
Bonneville
ER
W. S
RIV High School
W.
15
100
PD
THE FAMILY CENTER AT RIVERDALE
85 V
The Bell Junior South Ogden
103,4
High School Junior High School
HILL AIR FORCE BASE
The Air Force’s second
largest base by population
and geographical size.
84
Owner does not make any representations expressed or implied as to the accuracy of the information contained herein and that all prospective buyers shall Owner does not make any representations expressed or implied as to the accuracy of the information contained herein and that all prospective buyers shall
PG. 18 | THE FAMILY CENTER AT RIVERDALE conduct their own independent investigations including the verification of all information provided. conduct their own independent investigations including the verification of all information provided.
THE FAMILY CENTER AT RIVERDALE | PG. 19SURROUNDING RETAIL
SURROUNDING RETAIL | THE FAMILY CENTER AT RIVERDALE
WALMART | THE HOME DEPOT | SAM’S CLUB
Owner does not make any representations expressed or implied as to the accuracy of the information contained herein and that all prospective buyers shall Owner does not make any representations expressed or implied as to the accuracy of the information contained herein and that all prospective buyers shall
PG. 20 | THE FAMILY CENTER AT RIVERDALE conduct their own independent investigations including the verification of all information provided. conduct their own independent investigations including the verification of all information provided.
THE FAMILY CENTER AT RIVERDALE | PG. 21OGDEN MSA OVERVIEW
Ogden’s fundamentals are strong. Median household income is approaching
$70,000—$11,000 higher than the national median—while unemployment, at about
3%, is a full percentage point lower than the national rate. Population growth is
more than double the national average—approaching 2% annually—and the annual the Family Center
AT RIVERDALE
job growth rate has been higher than the national rate since 2012. The National
Center for Education Statistics finds that as of 2015–16, only 26% of Weber State
University undergraduate students take out federal loans, with an average debt of
$15,000 at graduation. As college students and college towns go, Ogden is relatively
flush—nearly three-fourths of students assume no federal student debt at all and
are comparatively well positioned to boost the coffers of local retailers.
Ogden metro fundamentals support the retail sector, as is borne out by a variety
of indicators. Ogden vacancy is low, at about 5%, and relatively consistent across
malls, power centers, and neighborhood centers. Vacancy has been declining fairly
steadily from a high of 8% in 2009. This decline has continued despite a robust
pipeline, which since 2010 has added an additional 7% of new retail space to the
metro, or nearly two million square feet.
Owner does not make any representations expressed or implied as to the accuracy of the information contained herein and that all prospective buyers shall Owner does not make any representations expressed or implied as to the accuracy of the information contained herein and that all prospective buyers shall
PG. 22 | THE FAMILY CENTER AT RIVERDALE conduct their own independent investigations including the verification of all information provided. conduct their own independent investigations including the verification of all information provided.
THE FAMILY CENTER AT RIVERDALE | PG. 2321st St
CITY OF OGDEN, UTAH ECONOMY
Polk Ave
Ogden is a city in Weber County, Utah, located approximately 10 miles As the principal city of the second largest MSA in Utah, Ogden serves
27th St
east of the Great Salt Lake and 40 miles north of Salt Lake City. The as an economic hub for the northern part of the state. Much of the
S 1900 W
S 2700 W
population was 84,316 in 2014, according to the U.S. Census Bureau, 30th St central city is occupied by offices of various federal, state, county, and
making it Utah’s seventh largest city. municipal government entities. The Internal Revenue Service has a large
Quincy Ave
W 3300 S
Jefferson Ave
regional facility in Ogden and is the city’s largest employer with over
Downtown Ogden is set apart from other communities in the area by its 5,000 employees. Other large employers include McKay Dee Hospital,
the Family Center 36th St
walkability, distinctive architecture, and great variety of dining, shopping, AT RIVERDALE Weber State University, Ogden City School District, Autoliv, Fresenius,
S 700 W
Co
nightlife, and events. More residents are choosing to live downtown, with un
t ry
H il
and Convergys.
ls D
exciting new housing options that include townhomes, live/work units, r
and apartments. Business Costs
W 4600 S Utah is known for its strong economy and business-friendly climate. The
W 4800 S
The city served as a major railway hub through much of its history, and state’s economy expanded by 2% per year from 2008-2013, the fourth
E 5000 S
still handles a great deal of freight rail traffic, which makes it a convenient highest growth rate in the country. The growing economy, in combination
S 300 W
location for manufacturing and commerce. Ogden is also known for its with Utah’s business costs and regulatory environment, contributed to
many historic buildings, proximity to the Wasatch Mountains, and as the Utah ranking first in the nation as a pro-business state (Pollina Corporate,
location of Weber State University. 2013), first for economic outlook (ALEC-Laffer, 2013), and first for
Ea
stw
W 6000 S oo
dB
business and careers (Forbes Magazine, 2014). Utah is a right-to-work
lvd
DEMOGRAPHIC OVERVIEW state.
Ogden-Clearfield MSA Ogden City W 2300 N
S 475 E
2016 (Est.) 2021 (Proj.) 2016 (Est.) 2021 (Proj.) Additionally, Ogden City offers a very low cost of doing business. Forbes
Population 648,452 695,232 85,988 87,120 Magazine (2014) ranked Ogden the 11th best place for business in careers,
Households 206,544 220,774 30,486 31,340 due in large part to business costs that are 24% lower than the national
N 250 W
Average Household Size 3.11 3.12 2.77 2.73
average. Taxes, insurance rates, and healthcare costs are very low, as
N 3000 W
N 1000 W
Median Household
Income
$65,298 $76,486 $42,763 $42,67 are real estate and utility costs.
Median Age 31 31.7 30.8 31.3
Housing Units 206,844 220,774 33,465 34,789 Ogden is:
Owner Occupied 74.1 74.3 49.2% 48.8% • One of the Best Towns in America (Outside Magazine, 2008)
Renter Occupied 25.9 25.7 41.3% 41.3% • Most Affordable City for Buying a Home (CNN, 2012)
E 200 S
Median Home Value $210,980 $271,261 $139,481 $169,096
Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2016 and 2021.
• #16 Best City for Business and Careers (Forbes, 2013)
• A Top 10 Emerging Ski Town (National Geographic, 2013)
Owner does not make any representations expressed or implied as to the accuracy of the information contained herein and that all prospective buyers shall Owner does not make any representations expressed or implied as to the accuracy of the information contained herein and that all prospective buyers shall
PG. 24 | THE FAMILY CENTER AT RIVERDALE conduct their own independent investigations including the verification of all information provided. conduct their own independent investigations including the verification of all information provided.
THE FAMILY CENTER AT RIVERDALE | PG. 25This Offering Memorandum contains select information pertaining Owner and Colliers International expressly reserve the right, at their
to the business and affairs of The Family Center at Riverdale - sole discretion, to reject any and all expressions of interest or offers
Riverdale, UT. It has been prepared by Colliers International. This to purchase the Property and to terminate discussions with any the Family Center
Offering Memorandum may not be all-inclusive or contain all of the person or entity reviewing this Offering Memorandum or making an
AT RIVERDALE
information a prospective purchaser may desire. The information offer to purchase the Property unless and until a written agreement
contained in this Offering Memorandum is confidential and furnished for the purchase and sale of the Property has been fully executed
solely for the purpose of a review by a prospective purchaser of the and delivered.
Property. It is not to be used for any other purpose or made available Investment Contacts
to any other person without the written consent of Seller or Colliers If you wish not to pursue negotiations leading to the acquisition of
International. The material is based in part upon information supplied The Family Center at Riverdale - Riverdale, UT or in the future you
by the Seller and in part upon financial information obtained from discontinue such negotiations, then you agree to purge all materials Jereme Snyder
sources it deems reliable. Owner, nor their officers, employees, or relating to this Property including this Offering Memorandum. Executive Vice President
agents makes any representation or warranty, express or implied, as A prospective purchaser’s sole and exclusive rights with respect to License No. 01360233
to the accuracy or completeness or this Offering Memorandum or this prospective transaction, the Property, or information provided 949.724.5552
any of its contents and no legal liability is assumed or shall be implied herein or in connection with the sale of the Property shall be limited jereme.snyder@colliers.com
with respect thereto. Prospective purchasers should make their own to those expressly provided in an executed Purchase Agreement and
projections and form their own conclusions without reliance upon shall be subject to the terms thereof. In no event shall a prospective
the material contained herein and conduct their own due diligence. purchaser have any other claims against Seller or Colliers International Eric Carlton
By acknowledging your receipt of this Offering Memorandum from or any of their affiliates or any of their respective officers, Directors, Executiv Vice President
Colliers, you agree: shareholders, owners, employees, or agents for any damages, License No. 01809955
liability, or causes of action relating to this solicitation process or the 949.724.5561
1. The Offering Memorandum and its contents are confidential; marketing or sale of the Property. eric.carlton@colliers.com
2. You will hold it and treat it in the strictest of confidence; and This Offering Memorandum shall not be deemed to represent the
state of affairs of the Property or constitute an indication that there Local Agent
3. You will not, directly or indirectly, disclose or permit anyone has been no change in the state of affairs of the Property since the Scott Brady
else to disclose this Offering Memorandum or its contents in date this Offering Memorandum. UT License No. 5500481-SA00
any fashion or manner detrimental to the interest of the Seller.
801.456.8804
sbrady@mtnwest.com
Colliers International | 3 Park Plaza, Suite 1200 | Irvine, CA 92614 | Snyder/Carlton Team
Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and
reliability. This publication is the copyrighted property of Colliers International and /or its licensor(s) 2015. All rights reserved
PG. 26 | THE FAMILY CENTER AT RIVERDALE THE FAMILY CENTER AT RIVERDALE | PG. 27You can also read
