At Home & La-Z-Boy Furniture - ANCHORED REGIONAL POWER CENTER (NYSE: HOME) and (NYSE: LZB) - Mountain West Commercial

 
At Home & La-Z-Boy Furniture - ANCHORED REGIONAL POWER CENTER (NYSE: HOME) and (NYSE: LZB) - Mountain West Commercial
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
At Home & La-Z-Boy Furniture - ANCHORED REGIONAL POWER CENTER (NYSE: HOME) and (NYSE: LZB) - Mountain West Commercial
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
At Home & La-Z-Boy Furniture - ANCHORED REGIONAL POWER CENTER (NYSE: HOME) and (NYSE: LZB) - Mountain West Commercial
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
At Home & La-Z-Boy Furniture - ANCHORED REGIONAL POWER CENTER (NYSE: HOME) and (NYSE: LZB) - Mountain West Commercial
• 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
At Home & La-Z-Boy Furniture - ANCHORED REGIONAL POWER CENTER (NYSE: HOME) and (NYSE: LZB) - Mountain West Commercial
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
At Home & La-Z-Boy Furniture - ANCHORED REGIONAL POWER CENTER (NYSE: HOME) and (NYSE: LZB) - Mountain West Commercial
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
At Home & La-Z-Boy Furniture - ANCHORED REGIONAL POWER CENTER (NYSE: HOME) and (NYSE: LZB) - Mountain West Commercial
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
At Home & La-Z-Boy Furniture - ANCHORED REGIONAL POWER CENTER (NYSE: HOME) and (NYSE: LZB) - Mountain West Commercial
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
At Home & La-Z-Boy Furniture - ANCHORED REGIONAL POWER CENTER (NYSE: HOME) and (NYSE: LZB) - Mountain West Commercial
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
At Home & La-Z-Boy Furniture - ANCHORED REGIONAL POWER CENTER (NYSE: HOME) and (NYSE: LZB) - Mountain West Commercial
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. 19
SURROUNDING 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. 21
OGDEN 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. 23
21st 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. 25
This 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. 27
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