DRAPER SPECTRUM SHOPPING CENTER€¦ · Utah. Located in the prestigious Draper City submarket, the...
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This Investment Offering provides the opportunity to acquire the DRAPER SPECTRUM SHOPPING CENTER in Salt Lake City, Utah. Located in the prestigious Draper City submarket, the project boasts direct visibility from the I-15 Freeway, which has an average daily traffic count of over 173,000 vehicles. The 137,073 square foot, six-tenant center is situated in the heart of a primary retail corridor which includes major home furnishing retailers IKEA, RC Willey and Ashley Home Furnishings, which are complimentary to the center’s anchor tenant, Floor & Decor. PROPERTY INFORMATION Building Size: 137,073 sq. ft. Parcels: #28-30-151-064: 11.91 acres #28-30-151-062: 0.07 acres (marquee sign) Total: 11.98 acres Age: 1986/2015 Zoning: CR Parking: 735 spaces Sales Price: $13,932,000 ($101.64 psf) Cap Rate: 6.75% (ARGUS Year 1 NOI) Unleveraged IRR: 10.14% Leveraged IRR: 19.18% Debt Assumption: 70% LTV, 4% Interest, 30/10 HIGHLIGHTS INCLUDE: • Anchored by Floor & Decor with a 10 year lease term at $7.25 psf NNN with 6 years remaining • Junior anchor VASA Fitness with six years remaining lease term at $9.90 psf NNN • 96% occupancy • Premium large signage on I-15 Freeway • Strong demographics; Homes within immediate proximity achieve a median value of $357,000, with an average household income of over $113,000 • Major retail corridor including Walmart, Home Depot, Kohl’s, Best Buy and Scheels • Immediate area includes several hotels, theaters and Class-A office parks • No existing debt assumption required; Buyer can obtain new debt as desired DRAPER SPECTRUM is well positioned to produce consistent cash flow while also providing value-add opportunity in the future, given the average in-place lease rate of $8.27 psf NNN. 12101 South State Street - Draper, Utah DRAPER SPECTRUM SHOPPING CENTER Exclusively Marketed by Kip Paul Vice Chairman - Investment Sales 801-303-5555 [email protected] Jorgi Paul Associate - Investment Sales 801-303-5570 [email protected] Rhett Bue Director - Investment Sales 801-303-5416 [email protected] INVESTMENT OFFERING
Transcript of DRAPER SPECTRUM SHOPPING CENTER€¦ · Utah. Located in the prestigious Draper City submarket, the...
This Investment Offering provides the opportunity to acquire the DRAPER SPECTRUM SHOPPING CENTER in Salt Lake City, Utah. Located in the prestigious Draper City submarket, the project boasts direct visibility from the I-15 Freeway, which has an average daily traffic count of over 173,000 vehicles. The 137,073 square foot, six-tenant center is situated in the heart of a primary retail corridor which includes major home furnishing retailers IKEA, RC Willey and Ashley Home Furnishings, which are complimentary to the center’s anchor tenant, Floor & Decor.
PROPERTY INFORMATIONBuilding Size: 137,073 sq. ft.Parcels: #28-30-151-064: 11.91 acres
#28-30-151-062: 0.07 acres (marquee sign)Total: 11.98 acres
Age: 1986/2015Zoning: CRParking: 735 spacesSales Price: $13,932,000 ($101.64 psf)Cap Rate: 6.75% (ARGUS Year 1 NOI)Unleveraged IRR: 10.14%Leveraged IRR: 19.18%Debt Assumption: 70% LTV, 4% Interest, 30/10
HIGHLIGHTS INCLUDE:• Anchored by Floor & Decor with a 10 year lease term at $7.25 psf
NNN with 6 years remaining• Junior anchor VASA Fitness with six years remaining lease term
at $9.90 psf NNN• 96% occupancy• Premium large signage on I-15 Freeway• Strong demographics; Homes within immediate
proximity achieve a median value of $357,000, with an average household income of over $113,000
• Major retail corridor including Walmart, Home Depot, Kohl’s, Best Buy and Scheels
• Immediate area includes several hotels, theaters and Class-A office parks
• No existing debt assumption required; Buyer can obtain new debt as desired
DRAPER SPECTRUM is well positioned to produce consistent cash flow while also providing value-add opportunity in the future, given the average in-place lease rate of $8.27 psf NNN.
12101 South State Street - Draper, Utah
DRAPER SPECTRUM SHOPPING CENTER
Exclusively Marketed by
Kip Paul Vice Chairman - Investment Sales801-303-5555 [email protected]
Jorgi Paul Associate - Investment Sales801-303-5570 [email protected]
Rhett BueDirector - Investment Sales801-303-5416 [email protected]
INVESTMENT OFFERING
114000 South
123000 South
Bangerter Highway
Redwood Road
TRAX Light Rail
UTA FrontRunner
UTA FrontRunner
15
15
Jordan River Parkway Trail
The property’s surroundings also deliver some of Utah’s strongest demographics:
• Median home value of $471,00
• Average Household Income of $112,000
• Median age of 31.2 years
Planned Projects
Under Construction
DRAPER SPECTRUM
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Diamond RidgeTownhomes
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SM
Vista Station
Imagery: Google Earth/Landsat/Copernicus
Exclusively Marketed by
Kip Paul Vice Chairman - Investment Sales801-303-5555 [email protected]
Jorgi Paul Associate - Investment Sales801-303-5570 [email protected]
Rhett BueDirector - Investment Sales801-303-5416 [email protected]
170 South Main Street, Suite 1600Salt Lake City, Utah 84101Tel 801-322-2000 Fax 801-322-2040cushmanwakefield.com
©2019 Cushman & Wakefield. All rights reserved. The information contained in this communication is strictly confidential. This information has been obtained from sources believed to be reliable but has not been verified. NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IS MADE AS TO THE CONDITION OF THE PROPERTY (OR PROPERTIES) REFERENCED HEREIN OR AS TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION CONTAINED HEREIN, AND SAME IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, WITHDRAWAL WITHOUT NOTICE, AND TO ANY SPECIAL LISTING CONDITIONS IMPOSED BY THE PROPERTY OWNER(S). ANY PROJECTIONS, OPINIONS OR ESTIMATES ARE SUBJECT TO UNCERTAINTY AND DO NOT SIGNIFY CURRENT OR FUTURE PROPERTY PERFORMANCE. path: 1- Projects/Paul, K/1 - Flyers/12101sStateSt
DRAPER SPECTRUM SHOPPING CENTER
