Offering Memorandum 8580 North Commerce Drive | Lake Point, UT 84074
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Representative Photo
ARBY’S
8580 North Commerce Drive | Lake Point, UT 84074
O f f e r i n g M e m o r a n d u m
Representative Photo
ARBY’S
L A K E P O I N T, U T
EX CLUSI VELY LI STED B Y:
MAT T H EW P O RT ER
Senior Associate
Salt Lake City
Cell: (208) 851.8357
Office: (801) 736.2638
matthew.porter@marcusmillichap.com
License: UT 7770209-SA00
O F F I C E S N AT I O N W I D E A N D T H R O U G H O U T C A N A D A
WWW.MARCUSMILLICHAP.COM
2
OFFERING HIGHLIGHTS
ARBY’S
L A K E P O I N T, U T
8580 North Commerce Drive | Lake Point, UT 84074
O F F E RIN G P RIC E
$2,000,000
VITAL DATA
Price $2,000,000
ANNUAL RENT/ CHANGES CHANGES
GLA OPTIONS
Price/SF $800.00 RENT SF ON TO
CAP Rate 5.75% 2,500 SF $115,000 $46.00 Four, 5-Year Years 1-5 $126,500
Lease Type NNN Years 6-10 $139,150
Rent Commencement January 2019 Years 11-15 $153,065
Lease Expiration 20 Years Years 16-20 $168,371
Year Built 2019 Option 1 - 2039 $185,208
Lot Size 0.60 Acres / 26,397 SF Option 2 - 2044 $203,728
Zoning Commercial Option 3 - 2049 $224,100
APN 19-003-1-0301 Option 4 - 2054 $246,510
3
INVESTMENT HIGHLIGHTS
►► Brand New 20-Year Lease
►► Absolute NNN
ABSOLUTE NNN
Representative Photo ►► No Landlord Responsibilities NO LANDLORD
RESPONSIBILITIES
►► Experienced Franchisee with Personal Guarantee
INVESTMENT OVERVIEW ►► Visible From I-80 | Located Off of East-Bound Exit
►► Located Directly on Highway 36
The subject property is located directly off of the east-bound I-80 INTERNATIONALLY
RECOGNIZED CHAIN
exi t and situated on Highway 36, which is the main thoroughfare to ►► AADT Exceeding 42,000 Vehicles Per Day WITH OVER 3,340
LOCATIONS
Stansbury Park & Tooele City. It has high visibi lity from the freeway and
►► 25 Minutes From Downtown Salt Lake City
two access points on the property. Average daily traffic counts exceed
30,000 vehicles on Highway 36 and 12,000 vehicles on I-80. The site ►► Major Economic Development in the Area Include
is directly across the street from the Comfort Inn & Suites and nearby
Utah State Prison & the Inland Port COMBINED DAILY
retail includes Del Taco, Flying J Travel Center, Denny’s, McDonald’s,
TRAFFIC COUNT
Chevron and Texaco. The property is currently under construction and ►► Sales Estimated to be Over $1.4 Million EXCEEDS 42,000
VEHICLES
scheduled to open in late January 2019.
Representative Photo
Lake Point is located along I-80 between Salt Lake City and Tooele and
is considered part of the Salt Lake metropolitan area. The Northwest
Quadrant, which is just northeast of Lake Point, is the current epicenter
of economic growth within the Salt Lake valley. The multi-phase airport
expansion and the new Utah State Prison are both currently under
construction and are scheduled to be completed in 2020. The new
Inland Port, which i s also in the Northwest Quadrant, just passed
legislation and is expected to be an international trade hub for the
western United States. The recently completed Amazon Fulfillment
Center added an additional 1,500 jobs to the Salt Lake market. With
the addition of these large, multi-million dollar projects the Lake Point/
Tooele area is seeing unprecedented growth. 6
A E R I A L O V E R V I E W 5
FRANCHISEE OVERVIEW //
TENANT OVERVIEW //
HOME RUN
ARBY’S
R E S TA U R A N T G R O U P
Arby’s was the first nationally franchised sandwich restaurant brand and is currently the
second-largest sandwich restaurant brand in the world. Currently there are over 3,300 ►► Headquarted in
Arby’s restaurants located in eight different countries. Arby’s Restaurant Group, Inc. is the
franchisor of the Arby’s brand, which was founded in 1964 and is headquartered in Atlanta, Centerville, Utah
GA.
The brand’s purpose is “Inspiring Smiles Through Delicious Experiences.” Arby’s prides
itself on Fast-Crafted service, a unique blend of quick-serve speed and value combined ►► Operate 11 locations
with the quality and made-for-you care of fast casual. The restaurant chain is best known
for its roast beef sandwiches, however its menu also features chicken and turkey items,
throughout Utah, Idaho
salads and desserts. & Nevada
According to QSR magazine, Arby’s had a record year in 2016 with over $3.6 billion in
sales. Arby’s outperformed the quick service industry by 2.3 percentage points and the
fourth quarter of 2016 marked 11 consecutive quarters of transaction growth. Currently ►► CEO has over 23 years
the brand has seven consecutive years of positive same-store sales growth and the AUV
has increased 37% since 2011. of experience working
for Arby’s Corporate
Arby’s is looking to revitalize its guest experience by remodeling 229+ restaurant system
wide in the “Inspire” design. Arby’s has re-engineered its restaurants to reduce development
costs, expand site selection options, and deliver an upgraded guest experience.
►► CEO was previously
the Senior Director of
Franchise Operations at
Arby’s and oversaw
1,200 restaurants
in the Northern US &
Canada
6
REPRESENTATIVE
P H OTO S
7
SITE PHOTOS
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Sandy, UT 84070
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BOUNTIFUL, UT 84010
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PROJECT NUMBER PRINT DATE
8399 7/16/18
( IN FEET )
HORZ: 1 inch = ft. DRAWN BY CHECKED BY
J. SHAW D. KINSMAN
X
LOCATED IN THE SOUTH WEST QUARTER PROJECT MANAGER
B. MORRIS
OF SECTION 35,
TOWNSHIP 3 SOUTH, RANGE 4 WEST,
SALT LAKE BASE AND MERIDIAN
X
LAKE POINT, TOOELE COUNTY, UTAH
10AR B Y’S L O C A L & R E G I O N A L M A P S 11
PRICING DETAILS // ARBY’S
FINANCING
Price $2,000,000
Down Payment $800,000
Down Payment % 40%
Loan Amount $1,200,000
Loan to Value 60%
Loan Type Conventional
Interest Type Fixed
Interest Rate 4.95 - 5.2%
Amortization 25 Years
Term 5 Years
Year Due 2023
*Loan information is subject to change. Contact your Marcus and Millichap Capital Corporation representative.
12
Representative PhotoWHY MMCC?
MARCUS & MILLICHAP WHY MMCC?
CAPITAL CORPORATION Optimum financing solutions to
CAPABILITIES enhanceOptimum
value financing solutions to
enhance value
MMCC—our fully integrated, dedicated financing
arm—is committed to providing superior capital Our ability to enhance buyer
market expertise, precisely managed execution, and Our ability to enhance buyer
unparalleled access to capital sources providing the pool by pool
expanding finance
by expanding finance
most competitive rates and terms. options options
We leverage our prominent capital market
relationships with commercial banks, life insurance
companies, CMBS, private and public debt/equity Ourto
Our ability ability to enhance
enhance
seller control
funds, Fannie Mae, Freddie Mac and HUD to provide seller control
our clients with the greatest range of financing • Through buyer
options. • Throughqualification
buyer support
qualification support
Our dedicated, knowledgeable experts understand the • Our ability to manage buyers
challenges of financing and work tirelessly to resolve • Our ability to manage
finance buyers
expectations
all potential issues to the benefit of our clients. finance expectations
• Ability to monitor and
manage
• Ability to monitorbuyer/lender
and progress,
insuring timely,
managepredictable
buyer/lender progress,
closings
insuring timely,
• By relying on a world class
predictable closings
set of debt/equity sources
andon
• By relying presenting
a worldaclass
tightly
underwrittensources
set of debt/equity credit file
Closed 1,707 Debt
& Equity
National Platform
Operating
$5.63 Billion
Total National
Access to More
Capital Sources
and presenting a tightly
Financings Within the Firm’s Volume in 2017 Than Any Other underwritten credit file 13
in 2017 Brokerage Offices Firm in the IndustryCITY OVER VIEW // SALT LAKE CITY Centrally located among the major Western U.S. markets, Salt Lake City is known as the Crossroads of the West. The metro consists of three counties: Salt Lake, Tooele and Summit. It is situated in the Great Salt Lake Valley in northern Utah. The region is hemmed in by the Great Salt Lake to the northwest, the Wasatch Mountain Range to the east and the Oquirrh Mountains to the west. The metro houses 1.2 million people. Salt Lake City is the largest city, with approximately 200,000 residents. The highest percentage of population growth continues to occur in the suburban areas such as South and West Jordan. The Salt Lake City, Provo-Orem and Ogden-Clearfield metros together comprise the Wasatch Front. QUALITY OF LIFE // SALT LAKE CITY The Wasatch Range provides a multitude of year-round recreational opportunities, including ski resorts and more than a dozen national parks and monuments. Cultural venues include Abravanel Hall, the Rose Wagner Performing Arts Center, Hale Centre Theatre and the Off Broadway Theatre. Salt Lake City’s major educational institution is the University of Utah, which also contains a medical school. The university is known for its technology transfer program that moves state-of-the- art research into useful applications in the business world. There are 10 other colleges and universities in the metro. In addition, two other major educational institutions are located just outside of Salt Lake City: Brigham Young University in Provo and Utah State University in Logan.
ECONOMY // S A LT L A K E C I T Y
►► A stable base of government entities
MAJOR AREA EMPLOYERS
are located in the metro, while growing Intermountain Health Care
companies in the private sector include University of Utah
technology leaders eBay and Oracle Corp. University Hospital
Discover Products, Inc.
►► Various companies have located data
L3 Communications Corp.
centers in the metro, including Twitter Inc., Primary Children’s Medical Center
Goldman Sachs and the National Security ARUP Laboratories
Agency. C.R. England, Inc.
Delta Airlines
►► Tourism will remain a top employment
JetBlue Airways
generator over the coming years. The
metro is home to several world-class ski
resorts, including Brighton, Park City, Alta
and Snowbird. The Salt Palace Convention
Center and the Vivint Smart Home Arena host
numerous conventions and trade shows.
S H A R E O F 2 0 1 7 T O TA L E M P L O Y M E N T:
8% 17% 15% 8% 8%
20% 5% 12% 3% 3%DEMOGRAPHICS // S A LT L A K E C I T Y
1,200,000
2017 POPULATION OF SALT LAKE
METROPOLITAN AREA
$65,900
2017 MEDIAN INCOME OF SALT
397,000 $79,000
NUMBER OF HOUSEHOLDS IN SALT AVERAGE HOUSEHOLD INCOME
LAKE METROPOLITAN AREA LAKE METROPOLITAN AREA IN 2017 IN 2017 (SALT LAKE CITY)
61.82%
POPULATION GROWTH OF SALT
1,499
PEOPLE PER SQUARE MILE
LAKE METROPOLITAN AREA IN SALT LAKE METROPOLITAN
2000-2017 AREA IN 2017
16POPULATION 3 MILE 5 MILES 10 MILES HOUSEHOLDS BY INCOME 3 MILE 5 MILES 10 MILES
2022 Projection 2017 Estimate
4,438 14,364 54,091
Total Population $150,000 Or More 5.37% 10.15% 5.91%
2017 Estimate $100,000 - $149,999 24.61% 24.90% 17.20%
3,071 12,200 48,245
Total Population $75,000 - $99,999 20.04% 23.28% 19.42%
2010 Census $50,000 - $74,999 26.20% 22.67% 24.32%
2,625 10,541 43,134
Total Population $35,000 - 49,999 8.85% 10.58% 14.07%
U T
2000 Census Under $35,000 14.92% .42% 19.06%
1,450 4,261 26,736
Total Population
Current Daytime Populations Average Household Income $83,892 $96,894 $78,012
P O I N T,
2,302 8,678 39,879
Total Population Median Household Income $75,023 $83,595 $67,319
Per Capita Income $25,965 $27,417 $22,485
HOUSEHOLDS 3 MILE 5 MILES 10 MILES
2021 Projection HOUSEHOLDS BY EXPENDITURE 3 MILE 5 MILES 10 MILES
1,099 4,174 15,916
Total Households Total Average Household Retail Expenditure $88,228 $93,330 $81,323
2017 Estimate
947 3,445 13,877
L A K E
Total Households Consumer Expenditure Top 10 Categories
3.39 3.56 3.42
Average (Mean) Household Size
Housing $18,935 $20,015 $17,914
2010 Census Transportation $13,866 $14,837 $12,688
811 2,996 12,426
Total Households
Shelter $11,090 $11,708 $10,602
2000 Census Personal Insurance & Pensions $9,367 $10,309 $8,309
439 1,279 8,076
Total Households
/ /
Food $8,542 $9,115 $8,026
Occupied Units Cash Contributions $6,683 $7,556 $5,856
1,099 4,174 15,916
2022 Projection
978 3,533 14,370 Health Care $6,363 $6,800 $5,576
2017 Projection
D E M O G R A P H I C S
Entertainment $5,250 $5,673 $4,540
POPULATION PROFILE 3 MILE 5 MILES 10 MILES Utilities $3,855 $4,037 $3,591
Population By Age Apparel $2,287 $2,484 $2,090
2017 Estimate Total Population 3,071 12,200 48,245
≈200
Under 20 36.57% 39.88% 38.74%
NUMBER OF BUILDING PERMITS APPROVED
20 to 34 years 17.18% 16.80% 20.28% YTD IN LAKE POINT, UTAH
35 to 39 years 7.66% 8.13% 8.49%
40 to 49 years 14.18% 13.57% 13.04%
560+
50 to 64 years 16.48% 14.52% 13.03%
Age 65+ 7.95% 7.08% 6.42% NUMBER OF BUILDING PERMITS APPROVED
YTD IN UNINCORPORATED TOOELE COUNTY
Median Age 32.37 30.42 29.40
Population 25+ by Education Level
2017 Estimate Population Age 25+ 1,781 6,713 26,673
≈800
Elementary (0-8) 1.17% 0.61% 2.27%
AVERAGE NUMBER OF BUILDING PERMITS
APPROVED ANNUALLY IN UNINCORPORATED
Some High School (9-11) 6.40% 4.60% 6.88% TOOELE COUNTY
High School Graduate (12) 32.02% 25.88% 30.77%
Some College (13-15) 30.59% 29.78% 28.58%
Associate Degree Only 7.87% 11.11% 11.35% LAKE POINT, AS WELL AS TOOELE COUNTY AS A WHOLE, IS
Bachelors Degree Only 16.71% 20.98% 14.65% SEEING CONTINUED, STEADY GROWTH. CURRENTLY THERE
Graduate Degree 5.18% 6.87% 5.07%
ARE THREE BUILDING COMPANIES WORKING EXCLUSIVELY
IN LAKE POINT TO EXPAND LOTS.
Source:© 2017 Experian 17NON-ENDORSEMENT
& DISCLAIMER NOTICE
CON F ID ENTIA LITY & DISCLA I M ER
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by
the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of
Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to
establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due
diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the
income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the
property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal
regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s
plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained
from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained
herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever
regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the
information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc.
© 2017 Marcus & Millichap. All rights reserved.
NON - ENDO RS EMENT NOTICE
Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this
marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or
endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of
Marcus & Millichap, and is solely included for the purpose of providing tenant lessee
information about this listing to prospective customers.
ALL PROP ERTY SHOW ING S ARE B Y A P P OI NTM ENT ONLY.
PLEASE CO NSULT YO UR MA R CUS & M I LLI CHA P A G ENT FOR M ORE DETA I L S.
18Representative Photo
A R B Y ’ S | L A K E P O I N T, U T
E X C L U S I V E LY L I S T E D B Y:
M AT T H E W P O R T E R
Senior Associate
Salt Lake City
Cell: (208) 851.8357
Office: (801) 736.2638
m a t t h e w. p o r t e r @ m a r c u s m i l l i c h a p . c o m
License: UT 770209-SA00You can also read
