vernal, utah - loopnet · 2020. 1. 23. · marketing brochure has been prepared to provide summary,...
TRANSCRIPT
Subject PropertyOffering Memorandum
Vernal, Utah
Long Term, Double Net (NN) Lease with Three Years
Remaining on Base Term
Vernal is Home to the Uintah and Ouray Indian Reservation – the 2nd Largest in the U.S.
Within Close Proximity to Salt Lake City; 20 Miles From
Colorado State Border
Located in Busy Retail Area with a Traffic Count of More
Than 21,420 VPD
CONFIDENTIALITY AND DISCLAIMER
NON-ENDORSEMENT NOTICE
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 Real Estate Investment Services, Inc. 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 hereby advises all prospective purchasers of Net Leased property as follows:
The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Marcus & Millichap has not and will not verify any of this information, nor has Marcus & Millichap conducted any investigation regarding these matters. Marcus & Millichap makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided.
As the Buyer of a net leased property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. Marcus & Millichap expressly denies any obligation to conduct a due diligence examination of this Property for Buyer.
Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. The value of a net leased property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors.
Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any net leased property to determine to your satisfaction with the suitability of the property for your needs.
Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal and financial documents related to the property and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is not a guarantee of future success.Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenant and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term lease, including the likelihood of locating a replacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be able to negotiate with a potential replacement tenant considering the location of the property, and Buyer’s legal ability to make alternate use of the property.
By accepting this Marketing Brochure you agree to release Marcus & Millichap Real Estate Investment Services and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this net leased property.
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 PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
NET LEASED DISCLAIMER
FINANCIAL OVERVIEW
Overview1495 West Highway 40, Vernal, Utah 84078
Price: $700,635Cap Rate: 7.85%Price PSF: $154.46Rentable Square Feet: 4,536Annual Rent: $55,000Rent PSF: $12.13Land Area: 0.598 AcresYear Built: 2013
Lease SummaryTenant: Hibbett SportsWebsite: www.Hibbett.comLease Guarantor: CorporateLease Type: NNTerm Remaining: 3 YearsOption Periods: NoneRent Increases: NoneRoof & Structure: LandlordCommencement: 8/24/2013Lease Expiration: 10/31/2023
Investment Highlights• Long Term, Double Net (NN) Lease with Three Years Remaining
on Base Term• Located in Busy Retail Area off Highway 40, with a Daily Traffic
Counts of More Than 21,420 Vehicles• Within Close Proximity to Salt Lake City; 20 Miles from Colorado
State Border• Surrounding National Retailers Include Walmart Supercenter,
Lowe’s, Bealls, Harbor Freight Tools, Anytime Fitness, Aaron’s, Petco, Wells Fargo, McDonald’s, Pizza Hut, Wendy’s, Walgreens and Many More
• Less Than Two Miles from Utah State University Vernal Campus• Less Than Five Miles from the Vernal Regional Airport• Home to the Uintah and Ouray Indian Reservation – the Second
Largest Indian Reservation in the United States and Covers Over 4.5 Million Acres
Subject Property
Hibbett Sports is one of the fastest growing retailers in the country with over 1,000 stores in 31 states and each location is specifically designed to serve its community. With names like Nike, Under Armour, Adidas, The North Face, Jordan and Costa, fashion and footwear are brought together for customers and their game, for both the individual and the team.
Hibbett Sports is committed to serving where they are needed. The company is focused on the sporting goods needs of their customers. They stock a wide variety of sporting goods categories to provide products for varied needs. They stock men’s, women’s and youth sizes in apparel and footwear. One of the most exciting apparel categories they offer is fan apparel for college and pro sports. They focus on team sports equipment, bringing their customers the latest in technology in baseball, basketball, football, soccer and fitness.
Both the active athlete’s and the casual athlete’s sporting goods needs are extensive. Hibbett Sports is committed to responding to the desires and needs of their active customers. They bring the latest technology in footwear including running, walking, training, basketball, soccer, baseball and football are some of the largest assortments they offer. They don’t stop at supplying footwear for the athletes; they also bring the latest in footwear fashion and Hibbett Sports is known as the place to get the latest footwear launch from Nike. Hibbett also carefully selects the apparel they know their customers want and need to achieve peak performance in their chosen sport. Hibbett Sports also offers the latest in fashion t shirts, jackets, shorts, pants, accessories and more. Their sporting goods stores offer all equipment needed for team sports, and they have baseball gear year round. Choose from a wide selection baseball and softball bats, fielder’s gloves, catcher’s mitts, bat bags and more. Beginning each June, they gear up for football offering a wide selection of helmets, shoulder pads, football practice jerseys, receivers, gloves and more. All year long they carry basketball and soccer equipment.
About Hibbett Sports
Subject Property
TENANT SUMMARY
AERIAL
21,500Daily
U.S. Highway 40
U.S. Highway 40
McDonald’sMcDonald’s
Walgreens
LOCAL & REGIONAL MAPS
LOCATION OVERVIEW
Vernal, Utah | Uintah County
The Ute Indian Tribe & Uintah and Ouray Reservation
Oil Shale ReservesIt is estimated that 72 percent of the world’s oil shale reserves are found in the Green River Formation in Utah, Colorado and Wyoming. These are the richest deposits of oil shale in the United States, and probably the world. Most projections confirm that approximately 600-800 billion barrels of oil are recoverable from the shale in these three states. Therefore, these 784,000 acres potentially contain up to 640 billion barrels of oil. Large international energy companies such as Shell, Chevron, Exxon-Mobil, Total (France), Enefit (Estonia), and Petrobras (Brazil) are working on various technologies to extract the resource in Colorado.
The Ute Indian Tribe has a tribal membership of nearly 3,000 and over half of its membership lives on the Reservation. The Uintah and Ouray reservation is located in Northeastern Utah east of Salt Lake City on U.S. Highway 40. The reservation is located within a three-county area known as the “Uintah Basin”. It is the second largest Indian Reservation in the United States and covers over 4.5 million acres. Cattle ranching, mining of oil, and drilling for natural gas are big businesses on the reservation.
Vernal, the county seat and largest city in Uintah County, is located in northeastern Utah, east of Salt Lake City and 20 miles west of the Colorado border.
Vernal’s economy is based on extracting natural resources, including petroleum, natural gas and phosphate. This has led to the establishment of branch offices of companies such as Halliburton and Schlumberger.
Tourism also plays a role in Vernal’s economy due to the town’s roots in the Old West and being a large site of ancient dinosaur fossils. Vernal and the surrounding area are popular among outdoor enthusiasts as they are situated near plentiful spots for fishing, hunting and other outdoor activities.
DEMOGRAPHICS
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POPULATION 3 MILES 5 MILES 7 MILES
2010 Population 18,154 23,723 25,1712018 Population 19,517 25,550 27,1122023 Population 21,348 27,993 29,7042018 Male Population 9,970 13,096 13,9112018 Female Population 9,547 12,454 13,2012018 Median Age 29.4 29.9 30.0
RACE & ETHNICITY 3 MILES 5 MILES 7 MILES
American Indian, Eskimo 1.6% 1.4% 1.4%Asian 0.6% 0.6% 0.5%Black 0.6% 0.5% 0.5%Hawaiian/Pacific Islander 0.4% 0.4% 0.3%White 90.7% 91.6% 91.7%Other 3.3% 2.9% 2.9%Multi-Race 2.8% 2.6% 2.6%Hispanic Ethnicity 11.0% 9.7% 9.6%Not of Hispanic Ethnicity 89.0% 90.3% 90.4%
HOUSEHOLDS 3 MILES 5 MILES 7 MILES
2010 Households 6,083 7,727 8,1432018 Households 6,640 8,440 8,8942023 Households 7,340 9,342 9,843
HOUSEHOLD INCOME 3 MILES 5 MILES 7 MILES
2010 Avg Household Income $68,200 $71,614 $72,0102018 Avg Household Income $78,397 $81,446 $81,7012023 Avg Household Income $88,230 $91,319 $91,5652010 Med. Household Income $56,916 $58,798 $58,9802018 Med. Household Income $65,465 $67,743 $67,8252023 Med. Household Income $74,463 $77,203 $77,2412010 Per Capita Income $22,982 $23,425 $23,3892018 Per Capita Income $26,791 $26,996 $26,8872023 Per Capita Income $30,446 $30,560 $30,422
The Wolfe Retail Group of Marcus & Millichap specializes in the sale of single-tenant properties and shopping centers and has successfully assisted clients in selling over 500 separate
commercial properties with a market value exceeding $1.45 billion. Having closed sales in more than 40 states, our track record is evidence that we are one of the premier brokerage teams in the United States.
With our experience and background in various fields such as law and finance, we have proved to be invaluable to our clients, earning their trust and exceeding their expectations while best assisting them in their real estate transactions.
For more about the Wolfe Retail Group or to view all of our available listings, visit www.WolfeRetailGroup.com
The Wolfe Retail Group has sold over
500 properties in more than
40 states
About Marcus & MillichapWith nearly 2,000 investment professionals located throughout the U.S. and Canada, Marcus & Millichap (NYSE: MMI) is a leading specialist in commercial real estate investment sales, financing, research and advisory services. The firm closed more than 9,400 transactions in 2018 with a value of approximately $46.3 billion.
Marcus & Millichap has been a pioneer in the real estate investment industry and has established a reputation for maximizing value for its clients while fostering long-term relationships built on integrity, trust and service. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. Marcus & Millichap also offers clients access to the most competitive real estate financing through Marcus & Millichap Capital Corporation (MMCC), which maintains relationships with the industry’s leading national, regional and local lenders.
Barry M. WolfeSenior Managing Director Investments
License: SL [email protected]
(954) 245-3493
Alan LipskyFirst Vice President Investments
License: SL [email protected]
(954) 245-3595
Catie JacksonMarketing Coordinator
[email protected](954) 245-3592
Ashley BarrettTransaction Coordinator
[email protected](954) 245-3416
Evan WhelanAssociate
License: SL [email protected]
(954) 245-3487
Charles “Chas” MoodyAssociate
License: SL [email protected]
(954) 245-3464
Michael TalbertAssociate
License: SL [email protected]
(954) 245-3439
Joseph PrioAssociate
License: SL [email protected]
(954) 245-3445
Phil BrierleyBroker of Record
Lic.# [email protected]